Chapter 25 Instructor's Guide

Chapter 25 Instructor's Guide - Chapter 25 Other Assurance...

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Unformatted text preview: Chapter 25 Other Assurance Services There is wide flexibility in using this chapter. We rarely cover all of the material. Our primary objective is to make sure students are familiar with various types of auditor reports and services. The following are topics covered in the chapter: Chapter opening vignette Review and compilation services Review of interim financial information for public companies Attestation engagements WebTrust Services SysTrust Services Prospective financial statements Agreed-upon procedures engagements Other audits or limited assurance engagements Chapter Opening Vignette – “Skepticism Applies to All Types of Engagements” Auditors, like Sherlock Holmes, should develop a strong sense of suspicion about coincidences. This vignette illustrates this and provides a basis for discussing risk assessment and professional skepticism in a review service, rather than a full audit, context. This vignette also illustrates an independent accountant withdrawing from an engagement. This presents a basis for discussing the notion of withdrawal: When should it be done, how is it done, what are the possible repercussions of withdrawing or not withdrawing? Review and Compilation Services (page 810) The primary emphasis in this section is the differences among compilations, SSARS reviews, and audits, plus reporting requirements for each. First we use Figure 25-1 (page 810) as a frame of reference to discuss the main differences among compilations, reviews, and audits in terms of level of assurance and evidence. This can be tied back to assurance at the beginning of the course. (See Figure 25-1) T-25-1 can be used to summarize the differences among these engagements. (See T-25-1) Some or all of the following problems are appropriate after this discussion: 25-1 25-18 - multiple choice 25-21 - responsibility to external users for compilations 25-22 - required procedures for compilations and reviews 25-23 - responsibility for review services 25-24 - extent of procedures for review services 25-25 - nature of reports for review services Review of Interim Financial Information for Public Companies (page 814) We briefly cover the requirements for reviews of interim financial information for public companies. We focus on the differences between such reviews and reviews under SSARS. Review Question 25-9 and Problem 25-25 are useful for the under SSARS....
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This note was uploaded on 01/23/2010 for the course ACCOUNTING auditing taught by Professor Pro-abuel-ezz during the Spring '10 term at Cairo University.

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Chapter 25 Instructor's Guide - Chapter 25 Other Assurance...

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