The Latest on Performing Agreed-Upon Procedures and Other SSAE Engagements

Learning Objectives

• To discuss the recent changes to engagements performed under Statements of Standards for Attestation Engagements (SSAEs).
• To explain how to avoid quality control deficiencies in performing agreed-upon procedures (AUP) and other attest engagements.
• To review important engagement letter elements.
• To explore key reporting elements of SSAE No.19

Course Description

The AICPA recently updated guidance for performing Agreed-Upon Procedures (AUP) and other SSAE engagements, such as direct examinations.  

An agreed-upon procedures engagement is an attestation engagement in which a practitioner performs specific procedures on the subject matter and reports the findings without providing an opinion or conclusion. The subject matter may be financial or nonfinancial information. Because the needs of an engaging party may vary widely, the nature, timing, and extent of the procedures may vary, as well.

This CPE webinar will cover performance and reporting requirements and application guidance for all agreed-upon procedures engagements. It will discuss the recent changes to engagements performed under Statements of Standards for Attestation Engagements (SSAEs) and focus on performing agreed-upon procedures (AUP) and other attest engagements. It emphasizes the importance of third-party verification for various purposes such as loan applications, insurance coverage, regulatory compliance reporting, and more. The article highlights commonly requested information that companies are asked to verify, and the desire for assurance from an objective CPA. It cautions CPAs to avoid oral verifications, limit written verifications to factual information, and not provide assurance on matters related to solvency. 

In this course we will also mention non-attest service options, like "Comfort Letters" and preparing financial statements following SSARS Section 70 guidelines. Lastly, it notes that CPAs are prohibited from providing assurance on matters related to solvency and provides examples of requests involving solvency issues.

Key topics covered in this online CPE Auditing webinar:

• Overview of non-audit service options and when appropriate to apply 
• Agreed-upon procedure engagements
• Assertion-based and direct examination engagements
• Compliance attestation special considerations

Join this online CPE course, our speaker Jennifer Louis will discuss the most significant requirements to better ensure compliance with these important technical standards and avoid peer review deficiencies.

Overview

• Request for third-Party verification

  3 mins
• What service could apply to the above request?

  11 mins
• Preconditions for engagement - Engaging party responsibilities

  23 mins
• Using of the internal audit

  40 mins
• Assertion-Based Examination

  54 mins
• Overall engagement strategy

  70 mins
• By-Product communications

  91 mins