Audit Reports - Teleka Flashcards
What types of Assurance does agreed upon procedures offer?
No Assurance
What types of bases are included in the special purpose framework?
cash; tax; regulatory; & contractual basis
What are the procedures done in a review?
Inquiries & analytical procedures
What is the reponsibility of the accountant when F/S are accompanied by supplemental information in a review?
The accountant should perform limited auditing procedures for the supplementary information.
What is the reponsibility of the accountant when F/S are accompanied by supplemental information in a compilation
The accountant should read information to determine if its consistent with F/S
Does a comfort letter also provide positive assurance?
Comfort letters provide positive assurance on CPA’s independence and compliance of the F/S with the SEC
Agreed Upon Procedures Engagements – I AM SURE
Independence; Agreement on procedures; Measurement of subject matter; Sufficiency of procedures; Use of report restricted; Responsibility of subject matter; Engagements
What are finanacial forecasts?
Prospective F/S based off of current expectations - General & Limited Use
What are finanacial projections?
Prospective F/S based off of one or more hypothetical assumptions - Limited Use only
What type of engagements are performed for prospective F/S?
Compilations Examinations Agreed Upon Procedures Reviews are not allowed
What are pro forma F/S?
Show the effect that a hypothetical transaction would have had on past F/S. They are not prospective F/S.
What type of engagements are performed for pro forma F/S?
Examinations & Revies
What type of engagements are performed for Compliance Attestations?
Examinations & Agreed Upon Procedures
What type of engagements are performed for MD&A?
Examinations & Reviews.
