Attest Function

Attest Function

The acts an accountant performs when conducting an audit. That is, the attest function is the totality of the reviews, corrections, and reports an accountant makes when performing his/her duties.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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One of the cornerstones of the attest function is the concept of independence.
While the CPA or firm will often face client resistance with respect to outside assurance services due to potential additional fees (and anticipated private company financial statement issuers resistance to any FIN 48 requirements), maintaining independence in performing the attest function is one of the most critical obligations of the CPA.
Second, he says, most young accountants are under the mistaken impression that ethical standards only apply to attest function engagements, such as audits and reviews.
The term "stockbroker" is not intended to signify making the customer "broke." The "attest function" for auditors is not meant to attest to their desire for more consulting business.
Basically, the bill allows non-licensed accountants to perform all the services of a CPA except the attest function. Non-licensees are allowed to:
We must make it absolutely clear that CPAs at this time are more qualified, more competent and have more tools at their disposal to perform the attest function.
In contrast, this study extends the prior research by directly comparing audit partners' and investors' perceptions of auditors' responsibilities involving various dimensions of the attest function. We conducted the study to determine if an expectation gap currently exists and we find that it does; investors have higher expectations for various facets and/or assurances of the audit than do auditors.
If the linkage between the CPA and non-CPA divisions could be reduced by "firewalls," the result would be two parallel yet differing sets of standards: one for the attest function and one for the non-attest function in the same firm.
As a by-product of this attest function, the auditor can provide suggestions to management on improvements to the accounting system and controls.
However, there is a growing demand by the public for CPAs to apply the attest function in areas other than financial statements.