Auditing Exam Ch. 1-6

Examination or Audit (Level of Assurance)

• High

• Moderated (limited)

• Summary of findings

Examination or Audit (Risk of material misstatement)

• Low

• Moderate

• Varies by specific engagement

Review (Risk of material misstatement)

• Low

• Moderate

• Varies by specific engagement

Agreed Upon Procedures (Risk of material misstatement)

• Low

• Moderate

• Varies by specific engagement

Review (Level of Assurance)

• High

• Moderated (limited)

• Summary of findings

Agreed Upon Procedures (Level of Assurance)

• High

• Moderated (limited)

• Summary of findings

Examination or Audit (Nature of Assurance in Report)

• "In our opinion"

• "We are not aware of any material modifications that should be made"

• Includes a summary of procedures followed and finding

Review (Nature of Assurance in Report)

• "In our opinion"

• "We are not aware of any material modifications that should be made"

• Includes a summary of procedures followed and finding

Agreed Upon Procedures (Nature of Assurance in Report)

• "In our opinion"

• "We are not aware of any material modifications that should be made"

• Includes a summary of procedures followed and finding

Examination or Audit (Procedures)

• Select from all available procedures any combination that can limit attestation risk to a low level

• Generally limited to inquiry and analytical procedures

• Procedures agreed upon with the specific user or users