Wiley Practitioner's Guide to GAAS 2022

57AT-C 215 Agreed-Upon Procedures Engagements

• Technical Alert
• Scope
• Objectives of AT-C Section 215
• Requirements
  • Independence
  • Preconditions
  • Terms of Engagement
  • Procedures
  • Involvement of a Practitioner's External Specialist
  • Involvement of Internal Auditors or Other Practitioners
  • Written Representations
  • The Practitioner's Report
  • Knowledge of Matters Outside Procedures
  • Restrictions on the Performance of Procedures
  • Adding Specified Parties
  • Communicating with the Responsible and Engaging Partners
  • Documentation
• Statement of Position 21-1
  • Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services: SEC Release No. 34-72936
• Illustrations—Illustrative Practitioner's Agreed-Upon Procedures Reports (AT-C 215.A77)

TECHNICAL ALERT

SSAE 19, issued by the ASB in December 2019, is effective for agreed-upon procedure reports dated on or after July 15, 2021, and early implementation is permitted. SSAE 19 supersedes AT-C 215. The SSAE gives practitioners flexibility in performing agreed-upon procedures by:

• Removing the requirement that the practitioner request an assertion from the responsible party,
• Allowing the practitioner to issue a general-use report,
• Removing the requirement for intended users to take responsibility for the sufficiency of the procedures, and
• Allowing procedures to be developed over the course of the engagement and the practitioner to develop or assist in developing the procedures as long as the engaging ...