New AICPA TQAs address third-party assessment engagements

By Ken Tysiac

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.

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