Other Assurance Services
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1 Other Assurance Services Chapter Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-1
2 Learning Objective 1 Understand the level of assurance and evidence requirements for review and compilation services Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-2
3 Review and Compilation Services The standards for compilations and reviews of financial statements are called Statements on Standards for Accounting and Review Services (SSARS) Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-3
4 Level of Assurance Attained Relationship Between Evidence Accumulation and Assurance Attained High (Audit) Moderate (Review) None (Compilation) Minimal Significant Extensive (Compilation) (Review) (Audit) Amount of Evidence Accumulated 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-4
5 Review Services A review service (SSARS review) engagement is designed to allow the accountant to express limited assurance that the financial statements are in accordance with GAAP Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-5
6 Procedures Suggested for Reviews Obtain knowledge of the accounting principles of the client s industry Obtain knowledge of the client Make inquiries of management Perform analytical procedures Obtain letter of representation 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-6
7 Make Inquires of Management 1. Discover the company s procedures for recording, classifying, and summarizing transactions and disclosing information in the statements. 2. Inquire into actions taken at meetings of stockholders and the board of directors. 3. Ask if each account on the financial statements was prepared in conformity with GAAP Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-7
8 Compilation Services A compilation service engagement is defined in SSARS as one in which accountants present to a client or third party, financial statements that the accountant has prepared. The CPA firm does not express any assurance on the statements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-8
9 Requirements for Compilation Establish an understanding with the client about the nature and limitations of the services to be performed and a description of the report Possess knowledge about the accounting principles and practices of the client s industry Know the client, including the nature of its business transactions, accounting records, and content of its financial statements 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-9
10 Requirements for Compilation Make inquiries to determine whether the client s information is satisfactory Read the compiled financial statements and be alert for any obvious omissions or errors in arithmetic and GAAP 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-10
11 Form of Compilation Report 1. Compilation with full disclosure 2. Compilation that omits substantially all disclosures 3. Compilation without independence 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-11
12 Learning Objective 2 Describe special engagements to review interim financial information for public companies Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-12
13 Review of Interim Financial Information for Public Companies The SEC requires quarterly financial statements to be reviewed by the company s external auditor prior to the company s filing of the Form 10-Q. Like reviews under SSARS, a public company interim review includes five requirements for review service engagements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-13
14 Review of Interim Financial Information for Public Companies Like reviews under SSARS, a review for a public company does not provide a basis for expressing a positive form opinion. The review is conducted according to the standards of the PCAOB and there is no reference to the SSARS in a review report Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-14
15 Learning Objective 3 Distinguish AICPA attestation standards from auditing standards and know the type of engagements to which they apply Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-15
16 Attestation Engagements Attestation standards Types of attestation engagements Levels of service 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-16
17 Types of Engagements and Related Reports Type of Engagement Amount of Evidence Level of Assurance Form of Conclusion Distribution Examination Extensive High Positive General Review Significant Moderate Negative General Agreed-upon procedures Varying Varying Findings Limited 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-17
18 Learning Objective 4 Understand the nature of WebTrust assurance services Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-18
19 WebTrust Services In a WebTrust attestation engagement, a client engages a CPA to provide reasonable assurance that a company s Web site complies with certain Trust Services principles and criteria for one or more aspects of e-commerce activities Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-19
20 WebTrust Services The WebTrust service is a specific service developed under the broader Trust Services principles and criteria jointly issued in 2003 by the AICPA and CICA Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-20
21 Five Trust Services Principles Security Availability Processing integrity Online privacy Confidentiality The system is protected against unauthorized access The system is available for operation and use as committed or agreed System processing is complete, accurate, timely, and authorized Personal information obtained as a result of e-commerce is collected, used, disclosed, and retained as committed or agreed Information designated as confidential is protected as committed or agreed 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-21
22 Learning Objective 5 Understand the nature of SysTrust assurance services Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-22
23 SysTrust Services In a SysTrust engagement, the SysTrust licensed CPA evaluates a company s computer system using Trust Services principles and criteria. The report may address a single Trust Services principle or any combination of principles Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-23
24 Learning Objective 6 Describe special engagements to attest to prospective financial statements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-24
25 Prospective Financial Statements Forecasts and projections Use of prospective financial statements Types of engagements Examination of prospective financial statements 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-25
26 Learning Objective 7 Describe agreed-upon procedures engagements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-26
27 Agreed-Upon Procedures Engagements The audit is limited to certain specific audit procedures. These are referred to as procedures and findings engagements. The SASs deal with financial statement items, whereas the SSAEs deal with nonfinancial statement matters Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-27
28 Learning Objective 8 Describe other audit and limited assurance engagements related to historical financial statements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-28
29 Other Audits or Limited Assurance Engagements Other comprehensive basis of accounting Specified elements, accounts, or items Debt compliance letters and similar reports 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-29
30 Other Comprehensive Basis of Accounting Cash or modified cash basis Basis used to comply with the requirements of a regulatory agency Income tax basis A definite set of criteria having substantial support 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-30
31 Specified Elements, Accounts, or Items Auditors are often asked to audit and issue reports in specific aspects of financial statements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-31
32 Specified Elements, Accounts, or Items Two differences in these types of audits: 1. Materiality is defined in terms of the elements, accounts, or items being audited rather than for the overall statements. 2. The first standard of reporting under GAAS does not apply Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-32
33 Debt Compliance Letters and Similar Reports The engagement and report should be limited to compliance matters the auditor is qualified to evaluate. The auditor should provide a debt compliance letter only for a client for whom the auditor has done an audit of the overall financial statements Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-33
34 Debt Compliance Letters and Similar Reports The auditor s opinion is in the form of a negative assurance, stating that nothing came to the auditor s attention that would lead the auditor to believe there was noncompliance Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-34
35 End of Chapter Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 25-35
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