Reporting Flashcards
A type of accounting service that provides a positive opninon with reasonable assurance on whether assertions folow the appropriate criteria
Examinations
A type of accounting service that provides a report that includes limited assurance (negative assurance) with the phrase “I am not aware of any material modifications taht should be made” is included
–limited to internal inquirities and analytical procedures
Reviews
A type of accounting service that results in a report that provides a summary of findings–less in scope than an examination, and the report disclaims a positive opinion on the finanical statements
Agreed-upon procedure
A type of accounting service that provides no assurance in the report
Compilation
Auditor’s reports that are inteded only for specified parties
Restricted-use reports
Auditors’ reports that are not restricted to specified parties—ex. audit reports on financial statements prepared in accordance with GAAP
General-use reports
A type of opinoin that is not allowed when issuing a disclaimer or adverse opinion that idenfties certain accounts that ARE properly stated
Piecemeal opinion
A circumstance for which it is NOT appropriate to refer ar eader of an audtior’s report to a financial statement note for details
Scope limitation–since not presented in notes
Restrictions on the actions of the auditor that prevent the auditor from performing procedures as planned–may be imposed by client or circumstances
Scope limations
A non-audit accountant association that is available to the FEW issuer firms that are not required to have a nannual audit that results in a simple disclaimer of opinion and the financial statements being read for obvious material misstatements
Unaudited statements
A declaration about whether the subject matter is presented in accordance with certain criteria–an attest report should be restricted in circumstances in which a written one is not obtained
Assertion
A prediction about the future based on what is expected to occur under normal circumstances—may be prepared for general or limited use–cannot be used for reviews
Forecast
A prediction about the future based on what is expected to occur given one more hypothetical assumption–may only be prepared for limited use–cannot be used for reviews
Projection
Adjustments made to historical financial statements propsectively for hte effects of an actual or proposed transaction–an accountant may either review or examine the information
Pro forma financial information
Services designed to provide infomration system business assurance and advisory services that instill confidence in an organization, system, or other entity by improving the quality or context of informaiton for decision makers–developed by the AICPA’S Ssurance Services Executive Committee
Trust services
A type of trust service that provides assurance on electronic commerce (including Web sites) ; the CPA is engaged to examine BOTH that a client complied withthe criteria and that it maintained effective controls over the system
WebTrust
A trust service that provides assurance on any defined electronic system; CPA is engaged to examine only that a client maintained effective controls over hte system
SysTrust
A type of Service organzation control report that are intended primarily for hte use of user auditors and the company that uses the services of the organzation–prupose is to report on service organization controls over finanical reporting, particularly on those controls likely to be relvant to user entties’ financial statements
SOC 1
A service organization control report that is restricted in use and reports on controls at a service organization related to security, availability, processing integrity, confidentiality, and/or privacy
SOC 2
A service organization control report that reports on controls realted to security avilability, processing, integrity, confidentiality, and/or privacy, but is general in use and is a SysTrust report
SOC 3
A report that address whether hte description of the controls at a service org is fairly presented and wehther the contorls described are suitably designed
Type 1
A type of report on a service org that includes the information in a Type 1 report and an opinon on whether hte controls were operating effectively
Type 2
An audit engagement that involves testing and reporting on whether an organization has complied with the requirements of various laws, regulations, contracts, and grants
Compliance auditing
Referred to as teh “yellow book” that provides additional guidance for compliance auditing
Government Auditing Standards (GAS)
Audits that is required for govr governmental entities for which no law requires either a GAS or Single Audit, and not-for profits
Audits conducted in accordance with GAAS
A type of audit required for certain organizations that receive federal financial assistance that requires reporting on the financial statements, internal control, and compliance with laws and regulations
Audits conducted in accordance with Generall Accepted Government Auditing Standards (GAGAS)
Either financial forecasts or financial projections, including summaries of significant assumptions and accounting policies
Prospective forecasts
A presentaiton of prospective financial information that excludes one or more of the items required for prospective financial statements
Partial presentations
Prospective financial statements that prsent the responsible party’s beliefs about the entitty’s expected financial position, results of perations, and cash flows
Financial forecasts
Prospective financial statementsthat present expected results, tohte best of the responsible party’s knowledge and belief given one or more hypothetical assumption
Financial projection
