Classify Chart Attestation For Free

One of the things to keep in mind to differentiate each of these services is that audits are performed to discover data, risks, or compliance issues that may not have been known before the audit took place, and attestation is to evaluate and review how true the data or information is when compared to a stated purpose,

Examples of attestation engagements are: Reporting on financial projections made by a client. Reporting on pro forma financial information formulated by a client. Reporting on how well the internal controls in a client process function.

Conclusion. Audits, reviews and compilations are three very different levels of attestation services available for financial statements, and the information provided above will help you understand the differences and determine which one is appropriate for your business.

However, there are many other types of attest services, including reviews of financial statements, examinations of prospective financial information, engagements performed pursuant to the Public Company Accounting Oversight Board (PCAOB)1 and in some states compilations.

Examples of attestation agreements are listed below: Agreed-upon procedures engagements. Reporting on financial forecasts and projections. Reporting on pro forma financial information. Compliance attestation. Reporting on an entity's internal control over financial reporting.

Consider the following examples: An individual witnesses a crime. They write an attestation letter detailing what they saw and sign the letter. A third party also signs the letter, attesting to the authenticity of the witness' signature.

The attestation standards establish requirements for performing and reporting on examination, review, and agreed-upon procedures engagements that enable practitioners to report on subject matter other than historical financial statements.