Predecessor’s report reissuedb)
Should not issue CFS when statement for one period omit substantially all of the disclosureby GAAPc)
The same opinion is not req for all stmt3.
Std for Attestation Engagements (SSAE) – Chap 31a)
Examination; Reviews; Agree-upon procedures – no assuranceb)
Type: Financial forecast/projection(prospective F/S); Pro-Forma F/S; I/C over F/R; Compliancewith contract; Mgmt D&A4.
Compliance Auditing Applicable to Govt Entity and other Recipients of Govt (Government AuditStandard) – Chap 291)
Type: Financial Audit; Attestation; Performance Audit2)
Req. a written report on the consideration of I/C on all audits3)
“Single Audit Act”
Threshold: non-federal entity, >=$500K within a fiscal year
Compliance reporting: allowability of expenditures & eligibility5.
Other Assurance Services (Chap.29)1)
Audit of Internal Control (I/C on financial reporting):*** Auditor’s opinion relation to effectiveness of company’s ICOFR as of “ a point of time” and “ takenas a whole” a)
Mgt responsibility: effectiveness of company’s ICOFR; evaluation/ evaluation with sufficientevidence; written assessment of ICOFRb)
Auditor responsibility: express opinion on mgmt’s assessment of effectiveness of ICOFRc)
Test & evaluate design effectiveness: design eff to prevent/detect error or fraudd)
Test &evaluate operation effectiveness: operating as designed, authority& qualification toperform control effectively1.
Appropriateness of engagement to meet clients needs B. Assess engagement risk and CPA’s firm’s ability to perform the engagement (Chap 21)1.
Auditor: F/S misstmt GAAS); discover errors/ fraud/illegal/IC deficiency come to attention