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Unformatted text preview: agreed-upon procedures. In an examination, the practitioner expresses an opinion that (a) the subject matter is based on the criteria in all material respects; or (b)the assertion is presented in all material respects, based on the criteria . In an agreed-upon procedure, the practitioner is engaged by the client to issue a report of findings based on specific procedures performed on the subject matter. 21-5. What kind of entity might request an attestation report on internal control, and why? Publicly held companies might need an attestation report because Congress passed the Federal Deposit Insurance Corporation Improvement Act of 1991(FDICIA), which requires the management of large financial institutions issue a report on the effectiveness of the institution’s internal control....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 470 taught by Professor Kwong during the Spring '11 term at Franklin.
- Spring '11
- Decision Making