Sentinel Management Group: A Case Study on Attestation Standards
attestation standards; examination; suitable criteria; investment advisers
American Accounting Association
Issues in Accounting Education
An understanding of the standards for attest engagements is an important component of the body of knowledge that certified public accountants are expected to possess, and attestation standards became a more important portion of the CPA exam in 2011. However, few instructional case studies are available that deal specifically with the attestation function outside of the financial statement audit. This case is based on real events and addresses some of the key aspects of the attestation standards. The CPA firm of Altschuler, Melvoin, and Glasser, LLP provided an attestation report regarding the assertion of Sentinel Management Group (a registered investment adviser) that it had complied with regulations regarding recordkeeping and custody of assets held for its investment clients. The accounting firm failed to follow the applicable attestation standards and, as a result, did not detect material non-compliance record-keeping and custody regulations for investment advisers.
Recommended CitationCullinan, Charles P. and Rohland, Cassandra W., "Sentinel Management Group: A Case Study on Attestation Standards" (2014). Accounting Journal Articles. Paper 52.