Classify Footnote Attestation For Free

There are three types of attestation services: compilation, review and audit.

What Is an Attestation Service? An attest service, or attestation service, is an independent review of a company's financial statement conducted by a certified public accountant (CPA). The CPA delivers an attestation report with conclusions about the reliability of the data.

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.

The following are the three types of attestation engagements: Examination engagement.Review engagement.Agreed-upon procedures engagement.

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.

An attest engagement is one in which a CPA in public practice (i.e., practitioner) is engaged to, or does, issue an examination/audit, review, compilation or agreed-upon procedures report on subject matter, or an assertion about subject matter, that is the responsibility of another party (usually management).

The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services.

Statement on Standards for Attestation Engagements no. 16 (SSAE 16) is an auditing standard for service organizations, produced by the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board, which supersedes Statement on Auditing Standards no. 70 (SAS 70) and has been superseded by SSAE No.

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.