22. May 2013 03:12
This week AICPA Council approved a resolution to change the definition of attest—a key step to ensuring that those relying on attestation services receive them from CPAs in licensed CPA firms which are bound by professional standards. Although the exact legislative language has yet to be determined, the AICPA, in partnership with the National Association of State Boards of Accountancy (NASBA), is seeking to amend the definition of attest in the Uniform Accountancy Act (UAA), the profession’s model state accounting law. The amendment would require that only CPAs operating within a CPA firm could perform audits in accordance with Statements on Auditing Standards; reviews under Statements on Standards for Accounting and Review Services; and examinations, reviews, and agreed-upon procedures under Statements on Standards for Attestation Engagements. Approved new language would be inserted into the UAA, and state societies would be encouraged to ask their state legislatures in 2014 to amend laws in their states to reflect the new language.
Learn more here:
Change in definition of attest clears hurdle, Journal of Accountancy, May 19
AICPA Votes to Allow Revised Definition of Attest Services, AccountingToday, May 20
17. January 2011 02:47
The AICPA Accounting and Review Services Committee has issued Statement on Standards for Attestation Engagements No. 17, Reporting on Compiled Prospective Financial Statements When the Practitioner's Independence Is Impaired, to amend paragraph 23 of Statement on Standards for Attestation Engagements No. 10 section 301, Financial Forecasts and Projections (AICPA, Professional Standards, vol. 1, AT sec. 301), to permit, but not require, the accountant to disclose the reason(s) for an independence impairment in a report on compiled prospective financial information. SSAE No. 17 is effective for compilations of prospective financial statements for periods ending on or after Dec. 15, 2010.