Other ingagements Flashcards
SSARS
Statements on Standards on Accounting and Review Services- compilation of nonissuer
SAS
Statements on Accounting Standards-audit of nonissues
SSAE
Statements on Standards for Attestation Engagement-attestation engagement for issuer and nonissuer
GAAS
Generally Accepted Auditing Standards -audit engagements for issuer and nonissuer.SAS-provide guidance on GAAS of nonissuer, PCAOB -on GAAS for issuer
Attest means
Report
Assurance means
Responsibility of work performed. Opinion (reasonable)/conclusion (limited)
For non-audit engagements, what is the requirement regarding the level of detail to which the procedures performed should be documented?
To prepare documentation that is sufficient to enable an accountant having no previous connection with a non-audit engagement to understand the nature, timing, extent and results of procedures performed and the significant findings and conclusions reached.
According to the AICPA Code of Professional Conduct, under which of the following circumstances may a CPA receive a contingent fee for services?
Representing a client in an IRS examination of the client’s federal income tax return.
This is the 5th year that Bane, CPA, is auditing Maya. Based on the information provided, which of the following factor most likely increases the risk of fraudulent financial reporting?
That Maya had an unusually successful 4th quarter.
CPA is required to comply with the provisions of Statements on Standards for Attestation Engagements when engaged to
Provide assurance on investment performance statistics prepared by an investment company on established criteria.
Which of the following is conceptual difference b/w the attestation standards and GAAS?
The attestation standards provide framework for attest function beyond historical financial statements
