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Special Reports — Assurance on Compliance with Agreements, Statutes and Regulations - AASOC

Date recorded:

At the AASOC meeting on October 24, 2016, the AASB discussed issues related to its project to revise Sections 5800, Special Reports - Introduction, 5815, Special Reports — Audit Reports on Compliance with Agreements, Statutes and Regulations, and 8600, Reviews of Compliance with Agreements and Regulations, including: (i) developing two standards to mirror the construct of the umbrella assurance standards; (ii) incorporating the part of Section PS 5300, Auditing for Compliance with Legislative and Related Authorities in the Public Sector, dealing with compliance with specified authorities; (iii) describing clearly what the entity is required to comply with; (iv) concluding in an attestation compliance engagement versus a direct compliance engagement; and (v) using the terms “reasonable assurance” and “limited assurance” versus “audit” and “review”.

Review the minutes on the AASOC's Web site.

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