[kahtwoloo]

I’m using the Wiley 2014 book for AUD and I’m on Module 6: Accounting and Review Services. In AR 60 it says “Attest engagement. An engagement that requires independence blah blah blah.” A couple paragraphs down under compilations it says “(1) The standard states that, although a compilation is bot an assurance engagement, it is an attest engagement.”

Okay I know independence isn’t required for compilations so what’s with this contradiction?

BEC-51,71,70,77
AUD-50,62,68 (retake july)
REG-55
FAR-15(didnt study)

[Anonymous]

In an assurance engagement you would issue an opinion. In an attest engagement, you simply say whether or not the subject matter is fair.

I don't know if the Wiley book has the complete standard or not. You may have already read this, but look closely at the last paragraph on the third page.

https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-00060.pdf

[kahtwoloo]

The book has the standards. The only difference is it's presented in outline form instead of big paragraphs. I understand the difference between attestation and assurance engagements. It's just weird that it would say attest engagements require independence, yet compilations are attest engagements yet don't require independence.

BEC-51,71,70,77
AUD-50,62,68 (retake july)
REG-55
FAR-15(didnt study)

[Author]

Replies