a. List the major categories (except for consulting) of auditor’s services. b. two engagement frameworks and...

a. List the major categories (except for consulting) of auditor’s services.

b. two engagement frameworks and the audit and practice standards

Expert Solution

a. The major categories of auditor’s services are the audit or review of historical financial information, assurance engagements dealing with subject matters other than historical financial\ information and related service engagements.

b.

Some engagement standards are based on ‘International Framework for Assurance Engagements’ (assurance engagements), and others result from the ‘Related Services Framework’ (related services engagements). Two sets of standards (ISAs and ISAEs) share the assurance engagement framework and one standard set (ISRS) is based on the related services framework. ISAs, ISAEs and ISRSs are collectively referred to as the IAASB’s Engagement Standards.

The IAASB engagement standards encompass the following:

• International Standards on Auditing (ISAs) are to be applied, as appropriate, in the audit or review of historical financial information.

• International Standards on Assurance Engagements (ISAEs) are to be applied in assurance engagements dealing with subject matters other than historical financial information.

• International Standards on Related Services (ISRSs) are to be applied to compilation engagements, engagements to apply agreed upon procedures to information and other related services engagements as specified by the IAASB.

International Auditing Practice Statements (IAPSs) are issued to provide interpretive guidance and practical assistance to auditors in implementing ISAs for audit, review and special purpose engagements. International Assurance Engagement Practice Statements (IAEPSs) provide interpretive guidance for ISAEs, and International Related Services Practice Statements (IRSPSs) will provide assistance for auditors implementing ISRSs.

ekkarill92 answered 1 year ago

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 661,000 $ 626,000 $ 190,000 2018 750,000 760,000 255,000 2019 715,000 685,000 225,000 2020...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2015–2018 are as follows: Service Revenue Collections Pretax Accounting Income 2015 $ 616,000 $ 581,000 $ 140,000 2016 700,000 710,000 205,000 2017 665,000 645,000 175,000 2018...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 688,000 $ 648,000 $ 214,000 2021 778,000 806,000 288,000 2022 738,000 730,000 256,000 2023...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 700,000 $ 660,000 $ 226,000 2021 790,000 818,000 300,000 2022 750,000 742,000 268,000 2023...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2015–2018 are as follows: Service Revenue Collections Pretax Accounting Income 2015 $ 616,000 $ 581,000 $ 140,000 2016 700,000 710,000 205,000 2017 665,000 645,000 175,000...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 728,000 $ 688,000 $ 254,000 2021 818,000 846,000 328,000 2022 778,000 770,000 296,000 2023...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2015–2018 are as follows: Service Revenue Collections Pretax Accounting Income 2015 $ 741,000 $ 716,000 $ 290,000 2016 850,000 855,000 355,000 2017 815,000 795,000 325,000...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 688,000 $ 653,000 $ 220,000 2018 780,000 795,000 285,000 2019 745,000 715,000 255,000 2020...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 610,000 $ 590,000 $ 150,000 2018 710,000 720,000 215,000 2019 675,000 650,000 185,000 2020...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 610,000 $ 590,000 $ 150,000 2018 710,000 720,000 215,000 2019 675,000 650,000 185,000 2020...

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a. List the major categories (except for consulting) of auditor’s services. b. two engagement frameworks and...

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Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...