The AICPA issued two Technical Questions and Answers on Tuesday that provide nonauthoritative guidance related to performing third-party assessment engagements.
TQAs 9550.01–.02 describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party assessment engagement.
According to the TQAs, a member is always required to comply with the AICPA Code of Professional Conduct and the requirements or instructions of the third-party assessment program when performing a third-party assessment engagement.
A member who is engaged to issue or does issue a practitioner’s examination, review, or agreed-upon procedures report in connection with the third-party assessment engagement also is required to perform the engagement in accordance with the Statements on Standards for Attestation Engagements.
A member also may apply the Statement on Standards for Consulting Services when performing the third-party assessment engagement.
The guidance also reminds practitioners of the various independence requirements that apply when performing third-party assessment engagements.
— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.