Term
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Definition
| - audit of FS section CAS - audit over engagments other than financial statments (compliance/non financial measures) section 5025 -audit over FS information other than the FS CAS 805 -review engagment section 8000 -applying specific procedures to financial information other than financial statements section 9100 -compliation section 9200 -CSAE 3416 - internal controls report |
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Term
Audit over FS - section CAS |
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Definition
| - highest level of assurance - provide assurance over entire FS |
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Term
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Definition
-unqualified - reasonable assurance no material misstatment
- qualified - GAAP departure or scope limitation but not pervasive
-Adverse- significant / pervasive misstatment
-Denial to issue report |
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Term
| Audit over financial information other than the financial statements CAS 805 |
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Definition
- moderate assurance provided over only specific accounts
-involves high risk accounts that are importatnt to users
- report issued with reasonale assurance over specific financial information |
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Term
| Reveiew engagment- section 8000 |
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Definition
- negative assrurance - nothing has come to my attention -review of FS on a whole -determine if plausible - based on analytics, inquiry, and discussion
- no opinion |
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Term
| Applying specified procedures to financial information other than FS - section 9100 |
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Definition
| - No assurance provided - only facts from procedures reported -auditors peform work over client slected accounts -only provides facts and results on testing, no opinion provided -likely lowest fees |
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Term
| Compiliation engagment - section 9200 |
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Definition
| -no assurance -ensure FS info is mathematically accurate - notice to reader report |
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Term
| CSAE 3416 - Internal Controls report |
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Definition
2 types of reports:
type 1- express opioion on design and existence of control procedures
type 2- express opinition of deisign, effective operation and continuity of control procedures |
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