|Original Pronouncement||Statement on Standards for Attestation Engagements (SSAE) 10, Attestation Standards: Revision and Recodification, as amended by SSAE 11 and 17.|
AT 301 requires the practitioner to report when the practitioner submits to the client or others prospective financial statements the practitioner has assembled or assisted in assembling and also believes the prospective financial statements might be used by a third party.
This section also provides standards for a practitioner engaged to examine, compile, or apply agreed-upon procedures to partial presentations. (See the section “Definitions of Terms.”)
There are also several circumstances in which the pronouncement does not apply, as explained in the following paragraphs.
The Statement does not apply to a financial analysis of a potential project where the practitioner obtains the information, makes the assumptions, and assembles the presentation. This type of analysis is not for general use; however, if the responsible party (see below) reviews and adopts the assumptions and presentation, or bases its assumption and presentation on the analysis, the Statement does apply.
The Statement does not apply to engagements involving prospective financial statements used solely in connection with litigation services if the practitioner's work is subject to analysis and challenge by all parties. This exception does not apply if: