Codification of Statements on Standards for Attestation Engagements
This 2016 edition includes the newly clarified Statements on Standards for Attestation Engagements in SSAE No. 18, Attestation Standards: Clarification and Recodification.
Redrafted in accordance with the clarity drafting conventions and differentiated from the extant standards by using the identifier “AT-C”, the attestation standards are easier to read, understand, and apply by establishing objectives and definitions in each AT-C section, and separating requirements from application and other explanatory material.Some of the more significant changes introduced by SSAE No. 18 include (among other changes):
- Separation of procedural and reporting requirements for review engagements from their counterparts for examination engagements
- Required representation letters
- More robust risk assessment for examination engagements
SSAE No. 18 supersedes all of the extant attestation standards with the following exceptions:
- AT 501,An Examination of an Entity’s Internal Control Over Financial Reporting That is Integrated With An Audit of Financial Statements
- AT 701, Management’s Discussion and Analysis.
- Topics are fully indexed and arranged by subject
- New, clarified attestation standards provide a framework (a set of rules) for creating an attestation engagement that meets client needs
Who Will Benefit?
- Practitioners performing attestation engagements