The accounting profession's use of the term 'attest,' including all its variations, have resulted in much confusion over its exact meaning. Attest services originally emerged from the practice of rendering a positive opinion on the validity of financial statements in the context of established generally accepted accounting standards. However, the term has come to signify other acts outside of the certified audit, including compilation or review of financial statements. This confusion can only be resolved by limiting attest engagement to auditing standards.
... of Matters About Which the Group Engagement Team Obtains an Understanding/A92 . Exhibit C: Exa... analysis was prepared by the Audit and Attest Standards staff to highlight substantive differenc...
Many CPA firms use engagement letters containing clauses that seek to minimize their exposure to legal liabilities for audits, reviews, compilations, and other professional services. In September 2006, the AICPA's Professional Ethics Executive Committee (PEEC) issued an exposure draft (ED) to interpret Rule 101 that updated a similar September 2005 exposure draft. In light of the comment letters and other evidence, the PEEC abandoned the exposure draft and, instead, issued Ethics Interpretation 501-8. This interpretation recognized that individual regulators have already adopted rules that restrict the use of certain clauses in audit or other attestation engagements. Mitigating risk through limited liability clauses is a complicated issue for US auditors. The AICPA's issuance of Ethics ...
Editor, the Tribune: Paul Sturtz, candidate for the First Ward seat on the Columbia City Council, is just the person needed to revitalize central Columbia, potentially the vibrant heart of the city. I returned to Columbia in 1999 intending to retire but instead co-founded two art and craft galleries as well as teaching and producing art. As one who lives and works in the North Village area and who cares deeply about its future prospects, I can attest to the First Ward's need for revitalization. What Paul has done for the community at large signals his talent for making something wonderful using the most modest, grass-roots resources. His work as founder and program director of Ragtag Cinema and as founder and director of the True/False Film Festival has given an enormous boost to the ar...
The AICPA Code of Professional Conduct lists six "articles" which are broad descriptions of behavior that govern the conduct required of an auditor. Most auditors who perform independent audits are members of the AICPA or are subject to state rules and regulations that incorporate these same concepts. The articles embody the general principles that are the foundation of the Code of Professional Conduct. The principles are supported in the code by interpretations, and, in turn, the interpretations are supported by rulings. Auditors must always follow the principles. The rules must be applied to measure adherence to ethical standards of conduct in specific circumstances or fact patterns. A great deal of thought and effort went into the development of the interpretations and rulings relate...
... services - the audit and other attest services - and, therefore, are the most significan...) before accepting an attest services engagement. Because independence is a state of mind, auditors...
...(h) Attest requirements. Refiners, for each annual compliance... period, must arrange to have an attest engagement performed of the underlying documentation that for...
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