Compliance Attestation Flashcards
1
Q
Compliance attestation applies to which two attestation standards?
A
- Examination
- Agreed upon procedures
*Reviews are prohibited!
2
Q
Define compliance wit specified requirements?
A
An entity’s compliance with specified laws, regulations, rules, contracts, or grants
3
Q
Define material noncompliance?
A
failure to follow compliance with requirements included in the specified requirements that results in noncompliance
4
Q
What are the preconditions of a compliance audit?
A
- Management accepts responsibility for compliance and IC over compliance
- Evaluates entity’s compliance
5
Q
For examination engagements, the auditor should obtain written assurance…
A
TRUE, if they refuse, Withdrawal
6
Q
What are the examination procedures?
A
- obtain an understanding of requirements
- obtain understanding of relevant controls and assess the risk of material noncompliance
7
Q
T/F: Agreed-upon procedures report should ALWAYS be restricted?
A
TRUE!!!
