Question
In: Accounting
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
Solutions
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 agoRelated Solutions
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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