Different Types of Engagements

Question 1

What are other AICPA standards that apply to Non-Audit Engagements?

Answer 1

• Statements on Standards for Accounting & Review Services (SSARSS)
• When performing non-audit F/S services for a “nonissue)
• Preparation engagement
• Compilation engagement
• Review engagement

Question 2

When do Standards for Attestation Engagements (SSAES)

Answer 2

Apply when providing assurance on management representations or subject matter other than F/S

• Examination engagement- High level of Assurance
• Review- Limited/moderate level of assurance
• Agreed-upon procedures- Provides assurance without expressing opinion or negative assurance

Question 3

What is the highest level of engagement?

Answer 3

Positive Assurance- Highest level “In our opinion”

Question 4

What is a negative insurance?

Answer 4

“Moderate” (limited) assurance associated with a “review” engagement under the SSARS or SSAES

Question 5

What is a procedures/findings?

Answer 5

Assurance expressed in findings and findings

Question 6

Is there an engagement with no assurance?

Answer 6

Associated with a preparation engagement or a compilation engagement