AICPA Releases Q&As on Real Estate Settlement Services

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The American Institute of CPAs has issued a set of questions and answers on the services a practitioner can provide in connection with the American Land Title Association’s Best Practices Framework for real estate settlement.

Questions and Answers (QA) section 9540.01.05of theAICPA Technical Questions and Answersaim to provide nonauthoritative guidance to practitioners in connection with the framework.

The QAs address the types of engagements a practitioner can perform, the applicability to an attest engagement, the suitability of criteria, the nature of examination or review procedures, the form and content of the report, along with illustrative reports.

The American Land Title Association aims to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. The ALTA Best Practices Framework assists lenders in satisfying their responsibility to manage third-party vendors.

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