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PASSED AUD UCSB > Other Services > Flashcards

Other Services Flashcards

1
Q
  • ATTESTATION SERVICES
A
  • Attestation is an engagement where a written report is issued on something other than historical financial statements.
  • Independence is Required
  • CPA expresses a conclusion about an assertion
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2
Q

ATTESTATION SERVICES

A
  • Independence Required
  • CPA expresses a conclusion about an assertion
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3
Q

Attestation Standards on MD&A

A

The attestation standards on MD&A indicate that the following are embodied assertions:

  • consistency with the financial statements
  • occurrence,
  • completeness
  • presentation and disclosure
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4
Q

Authorization to Promulgate Attestation Standards

A

Only the following authoritative bodies are dsigneated to promulgate attestation standards:

  • Auditing Standards Board
  • Accounting and Review Services Committee
  • Management Consulting sErvices Executive Committee
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5
Q

Compilations

A
  • Independence NOT required for Compilations
  • No Assurance given
  • A CPA should comply with provisions of SSARS that
    apply to Compilation Engagements when preparing
    unaudited Financial Statements to a non-public company to a client or third party
  • Must understand client industry
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6
Q

CONSULTING SERVICES

A

Independence not required

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7
Q

Evaluating Accounting Estimates

A

When evaluating accounting estimates an auditor’s objectives are to obtain sufficient appropriate audit evidence that:

  • (1) all material accounting estimates have been developed,
  • (2) those accounting estimates are reasonable
  • (3) those accounting estimates are in conformity with GAAP.
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8
Q

Financial projection

A
  • A financial projection (prospective financial statements with one or more hypothetical assumptions relating to the future) results in a report that is restricted as to use and distribution.
  • The accountant’s compilation report on a projection should include a description of the special purpose for which the projection was prepared, along with a separate paragraph to restrict the use of the report to the specified parties
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9
Q

General Accounting Office Government Auditing Standards.

A

In the performance of a government audit, the AICPA’s generally accepted auditing standards must be followed to the extent they are pertinent, the General Accounting Office Government Auditing Standards must also be adhered to.

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10
Q

Interim Review

A

A review of interim financial information consists primarily of inquiries and analytical procedures concerning significant accounting matters relating to the financial data being reported.

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11
Q

Operational Audit

A

Operational Audits concentrate on seeking out aspects of operations in which waste would be reduced by the introduction of controls.

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12
Q

PROSPECTIVE FINANCIAL STATEMENTS

A
  • Report is restricted to specified users
  • Agreed-upon procedures implemented
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13
Q

Review of Interim Financial Information

A

The objective of a review of interim financial information is to provide a basis for reporting on whether material modification should be made for such information to conform with generally accepted accounting principles.

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14
Q

Review Report on Financial Statements

A

The standard report issued by a CPA after reviewing the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARSs) should state that the CPA is not aware of any material modifications that should be made to the financial statements

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15
Q

REVIEW SERVICES

A
  • SSARS - Statements on Standards for Accounting and

Review Services to be followed

  • Non-Public entities only
  • Reviews are primarily inquiries and analytical procedures
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16
Q

REVIEW SERVICES

A
  • Provides Negative (or Limited) Assurance
  • Independence IS required for Reviews
    • Performs Analytical Procedures
    • No Material Indirect financial interest allowed
    • No Immaterial Direct financial interest allowed
    • Must understand client industry
17
Q

SOC 2® - SOC for Service Organizations: Trust Services Criteria

A

Report on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy

Similar to a SOC 1 report, there are two types of reports:

  • A type 2 report on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls; and
  • A type 1 report on management’s description of a service organization’s system and the suitability of the design of controls.

Use of these reports are restricted.

18
Q

SOC 3®— SOC for Service Organizations: Trust Services Criteria for General Use Report

A
  • These reports are designed to meet the needs of users who need assurance about the controls at a service organization relevant to security, availability, processing integrity confidentiality, or privacy, but do not have the need for or the knowledge necessary to make effective use of a SOC 2 Report.
  • Because they are general use reports, SOC 3 reports can be freely distributed.
19
Q

SOC 1®– SOC for Service Organization: ICFR

A
  • SOC 1®– SOC for Service Organization: ICFR

Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting

There are two types of reports for these engagements:

Type 2 - report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period.

Type 1 – report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date.

Use of these reports is restricted to the management of the service organization, user entities, and user auditors.

20
Q

SSARS

A
  • Statements on Standards for Accounting and Review Services to be followed
  • Non-Public entities only
21
Q

Trust Services Principles

A

The Five Trust Services principles are

  • Security
  • Availability
  • Processing Integrity
  • Online Privacy
  • Confidentiality
22
Q

Government Auditing Standards

A

Government Auditing Standards require documentation of supervisory review before the report is issued.

23
Q

Operational Audit

A

Objective of operational audits is:

  • to develop recommendations for improving performance
  • assessing performance
  • identifying improvement opportunities.

PASSED AUD UCSB (23 decks)

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