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Proposal would pave the way for a new attestation service

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Sep 01, 2017

On September 1, 2017, the AICPA Accounting and Review Services Committee (ARSC) issued a proposal that would result in flexibility provided to practitioners in performing and reporting on a procedures and findings service. Comments are requested by December 1, 2017.

Under Proposed Statement on Standards for Attestation Engagements, Selected Procedures, practitioners would be permitted to perform procedures and report in a procedures and findings format beyond what's currently provided by AT-C Section 215, Agreed-Upon Procedures Engagements.

In a selected procedures engagement as proposed, a practitioner would be permitted to determine the procedures to be performed, and no party would be required to take responsibility for the sufficiency of the procedures.

This would allow the practitioner to perform the engagement when the specified parties may not be able or willing to fully develop or determine procedures without having to perform a separate consulting services engagement.

Review an article on the Journal of Accountancy's website and the exposure draft on the AICPA's website.

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