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😶 Attestation engagements include
It’s time to get down to business. Let’s build a rock solid base for your financial home, since a house is only as strong as its foundation. REMEMBER: You’ll hear from experienced CPAs during each session, and then take a brief quiz at the end to test your newfound knowledge. Are you prepared? To get started, pick a topic:
The most important thing you can do to ensure a bright financial future is to create and stick to a budget. To learn more, watch this video with Michael Eisenberg, CPA, member of the AICPA’s National CPA Financial Literacy Commission.
Student loans help you pay for college, but do you understand how they will affect your future? To learn more, watch this video with Kem Washington, a CPA and member of the AICPA’s National CPA Financial Literacy Commission.
Each year, the average cost of college at public and private institutions rises at a slow and steady rate. Do you want to go to college but don’t know how to pay for it? To learn more, watch this video with Sean Stein Smith, CPA, CGMA, member of the AICPA’s National CPA Financial Literacy Commission.
🌺 Aicpa attestation standards section 50
The AICPA’s Professional Ethics Executive Committee (PEEC) has released a series of informal guidance documents to assist members in enforcing Interpretation 101-3’s provisions since December 2003, when revisions to the profession’s Code of Professional Conduct that relate to nonattest services for attest clients became effective. In addition, in January 2005, the Interpretation underwent editorial revisions to resolve members’ concerns about the “client competency” and “documentation” criteria.
The AICPA has been accused of “cascading” Sarbanes-Oxley independence laws to private sector audits by others. That isn’t the case at all. PEEC agreed to modernize the Code in stages beginning in 1999, which resulted in revisions to Interpretation 101-3. Phase 1 dealt with financial interests and family relationships, leading to a team-based approach to freedom. The second phase dealt with the scope of facilities.
All management decisions, including major matters of judgment, must be made by the client, according to the Interpretation. The client must also develop and maintain internal controls, assess the adequacy of services, take responsibility for the service’s outcomes, and appoint someone to manage the nonattest service who has the necessary expertise, knowledge, and/or experience.
🖖 Ssae no. 10
While conducting engagement evaluations for a variety of smaller companies, I discovered that there are still some myths about AICPA Ethics Interpretation 101-3 regarding nonattest services.
Some nonattest service providers have completed all of the procedures required to be independent in their attest services, but they have reported that they are not independent in their accountant’s reports.
Bookkeeping, accounting, tax planning, and financial statement preparation are examples of nonattest facilities. When these nonattest services are used in combination with attest services provided by the company, such as compilations and reviews, certain additional protocols must be followed to ensure that the firm’s independence is not jeopardized.
You agree to conduct any of the following functions in conjunction with other services we offer, which may include tax planning, bookkeeping, payroll preparation, or similar non-attest functions, in order for us to remain independent:
💕 Types of attestation engagements
Statement on Auditing Standards (SAS) No. 1, Codification of Auditing Standards and Procedures (AICPA, Professional Standards, vol. 1, AU sec. 110.02, AICPA, Professional Standards, vol. 1, AU sec. 110.02, AICPA, Professional Standards, vol. 1, AU sec. 110.02, AICPA, Professional Standards, vol. 1, “”The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud,” according to “Responsibilities and Functions of the Independent Auditor.”
🏵 Is a compilation an attest engagement
“In an audit of financial statements performed in compliance with widely agreed auditing principles, this Statement sets standards and provides guidance to auditors in meeting that obligation, as it relates to fraud (GAAS).
The American Institute of Certified Public Accountants (AICPA) is a professional association of certified public accountants “Consideration of fraud in a financial comment audit; Statement on auditing practices, 099,” Auditing Standards Executive Committee (2002). Auditing Standards Statements. 101.
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