Section 12.04.038. Attest functions.

	(a)  To perform an attest function means to provide any of the following financial statement services:  
		(1) an audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS) of the American Institute of Certified Public Accountants, AICPA Professional Standards, Volume 1, AU Sections 100 - 900, as revised as of June 1, 2010, adopted by reference;  
		(2) a review of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS) of the American Institute of Certified Public Accountants, AICPA Professional Standards, Volume 2, AR Sections 20 - 600, as revised as of June 1, 2010, adopted by reference;  
		(3) an examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE) of the American Institute of Certified Public Accountants, AICPA Professional Standards, Volume 1, AT Sections 20 - 701, as revised as of June 1, 2010, adopted by reference; and  
		(4) an engagement to be performed in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) established under 15 U.S.C. 7211(a).  
	(b)  An individual licensee who is responsible for supervising attest engagements, or who signs or authorizes another to sign the accountant's report on the financial statements on behalf of the firm, shall meet the competency requirements set out in the professional standards for the attest engagements. The supervising licensee shall obtain and maintain the competencies necessary in the specific circumstances.  
	(c)  A licensee performing an attest engagement shall maintain a quality control system that complies with the Quality Control Standards (QCS) of the American Institute of Certified Public Accountants, AICPA Professional Standards, Volume 2, QC Section 10, as revised as of June 1, 2010, adopted by reference.  

Authorities

08.04.070;08.04.085;08.04.423

Notes

Reference

12 AAC 04.990

Authority

AS 08.04.070 AS 08.04.085 AS 08.04.423 Editor's note: A copy of the AICPA Professional Standards, Volumes 1 and 2, may be obtained from the American Institute of Certified Public Accountants at AICPA, 220 Leigh Farm Road, Durham, North Carolina 27707-8110 or at AICPA's website at http://www.aicpa.org.

History

Eff. 1/1/2008, Register 184; am 10/16/2011, Register 200