attestation Flashcards
SSAE - Examination
Subject matter
The opinion is whether the subject matter is in accordance with the criteria in all material respects, or if the assertion is fairly stated in all material respects.
SSAE - Examination
The report
The report (needs to be in writing) should express an opinion on the written assertion or an opinion directly on the subject matter.
SSAE - Examination
Opinion
The opinion can vary and are the same opinion that would be issues for an audit - unmodified, qualified, adverse, disclaimer of opinion.
SSAE - Review
Auditor
The auditor concludes whether any material modifications should be made to the subject matter or the responsible party’s assertion. The written report should state the conclusion on the subject matter or the assertion.
SSAE - Review
Modified Conclusion
Specifically in a review engagement under the attestation standards, if there is a material but not pervasive misstatement, it results in a modified conclusion.
SSAE - Review
Material and pervasive misstatements
The auditor should withdraw from the engagement
SSAE - AUP
procedures
The practitioner can help develop the procedures of the engagement as long as the engaging party approves the appropriateness of the procedures prior to issuing the report.
The procedures can be developed/adapted on an ongoing basis over the course of the engagement.
SSAE - AUP
report
A general use report can now be issued.
SSAE - AUP
Report
Paragraph that identifies the subject matter of the engagement and the time period covered
Paragraph that the engaging party has agreed that the procedures performed are appropriate and identify the intended purpose of the engagement
Describe the procedures preformed and the findings
The engagement was performed in accordance w/SSAE est. by AICPA
Stmt that the acct is required to be independent
Paragraph to describe other matters
SSAE - AUP
assurance
An AUP engagement will result in a summary of procedures performed and then finding based on those procedures.
There isn’t reporting on any level of assurance or by reaching a conclusion or opinion.
SSAE - AUP
restricted or not
If it is meant to be restricted it must contain a statement of the restrictions on the use of the report.
It is allowed to be a general report
SSAE - AUP
engaging party
The engaging party is responsible for the sufficiency of the agreed upon procedures, but the engaging party and the CPA must agree on the procedures to be performed.
