4114900
Description
Mind Map by Cristine Jane Ba, updated more than 1 year ago
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Created by Cristine Jane Ba
almost 9 years ago
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UNIVERSE OF
CPA SERVICES
- RELATED SERVICES
- REVIEW
- objective: to prepare and review financial
statements to ascertain whether they are
reasonable and plausible
- comprises inquiry and analytical procedures
designed to review the reliability of an
assertion that is the responsibility of one
party for use by another party
- provides a moderate level of assurance
expressed in the form of negative assurance
- objective: to prepare and review financial
statements to ascertain whether they are
reasonable and plausible
- COMPILATION
- auditor(acountant) is engaged to use accounting
expertise as opposed to auditing expertise to
collect, classify, and summarize financial info
- entails reducing detailed data to a manageable
and understandable form w/o a requirement to
test the assertions underlying that info
- accountant expresses
no assurance on the
financial info
- auditor(acountant) is engaged to use accounting
expertise as opposed to auditing expertise to
collect, classify, and summarize financial info
- AGREED-UPON PROCEDURES
- auditor is engaged to carry out those procedures of an audit
to which the auditor and the entity and any appropriate third
parties have agreed and to report on factual findings
- report is restricted to those
parties that have agreed to the
procedures to be performed
- no assurance is expressed and
recipient form their own conclusions
from the report of the auditor
- auditor is engaged to carry out those procedures of an audit
to which the auditor and the entity and any appropriate third
parties have agreed and to report on factual findings
- REVIEW
- AUDIT
- objective: to enable the
auditor to express an opinion
whether the FS are prepared,
in all material respects, in
accordance with an identified
financial reporting framework
- auditor obtains sufficient
appropriate audit evidence to
be able to draw conclusions
on which to base that opinion
- enhances the credibility of FS by
providing a reasonable assurance
- report provided is in the
form of positive assurance
- objective: to enable the
auditor to express an opinion
whether the FS are prepared,
in all material respects, in
accordance with an identified
financial reporting framework
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