A5 Attestation Engagements and Standards

Question 1

What are the Attestation Standards?

Answer 1

Compliance with all attestation standards

Acceptance and continuance are satisfactorily performed for client relationships and attestation standards

Preconditions for attestation engagement are present, including practitioner must be independent, responsible party takes responsibility, appropriate subject matter.

Engagement documentation standards for timeliness, retention, ownership, and confidentiality apply

Change Acceptance of CHANGE in the terms of the engagement as reasonable

Other Practitioner work usage allowed

Responsibility for QC (the Engagement Partner) (Engagement Team has competence and capability to do the job) (Can handle QC Review)

Professional skepticism and judgement required in the planning and performance of Attestation Engagement

Question 2

I AM SURE that I can do this engagement.

What are the conditions needed before engaging in Agreed Upon Procedures?

Answer 2

Indepentent of the Practitioner

Aggreement of the parties

Measurability and consistency

Sufficiency of the procedures

Use of the report can be general or restricted to specified parties

Responsibility for the subject matter

Engagements to perform AUP on Prospective Financial Statements