SSAE 17 Impaired Independence

SSAE Guide > SSAE 17

SSAE 17 was released to address those situations where the auditor of the company has impaired their independence for one reason or another. As independence, in fact and appearance, is such a necessity for an auditor to be trusted to attest to financial statements, when that independence is impaired it is no laughing matter for the investors. This statement was released to be applied at or before December 2010.

This statement actually modifies SSAE 10 to include language that allows, but doesn’t require an auditor to state the reasons for independence being impaired in a report on compiled prospective financial information. If this election is taken, this would be included in a separate paragraph than other information and must include all the reasons the independence was impaired rather than simply partial data.

Situations where independence usually are in the realm of the auditor and/or the family members of the auditor having a financial interest in the company, or some type of employment relationship with the company under audit.

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