15 An agreed-upon procedures attest engagement is one in which a prac- titioner is engaged to issue a report of findings based on specific procedures performed on subject matter.
What are considered attest services?
An attest service, or attestation service, is an independent review of a company’s financial statement conducted by a certified public accountant (CPA). The CPA delivers an attestation report with conclusions about the reliability of the data.
What types of engagements do the attestation standards cover?
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.
What are Cpas engaged to do in an attestation engagements?
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.
What are examples of attest services?
Examples of such attestation engagements include issuing reports on security and privacy controls, sustainability, greenhouse gas emissions, controls on service organizations, and XBRL-tagged data.
What is the most common type of attest engagement?
What is the most common type of attest engagement? What is most frequently being “asserted” by management on this type of engagement? –A financial statement audit. You just studied 36 terms!
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.
Is an audit an attest engagement?
An audit may be performed to look for gaps in their compliance procedures as an issue may be discovered. … The attestation engagement examines the issue to check if it truly falls outside the parameters of the compliance standard as an opinion is given about the compliance issue.
Which of the following is an attestation engagement?
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 is an SSAE engagement?
Statement on Standards for Attestation Engagement (SSAE) 18 is an American auditing standard issued by the American Institute of Certified Public Accountants (AIPCA). … The SSAE 18 standard is used to produce System and Organization Controls (SOC) reports.
Is a compilation considered an attest engagement?
Although a compilation is not an assurance engagement, it is an attest engagement.
What is direct reporting engagement?
In a direct (direct reporting) engagement, the responsible party does not present the subject matter information in a report in a direct engagement. Instead the practitioner reports directly on the subject matter and provides the intended users with an assurance report containing the subject matter information.
Is review an attest engagement?
The Nonattest Services subtopic (ET §1.295) of the Independence topic addresses the provision of nonattest services to attest clients. Attest engagements include any engagement that requires independence, such as audits and reviews (see the sidebar, “Examples of Nonattest Services”).