LRBa1607/2
MPG:wlj:rs
2013 - 2014 LEGISLATURE
ASSEMBLY AMENDMENT 2,
TO ASSEMBLY BILL 669
February 5, 2014 - Offered by Representative Marklein.
AB669-AA2,1,6
6"
Section 18m. Accy 9.01 (2) of the administrative code is amended to read:
AB669-AA2,2,57
Accy 9.01
(2) "Engagement review" means to
review read the financial
8statements and other information submitted by the reviewed firm or required under
9applicable professional standards, and the accountant's report on those statements
10and that information, of a firm that performs
at its highest level of service only
11services under SSARS or services under the SSAE not included in a system review.
12An engagement review is usually performed at a location other than the reviewed
13firm's office. In The objective of an engagement review
, the reviewers are required
1to review the financial statements and accompanying accountant's report for
2compliance with professional standards, and is to determine whether the
firm's
3working paper documentation conforms engagements submitted for review conform 4to
the requirements of the SSARS and SSAES that are applicable to these
5engagements applicable professional standards in all material respects.".
AB669-AA2,2,7
7"
Section 19c. Accy 9.01 (5) of the administrative code is amended to read:
AB669-AA2,2,108
Accy 9.01
(5) "SAS" means
statements the Statements on
auditing standards 9Auditing Standards issued by the auditing standards board of the American
10Institute of Certified Public Accountants.
AB669-AA2,19g
11Section 19g. Accy 9.01 (6) of the administrative code is amended to read:
AB669-AA2,2,1612
Accy 9.01
(6) "SSAE" means the
statements Statements on
standards 13Standards for
attestation engagements
Attestation Engagements issued by the
14auditing standards board, the accounting and review services committee, and the
15consulting services executive committee of the American Institute of Certified Public
16Accountants.
AB669-AA2,19n
17Section 19n. Accy 9.01 (7) of the administrative code is amended to read:
AB669-AA2,2,2118
Accy 9.01
(7) "SSARS" means the
statements Statements on
standards 19Standards for
accounting Accounting and
review services Review Services issued by
20the accounting and review services committee of the American Institute of Certified
21Public Accountants.
AB669-AA2,19r
22Section 19r. Accy 9.01 (8) (intro). of the administrative code is renumbered
23Accy 9.01 (8) and amended to read:
AB669-AA2,3,13
1Accy 9.01
(8) "System review" means to review a firm that
, at the firm's highest
2level of service, performs engagements under the SAS or
the Government Auditing
3Standards (Yellow Book), examinations of prospective financial statements under
4the SSAE
. System reviews are usually performed at the reviewed firm's office, or
5audits of non-SEC issuers pursuant to the standards of the Public Company
6Accounting Oversight Board. A system review
is intended to provide the reviewer
7with a reasonable basis for expressing both of the following opinions during the
8period under review: includes determining whether the firm's system of quality
9control for its accounting and auditing practice is designed and enforced to provide
10the firm with reasonable assurance of performing and reporting in conformity with
11applicable professional standards, including the Statements on Quality Control
12Standards, No. 8, of the American Institute of Certified Public Accountants, in all
13material respects.
AB669-AA2,19w
14Section 19w. Accy 9.01 (8) (a) and (b) of the administrative code are repealed.".