[Anonymous]

So I’m trying to slog through the AICPA Codes of Professional Conduct and am having some difficulty with the differences between SEC/PCAOB and AICPA ethics and independence rules. For example, in relation to the definition of a covered member, here’s part of the definition of of the AICPA rule:

“Partners or managers who provide 10 or more hours of non-attest services to the client”

And here’s the SEC rule:

“Partners or managers who provide 10 or more hours of non-audit services to the client”

Is there a big difference between non-audit and non-attest services?

[MCLKT]

I don't think PCAOB governs any attest services (audits for public entities only). I'm guessing that's why they use the word “audit”.

I think if you can remember 10 hours, that's the important part.

Also, it's important to remember the differences between Audit, Attest, and Assurance services. But as far as covered members are concerned. >10hrs = Covered

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Anonymous]

Ah, I figured as much.

As for the differences, I just looked at what another member said in an earlier thread:

*Assurance services are a broad category of services designed to improve the quality of decision making by improving confidence in the information on which decisions are made.

*Attestation services are a subcategory of assurance services. They require independence and result in a report. They include examinations, reviews, and agreed upon procedures. Compilations are NOT included because they don't require independence.

*Audits are are subcategory of attestation services. They are examinations of historical financial statements.

The only thing I don't really remember since it is an earlier section of AUD that I have yet to review is the difference between “attest” and “attestation”. Is it that attestation is a broad term of which attest is a subset of?

[Author]

Replies