Term
| Agreed-Upon Procedures Engagement |
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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 |
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Term
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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 |
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Term
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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 |
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Term
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Definition
| an attest engagement that results in positive assurance as to whether or not the assertions under examination conform with the applicable criteria |
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Term
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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 |
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Term
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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 |
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Term
| Prospective Financial Statements |
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Definition
| financial statements that deal with expected future data rather than with historical data |
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Term
| Public company interim review |
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Definition
| reviews of interim, unaudited financial information performed to help public companies meet their reporting responsibilities to regulatory agencies |
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Term
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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 |
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Term
| Review Service (SSARS review) |
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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 |
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Term
| Statement on Standard for Accounting and Review Services (SSARS) |
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Definition
| standards issued by the AICPA accounting and review service committee that govern the CPA's association with unaudited financial statements of nonpublic companies |
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Term
| Statements of Standards for Attestation Engagements (SSAE) |
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Definition
| statements issued by the AICPA to provide a conceptual framework for various types of attestation services |
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