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Is there an example of a report that may be issued by the independent public accountant performing a surprise examination of the adviser?

April 26, 2017Accountant adviser independent issued Performing public report surprise

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Is there an example of a report that may be issued by the independent public accountant performing a surprise examination of the adviser?

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Yes. As stated within the Commission’s Guidance for Accountants (see Release No. IA 2969), the surprise examination is a compliance examination to be conducted in accordance with AICPA attestation standards. The AICPA has issued an illustrative surprise examination report to reflect the reporting specified in the Guidance for Accountants. The illustrative report is available on the AICPAs website at http://www.aicpa.org/InterestAreas/AccountingAndAuditing/Resources/ AudAttest/AudAttestGuidance/DownloadableDocuments/ Surprise_Exam_Report.pdf. Additionally, the AICPA published this illustrative surprise examination report in the May 2010 edition of the Audit and Accounting Guide — Investment Companies.