It's crazy to memorize the exact wordings of all those audit reports. But a candidate needs to understand and master the contents of each report.
I created a mnemonic for myself for those reports that are required to have a paragraph of RESTRICTED USE for specified users:
PAPRICA-COWPEA
Prospective FS
Agreed-Upon Procedures Engagements
Projection – Financial Projection
Regulatory – SPFS prepared in accordance with Regulatory basis of accounting
ICOC – Internal Control Over Compliance Report
Contractual – SPFS prepared to Comply with a Contractual agreement or regulatory provisions
Assertion – Review report on an Assertion about a subject matter
Comfort Letter or Letter for Underwriters
Communication of SDs & MWs under FS audit (this is not required under the audit of IC)
OCBOA – The auditor may decide to restrict the use of a compilation or review report to certain specified parties (example: when the subject matter of the report is based on criteria other than GAAP)
Written assertion report when the client is not the responsible party
Partial Presentations
Engagement letter (which is a compilation report that is not expected to be used by a third party)
Application – Reports on the Application of the requirements of an AFRFW
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