Other Engagements Flashcards

1
Q

Types of Special Purpose Audit Engagements

A
  1. Financial statements prepared in accordance with a comprehensive basis of accounting other than PFRS or PFRS for SME’s
  2. Specified accounts, elements of accounts, or items in a financial statements
  3. Compliance with contractual engagements
  4. Summarized financial statements
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2
Q

Special Purpose Financial Statements

A

Financial statements prepared in accordance with a special purpose framework

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3
Q

Special Purpose Framework

A

Financial reporting framework designed to meet the financial information needs of specific users. Can be presentation framework or a compliance framework

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4
Q

Example of Special Purpose Frameworks

A
  1. Tax basis of accounting for a set of financial statements that accompany an ITR
  2. Cash receipts and disbursements basis of accounting for cash flow information
  3. Financial reporting provisions established by a regulator
  4. Financial reporting provisions of a contract such as bond indenture, loan agreement, or a project grant
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