OTHER ATTESTATION AND COMPILATION SERVICES

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CHAPTER 23

• OTHER ATTESTATION AND COMPILATION SERVICES

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REVIEW AND COMPILATION SERVICES

• ASSURANCE ENGAGEMENTS
• CONTINUUM OF ASSURANCE
• HIGH (POSITIVE) AUDITS AND EXAMINATIONS
• MIDDLE (NEGATIVE) REVIEWS
• LOW (NONE) COMPILATIONS
• REVIEWS
• NONPUBLIC COMPANIES
• PROCEDURES
• FORM OF REPORT
• FAILURE TO FOLLOW GAAP

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• COMPILATIONS
• PROCEDURES
• REPORTS
• OMISSION OF DISCLOSURES
• LACKS INDEPENDENCE
• REVIEW OF PUBLIC COMPANIES
• SAS 71 REVIEW
• REPORT
• FAILURE TO FOLLOW GAAP

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OTHER AUDITS OR LIMITED ASSURANCE

• SPECIAL REPORTS
• OTHER COMPREHENSIVE BASIS OF ACCOUNTING
• CASH BASIS
• MODIFIED CASH BASIS
• REGULATORY REQUIREMENTS
• INCOME TAX BASIS
• REPORT
• SPECIFIED ELEMENTS, ACCOUNTS
• INFORMATION ACCOMPANYING F/S
• COMPILANCE REPORTS

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ATTESTATION ENGAGEMENTS

• ATTESTATION STANDARDS
• COMPARISON TO GAAP
• CRITERIA EXIST
• INTERNAL CONTROL NOT NECESSARY
• REPORTING STANDARDS
• TYPES OF ENGAGEMENTS
• LEVELS OF SERVICE
• EXAMINATIONS
• REVIEWS
• AGREED-UPON PROCEDURES

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PROSPECTIVE FINANCIAL STATEMENTS

• TYPES
• FORECASTS
• EXPECTED RESULTS
• PROJECTIONS
• ONE OR MORE HYPOTHETICAL ASSUMPTIONS
• TYPES OF ENGAGEMENTS
• EXAMINATION
• COMPILATION
• AGREED UPON PROCEDURES

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INTERNAL CONTROL REPORTING

• REPORT ON INTERNAL CONTROLS
• DIFFERENT FROM GAAP AUDIT
• STEPS
• PLAN
• OBTAIN UNDERSTANDING OF DESIGN
• PERFORM TESTS OF CONTROL
• EVALUATE RESULTS
• PREPARE REPORT

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COMPLIANCE AND AGREED UPON PROCEDURES

• REPORT ON COMPLIANCE
• LOAN COVENANTS
• COMPLIANCE WITH LAWS
• COMPARISON WITH OTHER AUDITS
• AGREED UPON PROCEDURES
• SAS 75
• LIMITED DISTRIBUTION