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AICPA issues ED on compliance attestation.

The American Institute of CPAs auditing standards board issued an exposure draft of a proposed Statement on Standards for Attestation Engagements (SSAE), Compliance Attestation. The ED supplements the SSAE titled Attestation Standards.

The ED provides guidance to practitioners engaged to report on management's written assertion about either an entity's compliance with requirements of specified laws, regulations, rules, contracts or grants or the effectiveness of its internal control structure. The guidance assists practitioners in

* Accepting an engagement involving agreed-upon procedures or examinations.

* Planning the engagement.

* Obtaining an understanding of the internal control structure over compliance with requirements in an examination engagement.

* Testing the entity's compliance with specified requirements.

* Reporting on man assertion.

The proposed guidance is of particular significance to insured depository institution auditors who perform agreed-upon procedures to test the entity's compliance with specified safety and soundness laws, as required by the Federal Deposit Insurance Corporation Improvement Act of 1991.

Copies of the ED (product no. 800046) are available from the AICPA order department at 1-800-TO-AICPA. Written comments are due by June 30, 1993, and should be sent to Walton T. Conn, Jr., practice fellow, auditing standards division, file 2377, AICPA, 1211 Avenue of the Americas, New York, New York 10036-8775.
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Title Annotation:exposure draft
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jun 1, 1993
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