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14 Cards in this Set
- Front
- Back
Attest engagement
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Practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter, or an assertion about subject matter that is the responsibility of another party. |
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In an attest engagement standards apply to services by?
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CPA in public accounting
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Attest services traditionally limited to expressing opinion on?
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historical statements in accordance with GAAS
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Increasingly Attest services provide assurance based on other representations, such as:
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-Limited assurance based on review |
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Attestation standards include what 3 types of standards?
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-standards of field work -standards of reporting |
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General attestation standards state that the practitioner must?
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-knowledge of subject matter -Suitable and available criteria -independence in mental attitude -due professional care |
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Attestation standards of field work state that the practitioner must?
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-obtain sufficient evidence to provide reasonable conclusion |
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Attestation standards of reporting state that the practitioner must?
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-identify subject matter/assertion -state conclusion -state significant reservations -state report intended only for specified parties' use |
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The 2 attestation assurance levels
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-Limited (moderate/negative level) |
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A positive attest assurance level is given in reports based on a?
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Examination
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A limited Attest assurance level is given in reports based on a?
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Review |
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In reporting an attest engagement assertions the practitioner ordinarily should obtain?
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written assertion from responsible party |
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2 scope limitations for reporting attest engagements assertions
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-failure of responsible party/client to provide written representation letter. |
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The Applicable pronouncements for Attestation engagements
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1. Statements on Standards for Attestation Engagements (SSAE) 2. Statement on Auditing Standards issued by the Auditing Standards Board (SAS) 3. Statements on Standards for Accounting and Review Services (SSARS) 4. Public Company Accounting Oversight Board (PCAOB) |