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Auditing and Attestation/Blueprint/4.E

Attestation engagements

Area 4: Forming Conclusions and Reporting (10-20%)

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Topics

  • Examination engagements
  • Review engagements (attestation)
  • Agreed-upon procedures

Lessons

  • Attestation Engagements

Study Frameworks

SOC Report Selection

Are the controls relevant to user entities' financial reporting?
Yes
Does the user auditor need evidence about operating effectiveness over a period?
Yes
SOC 1 Type 2 report
No
SOC 1 Type 1 report (design and implementation only)
No
Is the report intended for general public distribution?
Yes
SOC 3 report (general-use, condensed format)
No
SOC 2 report (detailed, restricted distribution)

Engagement Types Comparison

FeatureAuditReviewCompilationAgreed-Upon Procedures
Level of assuranceReasonableLimitedNoneNone (findings only)
Key proceduresInspect, confirm, observe, recalculateInquiry, analytical proceduresRead for obvious errorsSpecified by engaging parties
Report opinionPositive — FS are fairly statedNegative — nothing came to our attentionNo assurance expressedReport findings only
Independence requiredYesYesNo (but must disclose lack)Yes

SOC Report Types

ReportSubject MatterDistributionCriteria
SOC 1Controls relevant to user financial reportingRestrictedSSAE (AT-C 320)
SOC 2Security, availability, processing integrity, confidentiality, privacyRestrictedTrust Services Criteria
SOC 3Same as SOC 2 (condensed)General useTrust Services Criteria
Practice These Topics(37 questions)