Question

A) Identify and briefly describe the various, specific attestation services that constitute the “usual” menu of attestation engagements associated with the AICPA’s Statements on Standards for Attestation Engagements (SSAEs).

Answer 1

In totality three specific attestation services that constitute the generic menu of attestation engagements discussed in class.

1) Examination which involves expressing a high level of assurance, which means a positive expression of opinion and a low level of attestation risk. The report should identify any material deficiencies noted, can add explanatory paragraph to emphasize other matters as desired, and can be issued for general distribution.

2) Reviewing and it  involves  expressing a lower level of assertion, sometimes called moderate, which means a negative assurance, and therefore a moderate level of attestation risk. This type of report should include any material deficiencies, can also add an explanatory paragraph for emphasis of a matter, must include a disclaimer of opinion, since the review provides less assurance than an examination, and can be normally used for general distribution if desired.

3) Agreed-upon procedures. This is neither a negative or positive assertion. It takes places when the client participates in specifying the criteria by which the reliability of assertions will be evaluated or in specifying the specific procedures to be applied to gather evidence. The report should be limited in distribution to the specific users who participated in identifying the criteria or procedures. It should summarize the procedures performed and results of those procedures disclaim an opinion on the assertions assuming the scope was less than an examination, and the report should identify any material deficiencies that are noted.

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