The AICPA on Thursday issued new technical questions and answers to provide nonauthoritative guidance to practitioners in connection with the “Best Practices” framework of the American Land Title Association (ALTA).
ALTA, the national trade association of the land title insurance industry, published the framework in 2013 to highlight policies and procedures used by title insurance and settlement companies to enable a positive and compliant real estate settlement experience.
Through the framework, ALTA seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. The ALTA board of governors recommended that title professionals take steps to implement the best practices and conduct a self-assessment no later than September 2014.
The Q&As issued by the AICPA are designed to guide practitioners in work they perform related to the framework. Questions and Answers (Q&A) Section 9540.01–.05 (AICPA Technical Questions and Answers) describes:
- The types of engagements a practitioner may perform.
- The applicability to an attest engagement.
- The sustainability of criteria.
- The nature of examination or review procedures.
- The form and content of the report.
Q&A Section 9540.05 also includes illustrative reports.