financial reporting center

Financial Reporting Center

The Financial Reporting Center helps CPAs meet the challenges of providing high quality financial reporting. Whether you are a financial statement preparer or a member in public practice, this center provides resources for the entire financial reporting process providing you the information you need to know when you need it.

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AICPA Issues SOP 17-1 on AUP Attestation Engagements Related to Third-Party Due Diligence Services

The AICPA Auditing Standards Board has issued Statement of Position 17-1 , Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936, to provide guidance to practitioners regarding the application of Statements on Standards for Attestation Engagements to agreed-upon procedures attestation engagements related to third-party due diligence services (referred to as covered services in the SOP) performed in connection with rated asset-backed securities issued in accordance with the Securities Exchange Act of 1934, as amended, as those services are defined in the SEC rules as amended or adopted by SEC Release No. 34-72936, Nationally Recognized Statistical Rating Organizations, and the accompanying text. The SOP supersedes attestation interpretation No. 1, “Third-Party Due Diligence Services Related to Asset-Backed Securitizations: SEC Release No. 34-72936,” of AT-C section 215, Agreed-Upon Procedures Engagements (AICPA, Professional Standards, AT-C sec. 9215), and is effective for engagements that include covered services accepted subsequent to December 31, 2017. Early implementation is permitted.


This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.

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