One may envision a continuum of assurance ranging from absolute assurance to no

Question

One may envision a continuum of assurance ranging from absolute assurance to no assurance. In between may be reasonable assurance, limited assurance, and a summary of findings with no other assurance.

a. Describe in details what level of assurance is provided in the CPA's report by each of the following types of engagements and explain why.

• Examinations
• Audits
• Review
• Agreed-upon procedures
• Compilations

b. Describe in details and explain what type of assurance is provided on financial statements prepared following a special purpose basis of accounting other than generally accepted accounting principles.

Please answer Part B

Explanation / Answer

Special purpose Financial Statement is a Financial Report that is intended for limited group of users and the same shall be speciafically mentioned in the same financial statements also..

this type of FS is usually required by government entity, and the same should be prepared in a pre determined format.

SA 800 deals about the " special considerations- audit of financial statements prepared in accordance with special purpose framework..

it gives the opinion called true and fair view of financial statements.. and these financial statements circulated to the specified persons only not to all

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