AUDIT OF FS (PSA)

>high level / reasonableof assurance

>specific procedures determined by auditor

REVIEW OF FS (PSRE)

>moderate/limited level of assurance

>negative assurance

>inquiry and analytical procedures w/c

Does not involve:

1.Acc and internal control systems

2.test of records

3.responses to inquiries by inspection, confirmation, observation and computation

>if auditor believes info is materially misstated:

CARRY OUR ADDITIONAL OR MORE EXTENSIVE PROCEDURES)

>Reprting Responsibility-clear written expression of negative assurance

1. Unmodified Review Report

2. Modified

MATERIAL MISSTATEMENTS

Express qualification of negative assurance

Material and pervasive: adverse statement

SCOPE LIMITATON

Express qualification of negative assurance

Material and pervasive: do not provide assurance

COMPILATION OF FS (PSRS 4410)

>Professional accountants to assist in preparation and presentation of their FS

>accounting expertise

>reducing data to manageable and understandable form

>involves:

1. Preparation and presentation of FS

2. Collection, classification and summarization of other financial info

>not designed and do not enable to express any assurance

> PROCEDURE: READ

>ordinarily not required to

1.inquiries of management

2. Asses internal control

3.Verify matters

4.verify explanations

>perfom abov if unsatisfactory

>request management and if they refuse : Withdraw

>Reporting responsibility-clear indivation of no assurance

>financial information reference on each page or on the front of complete set

"Unaudited"

"Compiled without audit or review"

"Refer to Compilation Report"

>Modification

MATERIAL MISSTATEMENT

-discolse nature of missattement in a separate paragraph

-if modification not sufficient and client not willing to correct:WITHDRAW

SCOPE LIMITATION

-WITHDRAW
AGREED-UPON PROCEDURES(PSRS 4400)

>client full responsibility

>distribution limited to parties who agreed procedures to be performed

>report on factual findings

>no assurance is expressed

>clear understanding regarding the agreed procedures and the conditions of the engagement

>procedures

Inquiries and analytical procedures

Recomputation

Observation

Inpection

Obtaining Confirmation

ASSURANCE ENGAGEMENTS (PSAE 3000)

> reasonable and limited

>ELEMENTS

1.3 PARTY RELATIONSHIP

Professional accountant

Responsible party(mgmt)

Intended users

2. SUBJECT MATTER

data
Systmens and processes

Behavior

Physical characteristics

APPROPRIATE IF IDENTIFIABLE, CPABLE OF CONSISTENT EVALUATION AND

MEASUREMNENT AGAINST SUITABLE CRITERIA

> assertiions-based engagements(repsonsibke party)

>dirct reportinh engagements(practitionrr)

3. CRITERIA

4.EVIDENCE

5ASSURANCE REPORT

high or moderate assurance

NOT ASSURANCE ENGAGEMENTS

agreed upon

Compilation

Prep of tax returns

Managemenr consulting

Other advisory services