Attestation Statements of Position (SOPs) are recognized as interpretive publications as described in AT-C section 105, Concepts Common to All Attestation Engagements (AICPA, Professional Standards). Interpretive publications are recommendations on the application of Statements on Standards for Attestation Engagements (SSAEs) in specific circumstances, including engagements for entities in specialized industries. An interpretive publication is issued under the authority of the Auditing Standards Board (ASB) after all ASB members have been provided an opportunity to consider and comment on whether the proposed interpretive publication is consistent with the SSAEs (attestation standards). The members of the ASB have found this SOP to be consistent with the attestation standards.
Although interpretive publications are not attestation standards, AT-C section 105 requires the practitioner to consider applicable interpretive publications in planning and performing an attestation engagement because interpretive publications are relevant to the proper application of the SSAEs in specific circumstances. If the practitioner does not apply the guidance included in this SOP, the practitioner should be prepared to explain how he or she complied with the SSAE provisions of this SOP.
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 (October 2017)