Introduction to Attestation Standards Flashcards
What is an attestation engagement?
An examination, review, or agreed-upon procedure engagement performed under the attestation standards related matter on an assertion that is the responsibility of another party
What are the three categories of attestation standards?
SECTION 105- Address common concepts
SECTION 200- Level of Service requirements
SECTION 300- Subject matter requirements
In the preface to the attestation standards, there are four broad principles, what are they “P-R, P-R”
P- Purpose & Premise
R- Responsibilities
P- Performance
R- Reporting
What is the purpose of an attestation engagement?
Provide an opinion, provide information, finding regarding the reliability of the subject matter or assertion
What is Premise of a attestation engagement?
An engagement in accordance with the attestation standards is conducted on the premise that the responsible party is responsible for:
- The subject matter
- Assertion about the subject matter
- Measuring, evaluating, and presenting subject matter that is free from material misstatement
What are the responsibilities under attestation standards?
Practitioners are responsible for complying with the relevant performance and reporting requirements established in the attestation standards
What are the performance responsibilities?
Responsbile for:
- Having appropriate competence and capabilities
- Maintaining professional skepticism
- Exercising professional judgement through the planning and performance engagement
What are the reporting requirement?
Express an opinion
