Ch1 Engagement Responsibility: Attest Engagement

Front 1

Attest engagement

Back 1

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.

Front 2

In an attest engagement standards apply to services by?

Back 2

CPA in public accounting

Front 3

Attest services traditionally limited to expressing opinion on?

Back 3

historical statements in accordance with GAAS

Front 4

Increasingly Attest services provide assurance based on other representations, such as:

Back 4

-Positive assurance based on examination

-Limited assurance based on review

Front 5

Attestation standards include what 3 types of standards?

Back 5

-General Standards

-standards of field work

-standards of reporting

Front 6

General attestation standards state that the practitioner must?

Back 6

-training and proficiency

-knowledge of subject matter

-Suitable and available criteria

-independence in mental attitude

-due professional care

Front 7

Attestation standards of field work state that the practitioner must?

Back 7

-adequately plan and supervise the work

-obtain sufficient evidence to provide reasonable conclusion

Front 8

Attestation standards of reporting state that the practitioner must?

Back 8

-identify subject matter/assertion

-state conclusion

-state significant reservations

-state report intended only for specified parties' use

Front 9

The 2 attestation assurance levels

Back 9

-Positive(high level)

-Limited (moderate/negative level)

Front 10

A positive attest assurance level is given in reports based on a?

Back 10

Examination

Front 11

A limited Attest assurance level is given in reports based on a?

Back 11

Review

Front 12

In reporting an attest engagement assertions the practitioner ordinarily should obtain?

Back 12

written assertion from responsible party

Front 13

2 scope limitations for reporting attest engagements assertions

Back 13

-failure to obtain written assertion from client

-failure of responsible party/client to provide written representation letter.

Front 14

The Applicable pronouncements for Attestation engagements

Back 14

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)