AC565 Midterm 1

Question 1

audit services

Answer 1

Financial Statements Audit and ICFR

Question 2

attestation services?

Answer 2

Attestation services are performed when an independent practitioner, or CPA, is engaged to issue an opinion on a subject matter prepared by another party. Encompasses more than Financials and ICFR

Question 3

Assurance services

Answer 3

independent professional services that improve the quality of information.

Independent: performed by someone not involved in creating the document

Quality: relevance and reliability

Information: subject matter that can be financial or non-financial, historical or prospective, single or an entire system

Question 4

Public Companies (issuers)

Answer 4

annual integrated audit (financial + ICFR)
interim financial statements and review
required by federal government

Question 5

Private companies (non-issuers)

Answer 5

Not required by the government but other users of financial statements may be interest it and require it