On Tuesday, April 4, 2016, the Auditing Standards Board (ASB) issued Statement on Standards for Attestation Engagements (SSAE) No. 18, Attestation Standards: Clarification and Recodification.
SSAE No. 18 establishes requirements for performing and reporting on examination, review, and agreed-upon procedures engagements where practitioners report on subject matter other than historical financial statements (e.g., an entity’s compliance with laws or regulations, the effectiveness of an entity’s controls over the security of a system).
SSAE No. 18 also includes requirements and application guidance for prospective financial information, pro forma financial information, compliance attestation, and controls at a service organization relevant to user entities’ internal control over financial reporting.
The identifier “AT-C” is used to differentiate the sections of the clarified attestation standards (“AT-C” sections) from the sections of the attestation standards that are superseded by SSAE No. 18 (“AT” sections).
SSAE No. 18 restructures the attestation standards so that the applicability of any AT-C section to a particular engagement depends on the level of service provided and the subject matter of the engagement. The applicable requirements for any attestation engagement are contained in at least two AT-C sections: AT-C Section 105, Concepts Common to All Attestation Engagements, and either AT-C Section 205, Examination Engagements; 210, Review Engagements; or 215, Agreed-Upon Procedures Engagements.
SSAE No. 18 supersedes all existing attestation standards except for the following:
SSAE No. 18 is effective for practitioners’ reports dated on or after May 1, 2017. This material will be eligible to be tested in the July 1, 2017 testing window.
It’s important to be aware of issuances that could impact how you answer the questions on the CPA Exam within that topic. Since exam material could conceivably change from one exam testing window to another, turn to Surgent for the latest updates. Our CPA Review team stays informed of all authoritative and pronouncement changes and ensures you’ll receive the news as soon as we do!
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