Explain the meaning of attestation along with some examples of attestation.

Question

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Answer 1

Question

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

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Answer 2

Question

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

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Answer 3

Question

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

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Answer 4

Question

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

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Answer 5

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

Answer 6

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.

Answer 7

Chapter A, Problem 1RC

To determine

Explain the meaning of attestation along with some examples of attestation.

Answer 8

Expert Solution & Answer

Explanation of Solution

Attestation Engagement:

An association between the client and the certified public accountant where the practitioner is responsible for providing attestation and for issuing a report on the subject matter and the assertion made by the client. This association is known as attestation engagement.

Attestation is a service provided by a practitioner as decided between the client and the practitioner. It includes various activities which are listed as follows:

Examination: In the examination, practitioners evaluate assertions, existence and operating effectiveness of internal controls, and assesses the risk of material misstatement. Practitioners provide opinion over the examination conducted. It is somewhat similar to audit however, it is different in terms of focus. The examination provides a higher level of assurance.
Review: Inquiries and analytical procedures are generally performed under review procedures. Review procedures provide a relatively lower level of assurance. Therefore, it provides limited assurance.
Agreed upon procedure: In this, the practitioner performs procedures as are directed by the client. It provides assurance depending upon the procedure selected.

Examples of attestation services are, conducting break-even analysis, assessment of material misstatement in a report, evaluation of the market price of a certain block of assets, evaluating the status of compliance with certain laws, and evaluation of internal controls.