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Assurance Services in Modern Auditing: Types, Standards, and Engagements, Schemes and Mind Maps of Auditing

University of SunderlandAuditing

This chapter from 'Modern Auditing: Assurance Services and the Integrity of Financial Reporting' covers various assurance services, their levels, and the engagements performed under attestation standards. Topics include audit and examination-level assurance, review-level assurance, agreed-upon procedures, accounting and compilation services, and other assurance opportunities such as CPA Risk Advisory, CPA Performance View, and CPA Eldercare.

What you will learn

  • What are the types of services provided in agreed-upon procedure engagements?
  • What are the different levels of assurance in modern auditing?
  • What are the components of SSAE 1 (Statements on Standards for Attestation Engagements)?
  • What are the types of engagements performed under attestation standards?
  • What are the components of a review engagement in accounting and review services?

Typology: Schemes and Mind Maps

2021/2022

Uploaded on 09/12/2022

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Modern Auditing:
Assurance Services and the Integrity
of Financial Reporting, 8th Edition
William C. Boynton
California Polytechnic State
University at San Luis Obispo
Raymond N. Johnson
Portland State University
Chapter 20 – Attest and Assurance Services, and Related
Reports
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Download Assurance Services in Modern Auditing: Types, Standards, and Engagements and more Schemes and Mind Maps Auditing in PDF only on Docsity!

Modern Auditing:

Assurance Services and the Integrity

of Financial Reporting, 8th^ Edition

William C. Boynton

California Polytechnic State University at San Luis Obispo

Raymond N. Johnson

Portland State University

Chapter 20 – Attest and Assurance Services, and Related Reports

Chapter Overview

Levels of Assurance

  • Audit or Examination-level Assurance
  • Review-level Assurance
    • Negative Assurance
  • Agreed-upon Procedures
  • No Assurance
    • Accounting and Compilation Services

Assurance/Service Matrix

Other SAS Engagements – Special

Reports

  • Other Comprehensive Bases of

Accounting

  • Specified Elements, Accounts, or Items

of a Financial Statement

  • Compliance Reports Related to Audited

Financial Statements

Accepting and Performing Attest

Engagements

  • Attest Engagement
    • Gathers evidence
    • Objectively assesses the measurements and communication
    • Reports the findings
  • Attestation Standards
    • SSAE 1 (Figure 20-7)
    • General Standards
    • Standards of Fieldwork
    • Standards of Reporting

Engagements Performed Under

Attestation Standards

  • Agreed-upon Procedure Engagements
    • Report of Procedures and Findings
  • Reporting on Prospective Financial

Information

  • Types of Prospective Financial Information
    • Financial Forecast
    • Financial Projection
  • Types of Services
    • Compilation
    • Examination
    • Application of Agreed-upon Proceures

Engagements Performed Under

Attestation Standards

  • Compliance Attestation
    • Examination Engagements
      • Nature of Compliance Requirements
      • Nature and Frequency of Noncompliance
      • Qualitative Considerations
    • Agreed-upon Procedure Engagements
      • Compliance with Specified Requirements
      • Effectiveness of Entity’s Internal Control
      • Both of the Above

Other Assurance Opportunities

  • CPA Risk Advisory
    • Business Risk Management
      • Identification and assessment of primary potential risks
      • Independent assessment of identified risks
      • Evaluate system of identification and limitation of risks

Other Assurance Opportunities

  • CPA Performance View
    • Performance Measurement
      • Assess whether systems a properly measuring activities
      • Evaluate employees
      • Measure actual performance against objectives
      • Identify areas providing best opportunities for improvement