The AICPA has issued Statement of Position (SOP) 17-1, Performing Agreed-Upon Procedures Related to Rated Exchange Act Asset-Backed Securities Third-Party Due Diligence Services as Defined by SEC Release No. 34-72936 (October 2017).
The Asset-Backed Securities Agreed-Upon Procedures Task Force of the AICPA Auditing Standards Board (ASB) developed SOP 17-1. The new SOP includes guidance under the Statements on Standards for Attestation Engagements (SSAEs) for certain agreed-upon procedures (AUP) attestation engagements.
SOP 17-1 and Covered Services
SOP 17-1 includes guidance for performing AUP engagements related to rated asset-backed securities (ABS) issued in accordance with the Securities Exchange Act of 1934, as amended (the 1934 Act), that are covered services under SOP 17-1. Covered services under SOP 17-1 include “third-party due diligence services” as defined in the SEC rules as amended or adopted by SEC Release No. 34-72936, Nationally Recognized Statistical Rating Organizations, and the accompanying text. SOP 17-1 does not apply to other AUP engagements.
SOP 17-1 Status
SOP 17-1 supersedes Attestation Interpretation No. 1, “Third-Party Due Diligence Services Related to Asset-Backed Securitizations: SEC Release No. 34-72936” (AT-C section 9215), of AT-C section 215, Agreed-Upon Procedures Engagements.
SOP 17-1 is effective for engagements that include covered services accepted after December 31, 2017, with early implementation permitted
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