Which of the following statements about a practitioner’s review report for an attestation engagement is correct group of answer choices?

Which of the following statements about a practitioner’s review report for an attestation engagement is correct? The practitioner’s review report should include a disclaimer of opinion.

Which of the following services if any may an accountant who is not independent provide?

Which of the following services, if any, may an accountant who is not independent provide? Preparations and compilations but not reviews. A compilation provides no assurance. Thus, the accountant need not be independent.

What is review engagement financial statements?

A review engagement is a type of engagement that provides a limited level of assurance that a company’s financial statements comply with the applicable financial reporting framework. It gives users limited assurance on the accuracy or correctness of financial statements.

When a practitioner examines projected financial statements The report should include a separate paragraph that?

When the prospective financial statements contain a range, the practitioner’s standard report should also include a separate paragraph that states that the responsible party has elected to portray the expected results of one or more assumptions as a range.

Which of the following procedures would a CPA most likely perform when reviewing the financial statements of a Nonissuer?

Which of the following procedures would an accountant most likely perform when reviewing the financial statements of a nonissuer? Ask management about the entity’s procedures for recording transactions.

What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion?

5.1. 1 Addressing a change in risks when issues are identified
Type of engagement The assurance engagement report
Reasonable assurance engagement Description of the assurance engagement circumstances, and a positive form of expression of the conclusion.

What level of assurance is provided by the practitioner in a review engagement?

A review engagement provides a moderate level of assurance that the information subject to review is free of material misstatement, this is expressed in the form of negative assurance. 10. The practitioner and the client should agree on the terms of the engagement.

What type of assurance engagement is involved when the practitioner expresses a positive conclusion?

The objective of a reasonable assurance engagement is a reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement6 as the basis for a positive form of expression of the practitioner’s conclusion.

Which parties are involved in assurance services?

21. Assurance engagements involve three separate parties: a practitioner, a responsible party and intended users.

Who should take responsibility for the overall quality on each audit engagement?

The engagement partner
CSAE 3001.37 The engagement partner shall take responsibility for the overall quality on the engagement.

How do you get reasonable assurance?

To achieve reasonable assurance, the auditor needs to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level. This means that there is some uncertainty arising from the use of sampling, since it is possible that a material misstatement will be missed.

What is practitioner in auditing?

Management is responsible for preparing financial statements. The third party in the engagement is the practitioner. This practitioner is normally the professional audit firm that audits the financial statements or provides others limited assurance services.

Who is the responsible party in an assurance engagement?

The three parties typically involved in an assurance engagement are: the responsible party, the users and the practitioner. The responsible party performs operations or provides information for the benefit of or relevant to users. This party is responsible for the subject matter over which assurance is sought.

Why do we need to perform assurance engagement?

Assurance engagements performed by members are intended to enhance the credibility of information about a subject matter by evaluating whether the subject matter conforms in all material respects with suitable criteria, thereby improving the likelihood that the information will meet the needs of an intended user.

What is responsible party in auditing?

The responsible party ordinarily provides the practitioner with a written representation that evaluates or measures the subject matter against the identified criteria, whether or not it is to be made available as an assertion to the intended users.

What are some ethical considerations required of a practitioner in the conduct of an assurance engagements?

The fundamental ethical principles that apply to all services that professional accountants in public practice provide are: integrity, objectivity, professional competence and due care, confidentiality, professional behaviour and technical standards.

Who are the parties involved in audit?

the client, the auditor, and the auditor.

What does the responsible party do?

The “responsible party” is the individual or entity that controls, manages, or directs the entity and the disposition of the entity’s funds and assets, unlike a nominee, who is given little or no authority over the entity’s assets. … The IRS does not authorize the use of nominees to obtain EINs.