Agreed Upon Procedures: New SSAE No. 19 Implementation

Engaging vs. Responsible Parties, Representation Letter, General Use Report, and Independence Under the New Standard

A live 110-minute CPE video webinar with interactive Q&A

Tuesday, February 9, 2021

1:00pm-2:50pm EST, 10:00am-11:50am PST

or call 1-800-926-7926
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This webinar will discuss the changes made to agreed upon procedure (AUP) engagements by Statement on Standards for Attestation Engagements (SSAE) No. 19. The panelist of auditing experts will discuss the flexibility afforded practitioners under the new guidelines, new reporting requirements, and best practices for firms offering these attestation services.

Description

As stated in SSAE No. 19, "an agreed-upon procedures engagement is an attestation engagement in which a practitioner performs specific procedures on subject matter and reports the findings without providing an opinion or conclusion. The subject matter may be financial or nonfinancial information. Because the needs of an engaging party may vary widely, the nature, timing, and extent of the procedures may vary, as well." The American Institute of CPAs (AICPA) Auditing Standards Board (ASB) released SSAE No. 19 in December 2019, effective for AUP engagements dated on or after July 15, 2021.

The nature of these engagements creates a need for flexibility, which the ASB has incorporated in SSAE No. 19. AUP engagements often evolve as performed. The new standard allows the development of procedures over the course of the AUP by allowing the engagement party to acknowledge their satisfaction with the procedures before issuance of the general use report. Examples of general use reports are included in SSAE No. 19, along with acceptable and unacceptable terms. Words such as evaluate, examine, and general review are deemed unacceptable, while inspect, compare, and agree are condoned.

AUPs are designed to meet a specific need that a full-fledged audit cannot address. Auditors need to understand AUPs and the new SSAE now since the effective date is imminent and early implementation is permitted.

Listen as Professor Cathleen Miller, Associate Professor of Accounting, University of Michigan-Flint, explains new SSAE No. 19 from the initial engagement to the issuance of the general use report, including recommendations for efficiently completing AUPs for CPAs performing limited assurance engagements.

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Outline

  1. Agreed upon procedures
    1. Typical engagements
    2. Old standards
  2. AUPs and SSAE No. 19
    1. New terminology
    2. Independence
    3. Engagement
    4. Documentation
    5. Representation letter
    6. General use report
    7. Other changes and considerations
  3. Best implementation practices

Benefits

The panelist will review these and other critical issues:

  • How the general use report should be prepared and structured under SSAE No. 19
  • What are independence concerns when accepting an AUP engagement?
  • What is the difference between an engaging party and a responsible party?
  • When should a CPA consider withdrawing from an AUP engagement?
  • How and when is the engaging party's consent received for AUP services under SSAE No. 19?

Faculty

Miller, Cathleen
Professor Cathleen Miller
Associate Professor of Accounting
University of Michigan-Flint

Dr. Miller teaches financial accounting, auditing, and the tax preparation course related to the IRS Volunteer Income...  |  Read More

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