SU 19 SSAEs Flashcards
Prospective financial statements are appropriate for
LIMITED USE
A forecast is appropriate for
GENERAL USE
Agreed upon procedures result in
A list of procedures performed and findings, NOT an opinion
A financial projection is
Based on hypothetical assumptions
For LIMITED USE only
Appropriate when responsible party and other party are negotiating directly
Attestation reviews are
On subject matter OTHER than financial statements
Provide LIMITED assurance
Result in the expression of a CONCLUSION
A qualified opinion is expressed in an attestation examination engagement when
Misstatements are material but NOT pervasive to the subject matter
Prospective Financial Statements
Practitioner my examine or apply agreed-upon procedures
A REVIEW is NOT permitted
Management’s Discussion and Analysis (MD&A) may
Be presented in and Annual report or other documents filed with the SEC. It explains actions and intentions of management
An examination results in
The expression of an OPINION
Suitable criteria for subject matter in an ATTESTATION engagement include:
Relevant
Objective
Measurable
Complete
The responsible party in an ATTESTATION engagement is
Responsible for the SUBJECT MATTER
The subject matter is what is evaluated or measured against criteria
