About Me
CPA
1 Regulation (REG)
1.1 Ethics, Professional Responsibilities, and Federal Tax Procedures
1.1 1 Professional ethics and responsibilities
1.1 2 Federal tax procedures and practices
1.1 3 Circular 230
1.2 Business Law
1.2 1 Legal rights, duties, and liabilities of entities
1.2 2 Contracts and sales
1.2 3 Property and bailments
1.2 4 Agency and employment
1.2 5 Business organizations
1.2 6 Bankruptcy
1.2 7 Secured transactions
1.3 Federal Taxation of Property Transactions
1.3 1 Basis determination and adjustments
1.3 2 Gains and losses from property transactions
1.3 3 Like-kind exchanges
1.3 4 Depreciation, amortization, and depletion
1.3 5 Installment sales
1.3 6 Capital gains and losses
1.3 7 Nontaxable exchanges
1.4 Federal Taxation of Individuals
1.4 1 Gross income inclusions and exclusions
1.4 2 Adjustments to income
1.4 3 Itemized deductions and standard deduction
1.4 4 Personal and dependency exemptions
1.4 5 Tax credits
1.4 6 Taxation of individuals with multiple jobs
1.4 7 Taxation of nonresident aliens
1.4 8 Alternative minimum tax
1.5 Federal Taxation of Entities
1.5 1 Taxation of C corporations
1.5 2 Taxation of S corporations
1.5 3 Taxation of partnerships
1.5 4 Taxation of trusts and estates
1.5 5 Taxation of international transactions
2 Financial Accounting and Reporting (FAR)
2.1 Conceptual Framework, Standard-Setting, and Financial Reporting
2.1 1 Financial reporting framework
2.1 2 Financial statement elements
2.1 3 Financial statement presentation
2.1 4 Accounting standards and standard-setting
2.2 Select Financial Statement Accounts
2.2 1 Revenue recognition
2.2 2 Inventory
2.2 3 Property, plant, and equipment
2.2 4 Intangible assets
2.2 5 Liabilities
2.2 6 Equity
2.2 7 Compensation and benefits
2.3 Specific Transactions, Events, and Disclosures
2.3 1 Leases
2.3 2 Income taxes
2.3 3 Pensions and other post-retirement benefits
2.3 4 Derivatives and hedging
2.3 5 Business combinations and consolidations
2.3 6 Foreign currency transactions and translations
2.3 7 Interim financial reporting
2.4 Governmental Accounting and Not-for-Profit Accounting
2.4 1 Governmental accounting principles
2.4 2 Governmental financial statements
2.4 3 Not-for-profit accounting principles
2.4 4 Not-for-profit financial statements
3 Auditing and Attestation (AUD)
3.1 Engagement Planning and Risk Assessment
3.1 1 Engagement acceptance and continuance
3.1 2 Understanding the entity and its environment
3.1 3 Risk assessment procedures
3.1 4 Internal control
3.2 Performing Audit Procedures and Evaluating Evidence
3.2 1 Audit evidence
3.2 2 Audit procedures
3.2 3 Analytical procedures
3.2 4 Substantive tests of transactions
3.2 5 Tests of details of balances
3.3 Reporting on Financial Statements
3.3 1 Audit report content
3.3 2 Types of audit reports
3.3 3 Other information in documents containing audited financial statements
3.4 Other Attestation and Assurance Engagements
3.4 1 Types of attestation engagements
3.4 2 Standards for attestation engagements
3.4 3 Reporting on attestation engagements
4 Business Environment and Concepts (BEC)
4.1 Corporate Governance
4.1 1 Internal controls and risk assessment
4.1 2 Code of conduct and ethics
4.1 3 Corporate governance frameworks
4.2 Economic Concepts
4.2 1 Microeconomics
4.2 2 Macroeconomics
4.2 3 Financial risk management
4.3 Financial Management
4.3 1 Capital budgeting
4.3 2 Cost measurement and allocation
4.3 3 Working capital management
4.3 4 Financial statement analysis
4.4 Information Technology
4.4 1 IT controls and security
4.4 2 Data analytics
4.4 3 Enterprise resource planning (ERP) systems
4.5 Operations Management
4.5 1 Strategic planning
4.5 2 Project management
4.5 3 Quality management
4.5 4 Supply chain management
3 4 2 Standards for Attestation Engagements Explained

4 2 Standards for Attestation Engagements Explained

Key Concepts

Attestation Engagements

Attestation engagements are professional services in which a practitioner is engaged to express a conclusion about the reliability of a written assertion that is the responsibility of another party. These engagements are governed by specific standards to ensure consistency and quality in the practitioner's work.

Standards for Attestation Engagements

Standards for attestation engagements provide guidelines and requirements for practitioners to follow when conducting attestation engagements. These standards ensure that the practitioner's work is performed with due professional care, competence, and independence.

Types of Attestation Engagements

There are three primary types of attestation engagements:

Objective of Attestation Engagements

The objective of attestation engagements is to provide assurance to the intended users about the reliability of the written assertion. This assurance helps users make informed decisions based on the information provided.

Scope of Attestation Engagements

The scope of attestation engagements depends on the type of engagement. For audits and reviews, the scope includes obtaining sufficient appropriate evidence to express an opinion. For agreed-upon procedures, the scope is limited to the specific procedures agreed upon by the parties.

Reporting on Attestation Engagements

Reporting on attestation engagements involves issuing a written report that communicates the practitioner's conclusion. The report should be clear, concise, and free from ambiguity. It should also include a description of the procedures performed and the basis for the conclusion.

Examples and Analogies

Consider attestation engagements as "quality assurance checks" for written assertions. Just as a quality assurance team ensures the reliability of products, a practitioner ensures the reliability of written assertions.

Standards for attestation engagements are like "guidelines for a recipe." Just as a recipe provides instructions to ensure a dish is prepared correctly, standards provide guidelines to ensure the engagement is performed correctly.

Types of attestation engagements are akin to "levels of inspection." Just as different levels of inspection (e.g., visual inspection, functional testing) are used for different products, different types of attestation engagements are used for different written assertions.

The objective of attestation engagements is similar to "providing a seal of approval." Just as a seal of approval assures consumers of a product's quality, a practitioner's conclusion assures users of the reliability of the written assertion.

Reporting on attestation engagements is like "delivering a verdict." Just as a verdict provides a clear conclusion in a legal case, a report provides a clear conclusion about the reliability of the written assertion.

© 2024 Ahmed Baheeg Khorshid. All rights reserved.