What are the 11 attestation standards

what are the 11 attestation standards

XYZ Company's management did not provide us a written assertion about their schedule of investment returns for the year ended December 31, 20XX. When the client is the responsible party and refuses to provide the practitioner with a written assertion, SSAE no. Our review was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.

The practitioner owns the attest documentation, and some states recognize this right of ownership in their statutes. Attest Engagements Interpretations of Section 101.

AT Section 101

Page Content. This section is effective when the subject matter or assertion is as of or for a period ending on or after June 1, 2001. Proper planning and supervision contribute to the effectiveness of attest procedures. We believe that our examination provides a reasonable basis for our opinion. The term general use applies to attest reports that are not restricted to specified parties.

what are the 11 attestation standards

Appendix A [paragraph. Consequently, it is inappropriate to perform a review engagement if the practitioner concludes that an examination cannot be performed because competent persons using the same criteria would not be able to obtain materially similar evaluations.

what are the 11 attestation standards

Although suitable criteria exist, use of the report is restricted because the criteria are available only to specified parties. Such standards will not have been complied with if the practitioner has been unable to apply all the procedures that he or she considers necessary in the circumstances. A practitioner should consider informing his or her client that restricted-use reports are not intended for distribution to nonspecified parties, regardless of whether they are included in a document containing a separate general-use report.

What Is Attestation?

In either case, the practitioner should ordinarily obtain a written assertion in an examination or a review engagement. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's assertion.

what are the 11 attestation standards

Accordingly, we do not express such an opinion. A system of quality control is broadly defined as a process to provide the firm with reasonable assurance that its personnel comply with applicable professional standards and the firm's standards of quality.

what are the 11 attestation standards

They are broken out below. Effective when the subject matter or assertion is as of or for a period ending on or after June 1, 2001, unless otherwise indicated. Attestation engagements follow eight main standards, which are found in all attestation engagements. In a review report, the practitioner's conclusion should state whether any information came to the practitioner's attention on the basis of the work performed that indicates that a the subject matter is not based on or in conformity with the criteria or b the assertion is not presented or fairly stated in all material respects based on the criteria.

Clarified Statements on Standards for Attestation Engagements

The practitioner should also consider whether the refusal affects his or her ability to rely on other representations. Examination and review attest reports should contain a statement that a written assertion about the subject matter was not provided.

Examples of matters that might appear in such a representation letter include the following: