What types of engagements can be provided under the attestation standards?
THE ATTESTATION STANDARDS APPLY whenever an independent CPA has been engaged to issue, or issues, an examination report, a review report or an agreed-upon procedures report on subject matter—or an assertion about the subject matter—for which another party is responsible.
Is an agreed upon procedures an attest engagement?
Agreed-upon procedures engagements are a special type of attest services that differ significantly from consulting services in purpose and reporting and performance requirements.
What is attestation give examples of attest engagements?
An attestation engagement is an arrangement with a client where an independent third party investigates and reports on subject matter created by a client. Examples of attestation engagements are: Reporting on financial projections made by a client. Reporting on pro forma financial information formulated by a client.
What are the 3 types of attestation service?
There are three types of attestation services: compilation, review and audit.
What is an agreed upon procedures engagement?
A statement that an agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the intended purpose of the engagement and reporting on findings based on the procedures performed.
What is an example of attestation?
Examples of attestation engagements are: Reporting on financial projections made by a client. Reporting on pro forma financial information formulated by a client. Reporting on how well the internal controls in a client process function.
What are the four categories of attestation services?
The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services.
What are examples of attest services?
Examples of attestation agreements are listed below:
- Agreed-upon procedures engagements.
- Reporting on financial forecasts and projections.
- Reporting on pro forma financial information.
- Compliance attestation.
- Reporting on an entity’s internal control over financial reporting.
What are attestation standards and why are they important?
The goal of attestation standards are to provide guidance, set boundaries around a growing service line, define a measure of quality, and outline the objectives that should be reached when performing attestation engagements. As mentioned above, the SSAEs adopt many of the standards followed under GAAS but differ in two main ways.
What is an attestation service or engagement?
In accounting, an attestation service or engagement is the process of engaging a CPA to provide assurance or attestation audits over services such as: examinations, reviews, or agreed-upon procedure reports.
What are attestation services in auditing?
What are attestation services in auditing? In accounting, an attestation service or engagement is the process of engaging a CPA to provide assurance or attestation audits over services such as: examinations, reviews, or agreed-upon procedure reports.
Who is responsible for the sufficiency of agreed upon procedures engagement?
This agreed-upon procedures engagement was performed in accordance with attestation standards established by the American Institute of Certified Public Accountants and applicable standards of Government Auditing Standards. The sufficiency of these procedures is solely the responsibility of the specified users of this report.