Statement on Standards for 18 Attestation Engagements

Statement on Standards for Attestation Engagements

April 2016

18

Issued by the Auditing Standards Board

Attestation Standards: Clarification and Recodification

(Supersedes Statement on Standards for Attestation Engagements Nos. 10?17 except:

? Statement on Standards for Attestation Engagements No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, and related Attestation Interpretation No. 1, "Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act" [AICPA, Professional Standards, AT sec. 501 and 9501])

? Chapter 7, "Management's Discussion and Analysis," of Statement on Standards for Attestation Engagements No. 10, Attestation Standards: Revision and Recodification [AICPA, Professional Standards, AT sec. 701])

Contents

Section

Paragraph

Preface Preface to the Attestation Standards.....................................................

Structure of the Attestation Standards....................................

.01?.14 .05?.06

Purpose of the Engagement and Premise on Which an Attestation

Engagement Is Conducted................................................

.07

Responsibilities..............................................................

.08?.09

Performance..................................................................

.10?.13

Reporting.....................................................................

.14

100 Common Concepts 105 Concepts Common to All Attestation Engagements.................................

.01?.A74

Introduction Compliance With the Attestation Standards .......................................... Relationship of Attestation Standards to Quality Control Standards.... Effective Date ........................................................................................

Objectives....................................................................................................

Definitions ...................................................................................................

Requirements Conduct of an Attestation Engagement in Accordance With the Attestation Standards ........................................................................... Acceptance and Continuance ................................................................. Preconditions for an Attestation Engagement........................................ Acceptance of a Change in the Terms of the Engagement .................... Using the Work of an Other Practitioner ............................................... Quality Control.................................................................. Engagement Documentation.................................................. Engagement Quality Control Review....................................... Professional Skepticism and Professional Judgment......................

.05 .06?.07

.08 .09 .10?.11

.12?.22 .23

.24?.28 .29-.30

.31 .32?.33 .34-.41

.42 .43?.45

Statement on Standards for Attestation Engagements

April 2016

18

Issued by the Auditing Standards Board

Attestation Standards: Clarification and Recodification

(Supersedes Statement on Standards for Attestation Engagements Nos. 10?17 except:

? Statement on Standards for Attestation Engagements No. 15, An Examination of an Entity's Internal Control Over Financial Reporting That Is Integrated With an Audit of Its Financial Statements, and related Attestation Interpretation No. 1, "Reporting Under Section 112 of the Federal Deposit Insurance Corporation Improvement Act" [AICPA, Professional Standards, AT sec. 501 and 9501])

? Chapter 7, "Management's Discussion and Analysis," of Statement on Standards for Attestation Engagements No. 10, Attestation Standards: Revision and Recodification [AICPA, Professional Standards, AT sec. 701])

Application and Other Explanatory Material

Introduction............................................................................................ .A1-.A3

Relationship of Attestation Standards to Quality Control Standards..... .A4-.A6

Definitions.............................................................................................. .A7-.A18

Conduct of an Attestation Engagement in Accordance With the Attestation Standards ............................................................................ .A19-.A33

Preconditions for an Attestation Engagement........................................ .A34-.A54

Acceptance of a Change in the Terms of the Engagement............... .A55-.A56

Using the Work of an Other Practitioner................................... . .A57?.A58

Quality Control................................................................. .A59?.A62

Engagement Documentation.................................................. .A63?.A64

Engagement Quality Control Review.......................................

.A65

Professional Skepticism and Professional Judgment..................... . .A66?.A74

200 Level of Service 205 Examination Engagements.................................................................. .01?.A121

Introduction Effective Date ........................................................................................

Objectives....................................................................................................

Definitions ...................................................................................................

Requirements Conduct of an Examination Engagement .............................................. Preconditions for an Examination Engagement............................ Agreeing on the Terms of the Engagement................................. Requesting a Written Assertion............................................... Planning and Performing the Engagement.................................. Risk Assessment Procedures.................................................. Materiality in Planning and Performing the Engagement................. Identifying Risks of Material Misstatement................................. Responding to Assessed Risks and Obtaining Evidence.................. Further Procedures.............................................................. Fraud, Laws, and Regulations................................................. Revision of Risk Assessment.................................................

.02 .03 .04

.05 .06 .07?.09 .10 .11?.13 .14?.15 .16?.17 .18 .19?.20 .21?.31 .32?.33 .34

Evaluating the Reliability of Information Produced by the Entity...... Using the Work of a Practitioner's Specialist.............................. Using the Work of Internal Auditors......................................... Evaluating the Results of Procedures........................................ Considering Subsequent Events and Subsequently Discovered Facts... Written Representations........................................................ Requested Written Representations Not Provided or Not Reliable....... Other Information................................................................ Description of Criteria.......................................................... Forming the Opinion............................................................ Preparing the Practitioner's Report........................................... Content of the Practitioner's Report.......................................... Reference to the Practitioner's Specialist.................................... Modified Opinions.............................................................. Responsible Party Refuses to Provide a Written Assertion............... Communication Responsibilities............................................. Documentation..................................................................

.35 .36?.38 .39?.44 .45?.47 .48?.49 .50?.54 .55?.56

.57 .58 .59?.60 .61?.62 .63?.66 .67 .68?.81 .82?.84 .85?.86 .87?.89

Application and Other Explanatory Material

Conduct of an Examination Engagement....................................

.A1

Agreeing on the Terms of the Engagement.................................. .A2?.A4

Requesting a Written Assertion............................................... .A5?.A8

Planning and Performing the Engagement.................................. .A9?.A12

Risk Assessment Procedures.................................................. .A13?.A14

Materiality in Planning and Performing the Engagement................. .A15?.A21

Identifying Risks of Material Misstatement................................ .A22?.A23

Responding to Assessed Risks and Obtaining Evidence................. . .A24?.A25

Further Procedures............................................................. .A26?.A28

Fraud, Laws, and Regulations................................................ .A29?.A30

Revision of Risk Assessment................................................. .A31?.A32

Evaluating the Reliability of Information Produced by the Entity ........ .A33?.A34

Using the Work of a Practitioner's Specialist.............................. .A35?.A43

Using the Work of Internal Auditors.................................... ..... .A44?.A46

Evaluating the Results of Procedures........................................ .A47?.A53

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download