Term
| Agreed-upon procedures engagement |
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Definition
| An attest engagement in which the CPAs agree to perform procedures for a specified party and issue a report that is restricted to use by that party |
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Term
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Definition
| The national professional organizaiton of CPAs engaged in promoting high professional standards to ensure that CPAs serve the public interest |
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Term
| Applicable financial reporting framework |
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Definition
| The financial reporting framework adopted by management and, where appropriate, those charged with governance in the preparation of the financial statements that is acceptable in view of the nature of the entity and the objectves of the financial statements or that is required by law or regulation |
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Definition
| A representation or declaration made by the responsible party, typically management of the entity |
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Definition
| Professional services that enhance the quality of info, or its context for decision makers. Many assurance services involve some form of attestation |
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Term
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Definition
| An engagement in which the CPAs issue an examination, review, or agreed upon procedures report on subject matter or an assertion about subject matter that is the responsibility of another party |
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Definition
| An examination designed to provide an opinion, the CPA's highest level of assurance that the F/S follow GAAP or another acceptable basis of acct |
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Term
| Business risk (of the client) |
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Definition
| The risk assumed by investors or creditors that is associated with the company's survival and profitability |
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Definition
| an audit to measure the compliance of the organizatioin with some established criteria |
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Term
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Definition
| A uniform exam administered by the AICPA fo rthe State Boards of Accountancy to enable them to issue CPA licenses. Covers: Accounting and reporting, Auditing, business environment, regulation, and professional responsibilities |
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Term
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Definition
| An attest engagement designed to provide the highest level of assurance that CPAs provide on an assertion. Exam of F/S is audit |
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Term
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Definition
| An audit of the Financial Accounting information of an org or segment of the org. This may include a complete set of F/S. or a portion |
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Definition
| Inentional misstatement of F/S by Mgmt or theft of assets by employees. Aka regularities |
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Definition
| The risk that the info used by investors, creditors and others to assess business risk is not accurate |
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Definition
| Req by SOX and PCAOB for publicly traded comps, an audit that includes assurance on F/S and internal control over F/R. |
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Definition
| An analysis of a dept or other unit of business or govt org to measure the effectiveness and efficiency of operations |
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Definition
| 5 member board established 2002 to oversee the audit of public companies that are subject to the securities laws. Has authority to establish ro adopt or both, rules for auditing quality control ethics independence and other stds relating to the prep or audit reports |
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Definition
| An engagement designed to express limited assurance relating to subject matter or an assertion. |
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Definition
| Sarbanes Oxley Act 2002 - restricted kinds of consulting that consulting CPAs could do for audit clients and created PCAOB to oversee Public Accounting firms |
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Term
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Definition
| Statments of Auditing Standards - stmts issued by Auditing Standards Board of the AICPA |
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