Statement of Position 04-1, Auditing the Statement of Social Insurance, issued.The Auditing Standards Board In the United States, the Auditing Standards Board (ASB) is the senior technical committee designated by the American Institute of Certified Public Accountants (AICPA) to issue auditing, attestation, and quality control statements, standards and guidance to certified public has issued Statement of Position 04-1, Auditing the Statement of Social Insurance (No. 014941CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 02), which contains the recommendations of the AICPA's Social Insurance Task Force regarding audits of statements of social insurance prepared in accordance with standards of the Federal Accounting Standards Advisory Board The Federal Accounting Standards Advisory Board (FASAB) is a United States federal advisory committee whose mission is to develop generally accepted accounting principles for federal financial reporting entities. . FASAB FASAB Federal Accounting Standards Advisory Board FASAB Financial Accounting Standards Advisory Board standards require the financial statements of the federal agencies responsible for the Social Security, Medicare, Railroad Retirement, and Black Lung programs and the financial statements of the federal government-wide entity to present a statement of social insurance as a basic financial statement. A statement of social insurance is a long-term projection of the present value of the income to be received from or on behalf of existing and future participants of social insurance programs, the present value of the benefits to be paid to those same individuals, and the difference between the income and benefits. Future participants are individuals expected to become participants and may include individuals who have not yet been born. The SOP contains guidance on planning, performing and reporting on audits of statements of social insurance, and also more clearly describes the auditor's responsibility with respect to work performed and findings reported by external review groups, such as the board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. established by the Social Security Act. The effective date for the SOP is for periods beginning after Sept. 30, 2005. To obtain the SOP, contact the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Service Center (see page 7; price: $14 member/$17.50 non-member). |
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