Forecasts, Projections, and Pro Forma Information
At times, questions arise related to how there should be an appropriate distinction associated with whether attest engagements relate to forecasts or projections [collectively referred to as prospective financial statements], or pro forma financial information.
Published on December 23, 2009
Attestation Standards A Quick Look at Forthcoming Guidance
On July 24, 2013, the ASB released an exposure draft of proposed guidance that, when finalized, will be the beginning of the clarity work associated with the SSAEs; in this initial proposal, the subject matter-specific guidance in the attestation literature is not included, but that guidance will be exposed in
Published on August 28, 2013
Lender Requests for Comfort Letters
Over the past few weeks, several of our Plain-English Accounting team members have asked questions related to the acceptability of providing comfort letters for use by lenders associated with certain loans.
Published on April 15, 2010
Compiling Forecasts, Projections, and Pro Forma Information
With the issuance of Statement on Standards for Accounting and Review Services [SSARS] No. 14, entitled Compilation of Pro Forma Financial Information, some practitioners have questioned whether that guidance could be utilized in compilations of forecasts/projections as well as compilations of pro forma financial information.
Published on November 16, 2005
Lender Comfort Letters Confirmation of Client Information
Since no-documentation and low-documentation loans continue in popularity within the lending community, especially when loans are being made to self-employed persons, it is not uncommon for practitioners to receive requests from their clients, lenders, or loan brokers to confirm client information related to the pending loan application.
Published on August 15, 2012
AU-C Section 920 Letters for Underwriters
In implementing the clarified auditing technical literature guidance, auditors will notice some new requirements and guidance associated with circumstances where they are engaged to issue comfort letters.
Published on March 13, 2013
Defined Contribution Plans Some Current Issues
As practitioners are preparing to perform current-year audits of benefit plans, certain issues deserve a heightened degree of awareness. In some cases those issues are audit-related issues and, in other cases, the issues relate to ensuring that items, events, and transactions are properly-presented and disclosed in financial statements.
Published on July 06, 2011
SSAE No. 16 Reporting on Controls at a Service Organization
In March 2010, the Auditing Standards Board [ASB] released Statements on Standards for Attestation Engagements [SSAE] No. 16, so that now the guidance that needs to be used by service auditors has been pulled from AU Section 324, and that guidance now is housed in the attestation technical literature guidance.
Published on April 28, 2010
Audits Versus Examinations A Primer And A Look At Forthcoming Changes
Many practitioners have been performing attest engagements for their clients under the SSAEs for years. However, practitioners are sometimes asked to perform an examination of subject matter where, depending on the subject matter, it is sometimes unclear what standards should be followed.
Published on March 19, 2014
SAS No. 117 Compliance Audits
The Auditing Standards Board [ASB] has released SAS No. 117 [AU Section 801], entitled Compliance Audits. The guidance in SAS No. 117 replaces the guidance in SAS No. 74, entitled Compliance Auditing Considerations in Audits of Governmental Entities and Recipients of Governmental Financial Assistance.
Published on December 23, 2009