CPA AUD Attestation Engagements Other than Audits of Historic Financial Information — Flashcards

CPA attestation engagements other than audits of historic financial information are assurance services performed under SSAE (AICPA) or CSAE (Canada) standards. These include examinations, reviews, or agreed-upon procedures on subject matter like compliance, internal controls, sustainability reports, and prospective financial data. 

Key Aspects of Attestation Engagements
Purpose: To enhance confidence in financial or non-financial information, providing either reasonable or limited assurance.
Standards: Governed by Statements on Standards for Attestation Engagements (SSAE) in the US and CSAE 3000/3001 in Canada.
Subject Matters: Examples include compliance with contracts or laws, MD&A, investment performance statistics, and software controls. 

Types of Attestation Engagements
Examination: High level of assurance (similar to an audit), resulting in a positive opinion.
Review: Moderate level of assurance, resulting in a conclusion.
Agreed-Upon Procedures (AUP): The CPA performs specific procedures agreed upon with the client and reports findings. 

Attestation vs. Direct Engagements
Attestation Engagement: Management measures the subject matter against criteria and provides a written assertion, which the CPA then verifies.
Direct Engagement: The CPA directly measures the subject matter against criteria and reports on it directly. 

Common Examples
Service Organization Controls (SOC): Reports on controls at service organizations (e.g., SOC 1, SOC 2).
Compliance Reports: Reporting on compliance with agreements or regulations.
Prospective Financial Statements: Examinations of forecasts or projections.
Sustainability/ESG Reporting: Assurance on environmental, social, and governance data.