Amendment SA2-SB515

LRBa1696/1

MPG:wlj:jm

2013 - 2014 LEGISLATURE

SENATE AMENDMENT 2, TO SENATE BILL 515

February 12, 2014 - Offered by Senator Grothman.

SB515-SA2,1,1 At the locations indicated, amend the bill as follows:

SB515-SA2,1,3 1. Page 6, line 20: substitute "or any other engagement" for "or any other engagement".

SB515-SA2,1,4 2. Page 6, line 23: after "review" insert "or compilation".

SB515-SA2,1,5 3. Page 8, line 20: before that line insert:

SB515-SA2,1,6 " Section 18m. Accy 9.01 (2) of the administrative code is amended to read:

SB515-SA2,2,5 Accy 9.01 (2) "Engagement review" means to review read the financial statements and other information submitted by the reviewed firm or required under applicable professional standards, and the accountant's report on those statements and that information, of a firm that performs at its highest level of service only services under SSARS or services under the SSAE not included in a system review. An engagement review is usually performed at a location other than the reviewed firm's office. In The objective of an engagement review, the reviewers are required to review the financial statements and accompanying accountant's report for compliance with professional standards, and is to determine whether the firm's working paper documentation conforms engagements submitted for review conform to the requirements of the SSARS and SSAES that are applicable to these engagements applicable professional standards in all material respects.".

SB515-SA2,2,6 4. Page 8, line 20: after that line insert:

SB515-SA2,2,7 " Section 19c. Accy 9.01 (5) of the administrative code is amended to read:

SB515-SA2,2,10 Accy 9.01 (5) "SAS" means statements the Statements on auditing standards Auditing Standards issued by the auditing standards board of the American Institute of Certified Public Accountants.

SB515-SA2,19g Section 19g. Accy 9.01 (6) of the administrative code is amended to read:

SB515-SA2,2,16 Accy 9.01 (6) "SSAE" means the statements Statements on standards Standards for attestation engagements Attestation Engagements issued by the auditing standards board, the accounting and review services committee, and the consulting services executive committee of the American Institute of Certified Public Accountants.

SB515-SA2,19n Section 19n. Accy 9.01 (7) of the administrative code is amended to read:

SB515-SA2,2,21 Accy 9.01 (7) "SSARS" means the statements Statements on standards Standards for accounting Accounting and review services Review Services issued by the accounting and review services committee of the American Institute of Certified Public Accountants.

SB515-SA2,19r Section 19r. Accy 9.01 (8) (intro). of the administrative code is renumbered Accy 9.01 (8) and amended to read:

SB515-SA2,3,13 Accy 9.01 (8) "System review" means to review a firm that, at the firm's highest level of service, performs engagements under the SAS or the Government Auditing Standards (Yellow Book), examinations of prospective financial statements under the SSAE. System reviews are usually performed at the reviewed firm's office, or audits of non-SEC issuers pursuant to the standards of the Public Company Accounting Oversight Board. A system review is intended to provide the reviewer with a reasonable basis for expressing both of the following opinions during the period under review: includes determining whether the firm's system of quality control for its accounting and auditing practice is designed and enforced to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including the Statements on Quality Control Standards, No. 8, of the American Institute of Certified Public Accountants, in all material respects.

SB515-SA2,19w Section 19w. Accy 9.01 (8) (a) and (b) of the administrative code are repealed.".

SB515-SA2,3,15 (End)