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Thomson Reuters Report Highlights Major Changes for Attestation Engagements

Thomson Reuters has released a Checkpoint special report, Major Attestation Engagement Changes Now in Effect, which explains new guidance and significant changes now affecting practitioners’ nontraditional engagements performed in accordance with attestation standards.

In April 2016, the Auditing Standards Board (ASB) issued Statement on Standards for Attestation Engagements (SSAE) 18, Attestation Standards: Clarification and Recodification, which signaled the completion of the AICPA’s large-scale project to redraft and clarify the attestation standards using the same formatting standards as those for auditing.

“The attest function is a very important one within the accounting profession and, given the significant changes SSAE 18 introduces, practitioners may have more questions than answers,” said Salim Sunderji, Managing Director, Checkpoint, with the Thomson Reuters Tax & Accounting business. “Thomson Reuters aims to give practitioners a strong start in learning and applying the new standard so they may provide their clients with the most current and trusted expertise.”

This report provides an overview of SSAE 18 and discusses some of the key changes that are effective for practitioners’ reports dated on or after May 1, 2017. These include wide-ranging revisions to the general attest standards, which have adopted relevant provisions of international standards and incorporated other concepts deemed necessary by the ASB.

“This new standard makes significant changes to practice, including new requirements to perform a formal risk assessment process in an examination engagement, similar to the risk assessment performed in an audit,” added Scott Spradling, CPA, vice president, Audit and Accounting Segment with the Thomson Reuters Tax & Accounting business. “We are pleased to provide our customers with key insights regarding these changes in this special report.”

Each section of the new standard is divided into the following topics: Introduction, Objectives, Definitions, Requirements, and Application and Other Contextual Guidance. It provides three levels of services: examination, review, and application of agreed-upon procedures.

The free report is available for download at tax.thomsonreuters.com/checkpoint/revised-attestation-standards.

Thomson Reuters Checkpoint PPC’s Guide to Nontraditional Engagements has been completely updated for SSAE 18 and provides comprehensive discussions of the SSAE requirements that apply to each type of engagement as well as a complete set of practice aids.

Thomson Reuters Checkpoint tackles market disruption through integrated research, editorial insight, productivity tools, online learning, content marketing solutions and news updates along with intelligent links to related content and software. It is relied on by hundreds of thousands of tax and accounting professionals, and counts among its customers 97 of the Top 100 U.S. law firms, 99 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms.

Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, visit www.thomsonreuters.com.