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

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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.

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

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