What is an 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 is attestation engagement?

An attest engagement is one in which a CPA in public practice (i.e., practitioner) is engaged to, or does, issue an examination/audit, review, compilation or agreed-upon procedures report on subject matter, or an assertion about subject matter, that is the responsibility of another party (usually management).

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.

What are types of attestation engagements?

The following are the three types of attestation engagements:

• Examination engagement.
• Review engagement.
• Agreed-upon procedures engagement.

Which of the following professional services would be considered an attest engagement?

The audit of financial statements is the most common attestation service, but there are several others like agree-upon procedures engagements, review, and examination engagements.

Which of the following is not primary category of attestation report?

Which of the following is not primary category of attestation report? d. Special audit report based on a basis of accounting other than generally accepted accounting principles.

What are considered attest services?

What Is an Attestation Service? An attest service, or attestation service, is an independent review of a company’s financial statement conducted by a certified public accountant (CPA). The CPA delivers an attestation report with conclusions about the reliability of the data.

Is a preparation engagement an attest service?

A preparation engagement is a non-attest service provided by Certified Public Accountants in which they are engaged to prepare financial statements or prospective financial information. As it is a non-attest service, the accountant does not have to be independent of the client entity.

Are compilations attest engagements?

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 considered an assurance engagement?

“An assurance engagement” is an engagement in which a practitioner obtains sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the measurement or evaluation of an underlying subject …

Who performs assurance engagement?

practitioner
Assurance engagements involve three separate parties: a practitioner, a responsible party and intended users. (See also Appendix 4.) 23. The responsible party and the intended users may be from different entities or the same entity.

What sort of evidence is needed for a reasonable assurance engagement?

For a reasonable assurance engagement the practitioner needs to reduce the assurance engagement risk (the risk that an inappropriate conclusion is expressed when the information on the subject matter is materially misstated) to an acceptably low level as the basis for a positive form of expression of the practitioner’s …

Which of the following professional services would be considered an attestation engagement?

What are the two types of assurance engagement?

Under this Framework, there are two types of assurance engagement a practitioner is permitted to perform: a reasonable assurance engagement and a limited assurance engagement.