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Compilation is presenting in the form of financial statements information that is the representation of management (owners) without expressing assurance. accounting data includes journals, ledgers and other records, such as spreadsheets, that support financial statements. accounting estimate An approximation of a financial statement element.

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agreed-upon procedures An engagement where the client specifies procedures and the accountant agrees to perform those procedures.

An accountant may accept an engagement to apply agreed-upon procedures to financial statement elements, where the scope of the engagement is not sufficient to express an opinion, if the users assume responsibility for sufficiency of the procedures, and use of the report is restricted to specified users. It is a private organization of CPAs, not an arm of the government. Since each state makes its own laws, each state could prepare and grade their own CPA examination.

Some have not been superseded by pronouncements of the Financial Accounting Standards Board.

Those old pronouncements still qualify as generally accepted accounting principles.

If actual interest expense differs significantly from the expectation, the auditor explains the difference in audit documentation.

analyze Identify and classify items for further study. apb opinions The Accounting Principles Board existed before the Financial Accounting Standards Board.

assess To determine the value, significance, or extent of. The level of control risk determined by the auditor, based on tests of controls, is the assessed level of control risk. assurance engagement is an engagement in which an accountant issues a report designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).

attest (attestation) report In an attest engagement, a practitioner issues a written conclusion about the reliability of a written assertion that is the responsibility of another.

An example is to compare actual interest expense for the year (a financial statement amount) with an estimate of what that interest expense should be.

The estimate can be found by multiplying a reasonable interest rate times the average balance of interest bearing debt outstanding during the year (the auditor’s expectation).

The allowance balance is the estimated total of uncollectible accounts included in accounts receivable.

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