Key CPA Exam Takeaways
High-Yield Review
- SSAE governs attestation engagements other than historical financial statement audits.
- Examinations provide reasonable assurance and express an opinion.
- Reviews provide limited assurance through inquiry and analytical procedures.
- Agreed-upon procedures provide no assurance and report factual findings only.
- Independence is required for every SSAE engagement.
- Suitable criteria are required for meaningful attestation engagements.
- AUP procedures are determined by the engaging parties before work begins.
- Opinion, conclusion, and findings correspond to examination, review, and AUP engagements, respectively.
- SSAE differs from SSARS in both subject matter and reporting requirements.
Examination equals opinion, review equals conclusion, agreed-upon procedures equals findings.
Summary
Attestation engagements and agreed-upon procedures are heavily tested CPA AUD topics because candidates must distinguish assurance levels, reporting terminology, independence requirements, and the differences between SSAE and SSARS engagements.