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Chapter 25
Auditing Test #1
12
Accounting
Not Applicable
09/19/2011

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Cards

Term
Agreed-Upon Procedures Engagement
Definition
an engagement in which the procedures to be performed are agreed upon by the CPA, the responsible party making the assertions, and the intended users of the CPA's report; the CPA's report is presented in the form of a negative assurance
Term
Attestation engagement
Definition
a type of assurance service in which the CPA firm issues a report about the reliability of subject matter or of an assertion that is the responsibility of another party
Term
Compilation service
Definition
a non-audit engagement in which the accountant undertakes to present, in the form of financial statements, information that is the representation of management, without undertaking to express any assurance on the statements
Term
Examination
Definition
an attest engagement that results in positive assurance as to whether or not the assertions under examination conform with the applicable criteria
Term
Forecasts
Definition
prospective financial statements that present an entity's expected financial position, results of operations, and cash flows for future periods, to the best of the responsible party's knowledge and belief
Term
Projections
Definition
prospective financial statements that present an entity's financial position and result of operations and cash flows for future periods,to the best of the responsible party's knowledge and belief, given one or more hypothetical assumptions
Term
Prospective Financial Statements
Definition
financial statements that deal with expected future data rather than with historical data
Term
Public company interim review
Definition
reviews of interim, unaudited financial information performed to help public companies meet their reporting responsibilities to regulatory agencies
Term
Review
Definition
an attestation engagement that results in a negative assurance as to the CPA's awareness of any information indication that the assertions are not presented in conformity with the applicable criteria
Term
Review Service (SSARS review)
Definition
a review of unaudited financial statements designed to provide limited assurance that no material modifications need be made to the statements in order for them to be in conformity with accounting standards or, if applicable, with another comprehensive basis of accounting
Term
Statement on Standard for Accounting and Review Services (SSARS)
Definition
standards issued by the AICPA accounting and review service committee that govern the CPA's association with unaudited financial statements of nonpublic companies
Term
Statements of Standards for Attestation Engagements (SSAE)
Definition
statements issued by the AICPA to provide a conceptual framework for various types of attestation services
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