In: Accounting
There will be three different groups of attestation standards which are needed by both GAAS (Generally Accepted Auditing Standards) and also required by the Statements on Standards for Attestation Engagements. The first group of each includes the general standards GAAS includes the independence, training, and due professional care. All of them will be considered under SSAE, however should depict knowledge and proper measurement criteria of subject matter. In second group of standards there will be fieldwork. GAAS includes internal controls, planning, and evidence. Under SSAE, the internal control will not be a requirement. The third and the last standard include reporting. Under GAAP, the standard wants the reporting to be consistent, inclusive of the disclosures, and issuance of the opinions. Under SSAE, an auditor is required to identify the Nature of the engagement, reach a conclusion, state all reservations that may be included, and state the Limited use of the reports. An auditor under SSAE must identify the nature of the engagement, state all reservations are considered and included, reaching to the conclusion, and describe the Limited use of the reports
The principal variances between Generally Accepted Auditing standards (GAAS) and Attestation Standards are that the attestation standards give a framework for the function of attest beyond the historical financial statements. Secondly, the attestation standards will accommodate the increasing number of attest services wherein the practitioner would expresses the assurance below the level which is an expression for the traditional approach in audit (i.e. an opinion).