Accounting & Review Service Engagements Flashcards
How do we determine the nature and scope of accounting and review service engagements?
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How do we accept or continue client and engagements? Including determining appropriateness of engagements to meet client needs?
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What are the independence standards for accounting and review service engagements?
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How do we establish an understanding with the client and document that understanding through an engagement letter or other written communication?
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Why would we consider changing the engagement?
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How do we determine if reports are to be used by a third party?
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How do we obtain and document evidence to form a basis for conclusions?
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How do we obtain an understanding of client’s operations, business, and industry?
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How do we obtain knowledge of accounting principles and practices in the industry of the client?
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How do we perform analytical procedures for review services?
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How do we obtain representations from management for review services?
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How do we perform other engagement procedures?
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How do we consider departures from generally accepted accounting principles (GAAP) or other comprehensive basis of accounting? (OCBOA)
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How do we prepare documentation from evidence gathered?
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How do we retain documentation as required by standards?
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