Which of the following would best be described as an attest engagement? An engagement to implement an ERP system.
What is a attestation engagement?
An examination, review, or agreed-upon procedures engagement performed under the attestation standards related to subject matter or an assertion that is the responsibility of another party.
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 the most common type of attest engagement What is most frequently being asserted?
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!
Is a compilation an attest engagement?
Compilations. The third type of attestation services a CPA may provide is a compilation. In a compilation, the CPA compiles the books and records of a client without any performance of substantive procedures, verification or confirmation of balances.
What is attest engagement team?
An attest engagement team is comprised of those persons participating in an attest engagement, including those who perform quality reviews. Members of such a team are likely to include the engagement partner, audit manager, audit staff, quality reviewers, and selected contractors.
What does an attest engagement require?
Assertions. All attestation engagements require that a management’s assertion be requested from the responsible party. The responsible party are those individuals who represent the information presented within an attestation report. This information is the basis for the auditor’s opinion.
Which of the following would best be described as an attest engagement quizlet?
Which of the following would best be described as an attest engagement? An engagement to assess the effectiveness of an internal control system. The Sarbanes-Oxley Act of 2002 generally allows public accounting firms to: Providing tax consulting to an audit client with audit committee approval.
What is considered an assurance engagement?
“Assurance engagement” means an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria.
Which of the following activities would most likely be considered an attestation engagement?
Which of the following activities would most likely be considered an attestation engagement? Consulting with management representatives of a firm to provide advice. Issuing a report about a firm’s compliance with laws and regulations. Advocating a client’s position on tax matters that are being reviewed by the IRS.
Which of the following is a type of attest service?
There are three types of attestation services: compilation, review and audit. “Review and compilation engagements can be completed more quickly, cost less and have less involvement of company staff,” Kovacs explains. “With whatever level of attestation you go with, be prepared before engaging a CPA firm.”
What is assertion based engagement?
(c) “Assertion-based Engagement” means a compliance engagement where an entity asserts compliance with requirements as measured by the suitable criteria, and the assurance practitioner evaluates and expresses a conclusion to enhance the intended user’s confidence in the entity’s assertion.
Which of the following forms may the subject matter of assurance engagement take?
The subject matter, and subject matter information, of an assurance engagement can take many forms, such as: Financial performance or conditions. Non-financial performance or conditions. Behaviour.
What type of engagement is a compilation?
A compilation engagement is a type of engagement where a company engages an outside accountant to prepare and present financial statements. It is not designed to express an opinion or provide assurance regarding the information contained in the financial statement.
What is compilation engagement?
A compilation engagement is a mandate through which a certified public accountant collects the information provided by the management of the company and presents it in the form of financial statements.
Is a compilation a Nonattest engagement?
02 Because a compilation engagement is not an assurance engagement, a compilation engagement does not require the accountant to verify the accu- racy or completeness of the information provided by management or otherwise gather evidence to express an opinion or a conclusion on the financial state- ments.