Other Engagements Flashcards
1
Q
Types of Special Purpose Audit Engagements
A
- Financial statements prepared in accordance with a comprehensive basis of accounting other than PFRS or PFRS for SME’s
- Specified accounts, elements of accounts, or items in a financial statements
- Compliance with contractual engagements
- Summarized financial statements
2
Q
Special Purpose Financial Statements
A
Financial statements prepared in accordance with a special purpose framework
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
4
Q
Example of Special Purpose Frameworks
A
- Tax basis of accounting for a set of financial statements that accompany an ITR
- Cash receipts and disbursements basis of accounting for cash flow information
- Financial reporting provisions established by a regulator
- Financial reporting provisions of a contract such as bond indenture, loan agreement, or a project grant