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    Audit of FS Review of FS Agreed-Upon Procedure Compilation of FS

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    Juliana Cheng
    The document compares four types of assurance services: 1) Financial statement audits provide high assurance and express an opinion on whether financial statements are fairly presented. 2) Reviews of financial statements provide moderate assurance and report on whether anything indicates the statements are not fairly presented. 3) Agreed-upon procedures involve carrying out procedures agreed with the client and reporting factual findings without assurance. 4) Compilations of financial statements involve assembling statements based on client data without assurance.

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    Audit of FS Review of FS Agreed-Upon Procedure Compilation of FS

    Uploaded by

    Juliana Cheng
    69 views2 pages
    The document compares four types of assurance services: 1) Financial statement audits provide high assurance and express an opinion on whether financial statements are fairly presented. 2) Reviews of financial statements provide moderate assurance and report on whether anything indicates the statements are not fairly presented. 3) Agreed-upon procedures involve carrying out procedures agreed with the client and reporting factual findings without assurance. 4) Compilations of financial statements involve assembling statements based on client data without assurance.

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    The document compares four types of assurance services: 1) Financial statement audits provide high assurance and express an opinion on whether financial statements are fairly presented. 2) Reviews of financial statements provide moderate assurance and report on whether anything indicates the statements are not fairly presented. 3) Agreed-upon procedures involve carrying out procedures agreed with the client and reporting factual findings without assurance. 4) Compilations of financial statements involve assembling statements based on client data without assurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views2 pages

    Audit of FS Review of FS Agreed-Upon Procedure Compilation of FS

    Uploaded by

    Juliana Cheng
    The document compares four types of assurance services: 1) Financial statement audits provide high assurance and express an opinion on whether financial statements are fairly presented. 2) Reviews of financial statements provide moderate assurance and report on whether anything indicates the statements are not fairly presented. 3) Agreed-upon procedures involve carrying out procedures agreed with the client and reporting factual findings without assurance. 4) Compilations of financial statements involve assembling statements based on client data without assurance.

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    Audit of FS Review of FS Agreed-upon procedure Compilation of FS

    To enable the practitioner to


    report whether anything has To carry out audit procedures
    To assist the client in the
    To express an opinion on the come to their attention that agreed on with the client and any
    Objective preparation of financial
    financial statements would indicate that the financial appropriate third parties identified
    statements
    statements are not presented in the report
    fairly
    Level of Assurance High/reasonable assurance Moderate/limited assurance None None

    Description of procedures Identification of financial


    Type of report issued Positive assurance (opinion) Negative assurance
    performed and factual findings information complied
     Inquiry and analytical
    procedures. It does not include
    Risk assessment procedures, Assemble financial
    assessing control risk, test of
    Basic procedures tests of controls and substantive As agreed. statements based on
    records and of responses to
    procedures client’s data
    inquiries by obtaining
    corroborating evidence.
    Independence Required Required Not required Not required
    Types of Assurance Service

    Financial Audit Compliance Audit Operational Audit


    Assertions made by the That the organization has That the organization’s activities
    That the financial statements are fairly
    auditee complied with law, regulations, are conducted effectively and
    presented
    or contracts efficiently
    Established criteria Financial reporting standards or other Objectives set by the board of
    Laws, regulations and contract
    financial reporting framework directors
    Content of the Auditors An opinion about whether the financial
    Reports on the degree of
    report statements are fairly presented in Recommendations or suggestions
    compliance, with applicable
    conformity with an identified financial on how to improve operations
    laws, regulations and contract
    reporting framework
    Auditors who generally
    External auditors Government auditors Internal auditors
    perform
    Comparison among different types of audit

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