Update on AICPA Assurance Services Executive Committee Activities
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1 Update on AICPA Assurance Services Executive Committee Activities Amy Pawlicki Director Business Reporting, Assurance & Advisory Services and XBRL AICPA
2 Agenda ASEC overview Summary of work streams by task force/working group
3 ASEC Overview Mission: To assure the quality, relevance and usefulness of information or its context for decision makers and other users by: 1) identifying and prioritizing emerging trends and market needs for assurance, & 2) developing related assurance methodology guidance and tools as needed.
4 ASEC Work Streams 1. Trust Data Integrity Task Force 2. XBRL Assurance Task Force 3. Future of Assurance Working Group 4. Risk Working Group
5 1. Trust Data Integrity Task Force A. Trust Services Principles and Criteria (P&C) Working Group Attestation (AT101) or advisory services on the security, availability, processing integrity, confidentiality, and privacy of IT-enabled systems including electronic commerce (ecommerce) systems and privacy programs. System reliability (SysTrust) and WebTrust Updated P&C, effective as of September 15, 2009, are contained in the AICPA Technical Practice Aid
6 1. Trust Data Integrity Task Force B. Trust/SSAE Service Organization Working Group Objective- Develop Practitioner Guidance (SOP) on applying the Service Organization SSAE to Trust Services P&C Composition-members of TDITF, Privacy Task Force, CICA s Certificate of Authority Task Force, and staff of ASB & CICA Timing- Issue SOP at same time as ASB & IAASB issue SSAE
7 1. Trust Data Integrity Task Force C. Information Integrity Working Group Developing a Framework for Reporting on Information Integrity that: Will enable attestation both directly on the subject matter as well as on the systems that provide information with integrity Will contain criteria sufficiently robust to meet most user needs Addresses the entire information lifecycle *Targeting criteria exposure in spring/summer 2010
8 1. Trust Data Integrity Task Force
9 2. XBRL Assurance Task Force Auditor implications of SEC Rule The SEC rules do not require any auditor involvement on XBRL-Tagged Data Auditors are not required to apply AU Sections 550, 711 or 722 to interactive data provided in an exhibit or to related viewable interactive data SEC Final Rule release states that issuers can obtain 3 rd party assurance under PCAOB AT 101 Expanded user expectation gap relative to auditor involvement with XBRL exhibits
10 2. XBRL Assurance Task Force Service Implications for Audit Firms Task Force worked with CAQ to release an Alert to address potential services that auditors may be asked to provide for XBRL-tagged information. Advisory Services Assurance Services Impact on Independent Auditor s Report on the Financial Statements
11 2. XBRL Assurance Task Force AICPA released SOP 09-1, Performing Agreed-Upon Procedures Engagements That Address the Completeness, Accuracy, or Consistency of XBRL- Tagged Data.
12 2. XBRL Assurance Task Force Examinations - Task force is working on matters related to examinations of XBRL-tagged data: Development of standard set of assertions Development of procedures/requirements for compliance with attestation standards Development of auditor s report for assurance engagements Analysis of all XBRL SEC rules, including the EDGAR Filer Manual, to determine which rules could be addressed by auditor assurance
13 2. XBRL Assurance Task Force Mitigating the Expectation Gap - The task force is reviewing options to communicate auditor association with XBRL-tagged data: modify auditor report (CAQ Alert recommendation) communicate auditor involvement within XBRL Exhibit communicate auditor responsibility within engagement letters and SAS 61 communications
14 3. Risk Working Group Exploring the current risk landscape to gain an understanding of the marketplace and to determine the need, if any, for an assurance service on risk. Collaborating with Rutgers University on a study of risk management practices
15 4. Future of Assurance Working Group Developing a point of view of future scenarios of user and investor needs for assurance, and identify broader tactical steps for the Profession to pursue to maintain relevance in providing that assurance. Identifying complementary work streams that are being pursued by other groups both within and outside of the AICPA, in order to highlight key related initiatives and to avoid duplication of efforts.
16 Questions and Discussion
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