Wiley Practitioner's Guide to GAAS 2022

54AT-C 205 Assertion-Based Examination Engagements

• Overview
• Objectives
• Definitions of Terms
• Requirements
  • Independence
  • Written Assertion
  • Planning the Engagement
  • Risk Assessment Procedures
  • Materiality
  • Identifying Risks of Material Misstatement
  • Responding to Risk of Material Misstatement
  • Tests of Controls
  • Other Procedures
  • Analytical Procedures
  • Procedures Regarding Estimates
  • Sampling
  • Fraud, Laws, and Regulations
  • Responding to Fraud or Noncompliance
  • Evaluating the Reliability of the Entity's Information
  • Using the Work of a Practitioner's Specialist
  • Using Internal Auditors
  • Evaluate the Results of the Procedures
  • Considering Subsequent Events and Subsequently Discovered Facts
  • Written Representations
  • Other Information
  • Forming an Opinion
  • The Report
• Illustration: Practitioner's Examination Report on Subject Matter; Unmodified Opinion
  • Modified Opinions
  • Communicating with the Responsible and Engaging Partners
  • Documentation
• Interpretations
  • Reporting on Attestation Engagements Performed in Accordance with Government Auditing Standards
  • Reporting on the Design of Internal Control
• Illustrations (AT-C 205.A121)

OVERVIEW

Section 205 is the first of the level of service sections. These sections are:

• 205, Assertion-Based Examination Engagements,
• 206, Direct Examination Engagements,
• 210, Review Engagements, and
• 215, Agreed-Upon Procedures Engagements

On every attestation engagement, the CPA must comply with Section 105, one of the level of service sections above, and any relevant subject ...