The document discusses different types of assurance engagements including review engagements, agreed upon procedures, and compilation agreements. Review engagements involve examining financial statements and issuing a report providing moderate assurance. Agreed upon procedures involve verifying specific items like account balances and reporting results without assurance. Compilation agreements involve compiling financial statements without testing and providing no assurance.
8. Moderate Level of Assurance
LimitedAssurance
Process
Gather sufficient Evidence
9. Moderate Level of Assurance
LimitedAssurance
Process
Gather sufficient Evidence
Plausible content
10. Moderate Level of Assurance
LimitedAssurance
Process
Gather sufficient Evidence
Plausible content
So Negative Assurance report
11. T
Moderate Level of Assurance
I
LimitedAssurance
D d
U te
A a
l ce
e i s
r v Process
r
Gather sufficient Evidence
e
s
Plausible content
So Negative Assurance report
15. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs
Support
Bank Loan
Limited
Assurance
16. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs
Support
Bank Loan
Limited
Assurance
17. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs
Support Verify Balances
Bank Loan
Limited
Assurance
18. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs
Support Verify Balances
Bank Loan
Limited Report on Results
Assurance
19. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs
Support Verify Balances
Bank Loan
Limited Report on Results
Assurance No Assurance
20. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs SMEs
Support Verify Balances
Bank Loan
Limited Report on Results
Assurance No Assurance
21. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs SMEs
Support Verify Balances Compile accounts
Bank Loan
Limited Report on Results
Assurance No Assurance
22. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs SMEs
Support Verify Balances Compile accounts
Bank Loan No testing
Limited Report on Results
Assurance No Assurance
23. Types
Review Engagement Agreed Procedures Compilation Agreements
SMEs SMEs SMEs
Support Verify Balances Compile accounts
Bank Loan No testing
Limited Report on Results
Assurance No Assurance No Assurance
24. Types
Review Engagement Agreed Procedures Compilation Agreements
Review accounts of those not
Forensic Accounting Preparing Accounts
needing an audit
Interim FS review Verifying Insurance claims Preparing Tax compilations
Non Financial data (eg Number of
Due Diligence Preparing cashflow forecasts
subscribers)
41. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs
Support
Bank Loan
42. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs
Support
Bank Loan
Moderate
Assurance
43. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support
Bank Loan
Moderate
Assurance
44. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support Letter
Bank Loan
Moderate
Assurance
45. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support Letter
Bank Loan KOB
Moderate
Assurance
46. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support Letter
Bank Loan KOB
Sceptical
Moderate
Assurance
47. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support Letter
Bank Loan KOB
Sceptical
Moderate Evidence
Assurance
48. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement
Support Letter
Bank Loan KOB
Sceptical
Moderate Evidence
Assurance Enquire Mgt
49. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive
Support Letter
Bank Loan KOB
Sceptical
Moderate Evidence
Assurance Enquire Mgt
50. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive
Support Letter Look for more
Bank Loan KOB
Sceptical
Moderate Evidence
Assurance Enquire Mgt
51. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive Negative
Support Letter Look for more Assurance
Bank Loan KOB
Sceptical
Moderate Evidence
Assurance Enquire Mgt
52. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive Negative
Support Letter Look for more Assurance
Bank Loan KOB “We aren’t aware
Sceptical
Moderate Evidence
Assurance Enquire Mgt
53. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive Negative
Support Letter Look for more Assurance
Bank Loan KOB “We aren’t aware
..material
Sceptical
Moderate Evidence
Assurance Enquire Mgt
54. Review Engagemnt
Suspect
Review Engagement Plan & Procedures Misstatement? Report
SMEs Engagement Substantive Negative
Support Letter Look for more Assurance
Bank Loan KOB “We aren’t aware
..material
Sceptical modifications”
Moderate Evidence
Assurance Enquire Mgt