Washington, D.C.

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Washington, D.C.

• For the people in government, rather than the
  people who pester it, Washington is an
  early-rising, hard-working city. It is a popular
  delusion that the government wastes vast amounts
  of money through inefficiency and sloth. Enormous
  effort and elaborate planning are required to
  waste this much money.
• P. J. ORourke

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Other Accounting Services
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Attestation Assurance Services

• Compliance
• Unaudited Financial Statements
• Internal Control Reporting
• Interim Financial Information
• Prospective Financial Statements
• New Services

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Attestation

• AICPA Statement on Attestation Standards
• Attestation results in a written communication
  that expresses a conclusion about the reliability
  of a written assertion that is the responsibility
  of another party
• Positive assurance conclusion based on an
  examination which provides positive, but not
  absolute assurance.
• Negative Assurance conclusion based on a review
  which provides negative, and limited, assurance

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Attestation Preconditions

• Practitioner is independent and has adequate
  training proficiency as well as subject matter
  knowledge
• Reasonable measurement and disclosure criteria
  exist
• The assertions are susceptible to reasonably
  consistent estimation or measurement using the
  criteria

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Attestation vs. Auditing Standards

• Internal Control usually not relevant
• GAAP not relevant
• Identity of Assertions the nature of the
  engagement
• Distribution restrictions
• TABLE 15.5 (pp. 651-52)

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Compliance Attestation

• May be Audits
• More often apply agreed upon procedures
• Laws Regulations
• FDIC
• EPA
• Dept. of Education, Agriculture, etc.

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Unaudited Financial Statements Public Companies

• CPA should disclaim an opinion (unaudited) when
• CPAs name is used
• CPA has prepared or assisted in preparing the
  statements
• The accompanying balance sheet and related
  statements of...were not audited by us and,
  accordingly, we do not express an opinion on them

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Compilation Reviews Nonpublic Companies

• Compilation
• Prepare financial statements based upon client
  supplied data
• Review
• More than a compilation, less than an audit
• Consists of inquiry analytic procedures
• Excludes internal control evaluation,
  confirmations, other tests

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Prospective Financial Statements

• CPA compiles, examines, or applies agreed upon
  procedures to prospective financial statements
• Forecast expected financial position, results of
  operations, and cash flow reflecting conditions
  expected to exist
• Projection financial position, income, and cash
  flows, under hypothetical assumptions.

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New Services

• Other Applications Are Being Created in the
  Competitive Marketplace
• Examples
• AICPA Web Trust
• Gambling Industry Certifications
• Eldercare Certifications Services

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Financial Statement Attestation Services