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Lecture Auditing and assurance services (6/e) - Module A: Other public accounting services

After studying this chapter you will be able to: Explain and provide examples of attestation engagements, describe reviews and compilations of unaudited financial statements and prepare appropriate reports given specific factual circumstances, explain auditors' responsibilities related to reporting on interim financial information. | Auditing & Assurance Services, 6e Module A Other Public Accounting Services Mod A- Attestation Engagements Report on subject matter or assertion about subject matter. Responsibility of another party Responsible party—acknowledge responsibility Mod A- Types of Attestation Engagements— Levels of Assurance Examination Similar to an audit High level of assurance Review Moderate (“negative”) level of assurance Not allowed on certain engagements Agreed upon procedures Assurance depends on procedures Mod A- Attestation Standards Statements on Standards for Attestation Engagements (SSAEs) from the Auditing Standards Board (ASB) of the AICPA Similar to fundamental auditing principles Practitioner’s knowledge about subject matter Suitable criteria Evaluation of internal control not required Restricted distribution Mod A- Agreed-Upon Procedures Engagements Consists of performing procedures normally associated with an audit or special engagement Inventory observation Confirmation of receivables Summarize customer comment cards Scope less than in an audit (responsibility of user) Accountant reports procedures and findings No opinion or negative assurance provided Must restrict distribution of report to users who established scope of engagement Mod A- Financial Forecasts and Projections (AT 301) Prospective Financial Information (PFI) Financial information representing the financial position, results of operations, and cash flows for some period of time in the future. Types of PFI Financial projection: PFI based on the occurrence of one or more hypothetical events that change existing business structure Financial forecast: PFI based on expected conditions and courses of action (e.g., no new distribution center). The company may be negotiating directly with a single user who has requested prospective financial information for use in economic decisions. This is referred to as limited use. Any PFI can be used for limited purposes. The company may be | Auditing & Assurance Services, 6e Module A Other Public Accounting Services Mod A- Attestation Engagements Report on subject matter or assertion about subject matter. Responsibility of another party Responsible party—acknowledge responsibility Mod A- Types of Attestation Engagements— Levels of Assurance Examination Similar to an audit High level of assurance Review Moderate (“negative”) level of assurance Not allowed on certain engagements Agreed upon procedures Assurance depends on procedures Mod A- Attestation Standards Statements on Standards for Attestation Engagements (SSAEs) from the Auditing Standards Board (ASB) of the AICPA Similar to fundamental auditing principles Practitioner’s knowledge about subject matter Suitable criteria Evaluation of internal control not required Restricted distribution Mod A- Agreed-Upon Procedures Engagements Consists of performing procedures normally associated with an audit or special engagement Inventory observation .