@cpahopeful does this explanation answer your other question?
An engagement to examine and report on management's written assertion about the effectiveness of the internal control over financial reporting (as of a specific point in time) is an attest engagement. The guidance for this type of engagement specifically requires that the report state that “because of inherent limitations of any internal control, misstatements due to error or fraud may occur and not be detected.”
The results of Snow's tests will form the basis only for Snow's opinion on management's assertion about the effectiveness of Master's internal control. Only an audit engagement provides sufficient appropriate audit evidence for an opinion on the fairness of financial statements in conformity with an applicable financial reporting framework.
Nor is the purpose of this type of engagement to enable the CPA to plan an audit and determine the nature, timing, and extent of tests to be performed. That is the purpose of obtaining an understanding of the internal control as part of an audit.
The attest report should also include a statement that the examination was conducted in accordance with standards established by the AICPA. In addition, the expression of the opinion on whether management's assertion is fairly stated is based on criteria established by the AICPA (or other recognized organization); that is, the auditor measures the fairness of the assertion against the AICPA criteria; there is no attestation that the assertion itself is based on these criteria. (Be sure you understand specifically what the wording of each of the standard reports actually says.)
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