New Clarified Attestation Standards (Currently Unavailable)

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

Expert CPA, Pat Patterson, discusses the new professional standards for attestation engagements as clarified by the Audit Standards Board (ASB) of the AICPA. On April 5, 2016, the AICPA’s Clarity Project was completed with the issuance of the Clarified Attestation Standards. The ASB issued Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification.

This presentation will examine SSAE No. 18 which restructures the attestation standards so that the applicability of any AT-C (where C = clarified) section to a particular engagement depends on the level of service provided and the subject matter of the engagement.

Publication Date: August 2017

Designed For
Professionals in public practice, industry, government, and education who deal with or are a part of attestation engagements.

Topics Covered

  • Brief review of the professional financial standards
  • Update on Attestation Standards
  • Requirements relevant to the attestation engagements by levels
  • Reporting on the subject matter or assertion, and communicate as required by the applicable AT-C section
  • Quality control procedures-engagement level

Learning Objectives

  • Recognize the recently issued new and clarified (SSAE) No. 18, Attestation Standards: Clarification and Recodification
  • Identify and apply the attestation standards and how its application will impact practically every professional accountant
  • Differentiate effective dates
  • Identify the reporting requirements, form, and content of attestation reports
  • Disclosure requirements for attestation engagements and other related matters
  • Recognize the organization responsible for issuing SSAE No.18
  • Differentiate standards not superseded by the release of SSAE No.18
  • Identify one of the general standards with respect to attestation engagements
  • Recognize which organization is required by the Code of Professional Conduct to comply with standards circulated by bodies designated by the Council
  • Identify objectives of an examination engagement
  • Differentiate statements with respect to review engagements
  • Recognize which clarified standards issued by the ASB in April 2016 includes guidance with respect to attestation standards
  • Identify AT-C Sections and how they apply to review and attestation engagements
  • Describe the attestation standards indicating to use the word "must"
  • Identify one of the standards of field work with respect to attestation engagements
  • Recognize agreed-upon terms of an engagement and how it should be specified in sufficient detail
  • Identify how a practitioner engaged in a review engagement should seek to obtain levels of assurance
  • Recognize the form of procedures and findings for a practitioner's report
  • Differentiate requirements relevant to the attestation engagement by levels
  • Describe the reporting on the subject matter or assertion, and communicate as required by the applicable AT-C section
  • Identify and apply quality control procedures at the appropriate engagement level

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None

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