The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued an exposure draft containing revisions to the Uniform Accountancy Act (UAA). The UAA is a model accountancy act jointly developed by the two organizations. Many states, including Texas, have accounting statutes that more or less follow the UAA.
The proposed revision in the exposure draft changes the definition of attest services. The new definition adds all services performed in accordance with the Statements on Standards for Attestation Engagements (SSAE) as attest services. The only SSAE service included in the current UAA is the examination of prospective financial information. Comments are welcome by interested parties with an Oct. 17, 2013 comment deadline. Comments should be submitted to firstname.lastname@example.org and email@example.com. The exposure draft can be found here.
The Texas Public Accountancy Act (TPAA) already includes all SSAE services in the definition of attest services, so no changes will be necessary in Texas to conform to these proposed changes to the UAA.
In a cover memorandum about the proposed UAA revisions, AICPA made the following points:
- All SSAE services will now be subject to peer review.
- The proposal makes no changes in independence standards.
- The changes do not affect services provided by government auditors.
- Under the proposed revised definition of attest, CPA firm affiliates that are not licensed as a CPA firm would no longer be able to issue SSAE reports.