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    Audit Review Compilation Agreed Upon Procedures: What Is An.

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    Mariane Valenzuela
    An audit provides the highest level of assurance and enables the auditor to express an opinion on the entity's financial statements. A review provides a moderate level of assurance and allows the auditor to state if anything came to their attention that causes them to believe the financial statements are not prepared in accordance with the identified framework. A compilation involves gaining a general understanding of the business and presenting financial statements in an accepted format without providing any assurance. Agreed upon procedures describe the procedures performed and factual findings without providing any assurance.

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    Audit Review Compilation Agreed Upon Procedures: What Is An.

    Uploaded by

    Mariane Valenzuela
    22 views3 pages
    An audit provides the highest level of assurance and enables the auditor to express an opinion on the entity's financial statements. A review provides a moderate level of assurance and allows the auditor to state if anything came to their attention that causes them to believe the financial statements are not prepared in accordance with the identified framework. A compilation involves gaining a general understanding of the business and presenting financial statements in an accepted format without providing any assurance. Agreed upon procedures describe the procedures performed and factual findings without providing any assurance.

    Original Description:

    Difference of other assurance engagement

    Original Title

    other assurance engagements

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    An audit provides the highest level of assurance and enables the auditor to express an opinion on the entity's financial statements. A review provides a moderate level of assurance and allows the auditor to state if anything came to their attention that causes them to believe the financial statements are not prepared in accordance with the identified framework. A compilation involves gaining a general understanding of the business and presenting financial statements in an accepted format without providing any assurance. Agreed upon procedures describe the procedures performed and factual findings without providing any assurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views3 pages

    Audit Review Compilation Agreed Upon Procedures: What Is An.

    Uploaded by

    Mariane Valenzuela
    An audit provides the highest level of assurance and enables the auditor to express an opinion on the entity's financial statements. A review provides a moderate level of assurance and allows the auditor to state if anything came to their attention that causes them to believe the financial statements are not prepared in accordance with the identified framework. A compilation involves gaining a general understanding of the business and presenting financial statements in an accepted format without providing any assurance. Agreed upon procedures describe the procedures performed and factual findings without providing any assurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Agreed

    Audit Review Compilation Upon


    Procedures
    What is an.. Highest level of Provides less Involves gaining a Standard a
    financial statement assurance to the general company
    service a CPA can reader of the FS understanding of outlines when
    provide. Enhances because the CPA the business an it hires an
    the degree of does not perform presenting FS in external party
    confidence that many audit the accepted to perform an
    intended users, such procedures. format audit specific
    as lenders or test
    investors, can place in
    the FS
    Objective Enable the auditor to Enable the auditor to For the accountant To carry out
    express opinion on state whether, to use accounting audit
    the entity’s financial anything has come to expertise, to procedures
    statement the auditor’s attention collect,classify and agreed on
    that causes the auditor summarize with the client
    to believe that the financial and any
    financial statements information. appropriate
    are not prepared in all third parties
    material respects in identified in
    accordance with an the report
    identified financial
    reporting framework

    Level of High/Reasonable Moderate/limited None none


    assurance assurance assurance

    Type of Positive Negative Assurance Identification of Description of


    Report Assurance(opinion) financial procedures
    information performed
    compiled and factual
    findings

    Basic  Risk  In quiry  Assemble  As


    Procedures assessment  Analytical FS based agreed
    procedures procedures on the
     Test of controls (does not client’s data
     Substantive include
    test assessing
    (performing control risk, test
    analytical of records and
    procedures,test responses to
    ing requires by
    documentation obtaining
    supporting corroborating
    account evidence
    balances,
    observing
    physical
    inventory
    count,confirmin
    g accounts
    receivable and
    other accounts
    with a third
    party)

    Independence Required Required Not required Not required


    requirement

    Material Material but not The report should Disclose the


    misstatement pervasive- qualified describe those matters nature of the
    opinion that impair a fair misstatement in
    Material and presentation of the FS separate
    pervasive- adverse including a paragraph of the
    opinion quantification of report although
    possible effect their effects do not
    have to be
    quantified

    Scope Material but not  Express  Withdraw


    limitation pervasive- qualified qualification of from the
    opinion negative engagemen
    Material and assurance or t
    pervasive- disclaimer  Not provide any
    of opinion assurance

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