January 2020
The change was signifcant in that, unless referenced, some prescriptive financial statement audit standards were not applicable to attestation engagements. In otherwords, auditors need to bemindful of the diminishing utility of nonapplicable audit procedureswhen the engaging party iswaiting for audit results. Federal auditors might also consider implementing the Section 809 recommendation to use the “full range of audit and non-audit services available” (Section 809 Panel, 2018c, p. 52). For example, the AICPA is currently considering a revision to the standards for agreed-upon procedures that would not require
the auditor to request a written assertion from the contractor when the auditor is reporting directly on the subject matter (AICPA, 2018b, p. 2). These very current AICPA deliberations may prov ide some needed f lexibility for the contracting officer who requires limited auditing services in a shortened time frame. It’s hoped these suggestions can loosen the constraints on success for the federal auditor who aspires to apply greater critical thinking skills in the exercise of the audit.
21
Defense ARJ, January 2020, Vol. 27No. 1 : 2-26
Made with FlippingBook Learn more on our blog