Chapter 2

Question 1

DIfference between Engagement Letter and a Rep Letter?

Answer 1

TBD

Question 2

WebTrust

Answer 2

TBD

Question 3

WebTrust

Answer 3

TBD

Question 4

EDIFACT

Answer 4

TBD

Question 5

EDIFACT

Answer 5

TBD

Question 6

SSARS (Statement on Standards for Accounting and Review Services)

Answer 6

TBD

Question 7

What are (SSAEs) Statements on Standards for Attestation Engagements

Answer 7

TBD

Attestation engagements specifically exclude consulting services, advocacy services, and return preparation.

Question 8

What are (SSAEs) Statements on Standards for Attestation Engagements

Answer 8

TBD
a practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter, or on an assertion about the subject matter, that is the responsibility of another party, as well as engagements related to prospective financial statements
Attestation engagements specifically exclude consulting services, advocacy services, and return preparation.

Question 9

What are (SSAEs) Statements on Standards for Attestation Engagements

Answer 9

TBD
a practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter, or on an assertion about the subject matter, that is the responsibility of another party, as well as engagements related to prospective financial statements
Attestation engagements specifically exclude consulting services, advocacy services, and return preparation.

Question 10

SysTrust Engagement?

Answer 10

TBD

Question 11

Forecast vs Projection

Answer 11

TBD

Question 12

Forecast vs Projection

Answer 12

TBD

Question 13

Difference between general purpose and special purpose frameworks?

Answer 13

TBD GAAP and IFRS are general
Special purpose frameworks are:
Cash basis and modified cash basis
Tax basis
Regulatory basis
Contractual basis
Other basis

Question 14

SSARS (Statement on Standards for Accounting and Review Services)

Answer 14

TBD

when to comply?