Bus 426 - Chapter 23

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Simon Fraser University
Business Administration
BUS 426
Michael Favere- Marchesi

Chapter 23 Assurance Services: Review and Compilation Attest and Assurance Engagements  Assurance Engagement: An engagement where there is an accountability relationship between two or more parties, and the practitioner is engaged to issue a written communication expressing a conclusion about subject matter for which the accountable party is responsible o Attest Engagement: An engagement where the auditor expresses a conclusion on a written assertion about a subject prepared by the accountable party, such as management; the assertion measures the subject matter using appropriate criteria o Direct Reporting Engagement: One where the auditor directly expresses a conclusion on his or her evaluation of subject matter using criteria; Management does not report Review and Compilation Services  Review Engagement: One that consists primarily of inquiry, analytical procedures and discussion with the limited objectives of assessing whether the information being reported on is plausible within the framework of appropriate criteria o A review is like a smaller audit that is usually involved with non-public clients  Evidence gathered would also be lower: Evidence Needed High (Audit) X Medium (Review) X None X (Compilation) Minimal
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