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14 Cards in this Set
- Front
- Back
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Assurance engagement |
Issue a report that designed to enhance the degree of confidence of third parties |
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Attest engagement |
Engagement that requires independent as defined |
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Compilation |
Attest, but no assurance Don't need to be independent Each page should say see Compliation report |
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Review |
Limited assurance |
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Compilation report |
Only put independent if accountant is independent 3 part Intro Management responsibility DIM according to GAAP Accountant responsibilty- SSARS issued by AICPA |
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Compilation report componets |
CARD Compilation- explicit APIC Standards- must say when performed by CPA to distinguish between a CPA & non- CPA Responsibility management Disclaimer audit or review |
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Compilation report modification |
Omitted disclosure- explanatory paragraph Departure of GAAP- add sentence in 3rd paragraph & add 4th paragraph Lack of independence- remove from title & put a sentence below heading stating lack of independence & at end report |
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Review will not perform |
Test of details Outside confirmations Understanding of internal controls Uncertainties of contigent liabilities Assessing fraud |
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Review will perform |
Rep letter Analytical procedures Inquires Engagement letter |
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Componets of review report |
FAMILIAR Financial statements reviewed AICPA standards Management representation Inquiry & analytical procedures Less scope than audit Incapable of opinion Assurance provided Refer to US principles Mark F/S see independent accountant report |
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Modifications to the report |
No disclosure- limited assurance paragraph & explanatory paragraph Departure from GAAP- limited assurance paragraph & explanatory |
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Extra paragraph |
To emphasize- change in accounting principle, material subsequent events or going concern |
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Withdrawl from engagement |
Limitation of scope Departure from GAAP- if extreme Refusal of rep letter |
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Review of interim financial statements |
Review of interim F/S by public companies but not on annual only for non public Public company performed by SAS |
