CPA
1 Regulation (REG)
1.1 Ethics, Professional Responsibilities, and Federal Tax Procedures
1.1 1 Professional ethics and responsibilities
1.1 2 Federal tax procedures and practices
1.1 3 Circular 230
1.2 Business Law
1.2 1 Legal rights, duties, and liabilities of entities
1.2 2 Contracts and sales
1.2 3 Property and bailments
1.2 4 Agency and employment
1.2 5 Business organizations
1.2 6 Bankruptcy
1.2 7 Secured transactions
1.3 Federal Taxation of Property Transactions
1.3 1 Basis determination and adjustments
1.3 2 Gains and losses from property transactions
1.3 3 Like-kind exchanges
1.3 4 Depreciation, amortization, and depletion
1.3 5 Installment sales
1.3 6 Capital gains and losses
1.3 7 Nontaxable exchanges
1.4 Federal Taxation of Individuals
1.4 1 Gross income inclusions and exclusions
1.4 2 Adjustments to income
1.4 3 Itemized deductions and standard deduction
1.4 4 Personal and dependency exemptions
1.4 5 Tax credits
1.4 6 Taxation of individuals with multiple jobs
1.4 7 Taxation of nonresident aliens
1.4 8 Alternative minimum tax
1.5 Federal Taxation of Entities
1.5 1 Taxation of C corporations
1.5 2 Taxation of S corporations
1.5 3 Taxation of partnerships
1.5 4 Taxation of trusts and estates
1.5 5 Taxation of international transactions
2 Financial Accounting and Reporting (FAR)
2.1 Conceptual Framework, Standard-Setting, and Financial Reporting
2.1 1 Financial reporting framework
2.1 2 Financial statement elements
2.1 3 Financial statement presentation
2.1 4 Accounting standards and standard-setting
2.2 Select Financial Statement Accounts
2.2 1 Revenue recognition
2.2 2 Inventory
2.2 3 Property, plant, and equipment
2.2 4 Intangible assets
2.2 5 Liabilities
2.2 6 Equity
2.2 7 Compensation and benefits
2.3 Specific Transactions, Events, and Disclosures
2.3 1 Leases
2.3 2 Income taxes
2.3 3 Pensions and other post-retirement benefits
2.3 4 Derivatives and hedging
2.3 5 Business combinations and consolidations
2.3 6 Foreign currency transactions and translations
2.3 7 Interim financial reporting
2.4 Governmental Accounting and Not-for-Profit Accounting
2.4 1 Governmental accounting principles
2.4 2 Governmental financial statements
2.4 3 Not-for-profit accounting principles
2.4 4 Not-for-profit financial statements
3 Auditing and Attestation (AUD)
3.1 Engagement Planning and Risk Assessment
3.1 1 Engagement acceptance and continuance
3.1 2 Understanding the entity and its environment
3.1 3 Risk assessment procedures
3.1 4 Internal control
3.2 Performing Audit Procedures and Evaluating Evidence
3.2 1 Audit evidence
3.2 2 Audit procedures
3.2 3 Analytical procedures
3.2 4 Substantive tests of transactions
3.2 5 Tests of details of balances
3.3 Reporting on Financial Statements
3.3 1 Audit report content
3.3 2 Types of audit reports
3.3 3 Other information in documents containing audited financial statements
3.4 Other Attestation and Assurance Engagements
3.4 1 Types of attestation engagements
3.4 2 Standards for attestation engagements
3.4 3 Reporting on attestation engagements
4 Business Environment and Concepts (BEC)
4.1 Corporate Governance
4.1 1 Internal controls and risk assessment
4.1 2 Code of conduct and ethics
4.1 3 Corporate governance frameworks
4.2 Economic Concepts
4.2 1 Microeconomics
4.2 2 Macroeconomics
4.2 3 Financial risk management
4.3 Financial Management
4.3 1 Capital budgeting
4.3 2 Cost measurement and allocation
4.3 3 Working capital management
4.3 4 Financial statement analysis
4.4 Information Technology
4.4 1 IT controls and security
4.4 2 Data analytics
4.4 3 Enterprise resource planning (ERP) systems
4.5 Operations Management
4.5 1 Strategic planning
4.5 2 Project management
4.5 3 Quality management
4.5 4 Supply chain management
3 4 3 Reporting on Attestation Engagements Explained

4 3 Reporting on Attestation Engagements Explained

Key Concepts

Attestation Engagements

Attestation engagements are independent engagements in which a practitioner is engaged to express a conclusion about the reliability of a written assertion that is the responsibility of another party. These engagements are governed by specific attestation standards and require the practitioner to issue a formal attestation report.

Types of Attestation Engagements

There are three primary types of attestation engagements:

Attestation Standards

Attestation standards are guidelines established by professional bodies such as the American Institute of Certified Public Accountants (AICPA) to ensure the quality and consistency of attestation engagements. These standards provide the framework for the practitioner's procedures, evidence gathering, and reporting.

Attestation Report

The attestation report is a formal document issued by the practitioner at the completion of an attestation engagement. It includes the practitioner's conclusion about the reliability of the assertion. The report format varies depending on the type of engagement and the level of assurance provided.

Opinion Types

The opinion types in attestation engagements are similar to those in audit engagements:

Going Concern Considerations

Going concern considerations refer to the practitioner's assessment of whether the entity is likely to continue as a going concern. If the practitioner identifies conditions or events that cast significant doubt on the entity's ability to continue as a going concern, they may include a paragraph in the attestation report to highlight the concern.

Examples and Analogies

Consider an attestation engagement as a "verification service" for a company's financial or non-financial assertions. Just as a notary public verifies the authenticity of a document, a practitioner verifies the reliability of an assertion.

Types of attestation engagements are like "levels of inspection" in a quality control process. An examination is a thorough inspection, a review is a moderate inspection, and an agreement is a basic inspection.

Attestation standards are akin to "quality control manuals" that ensure consistent and reliable verification services. The attestation report is like a "verification certificate" that communicates the practitioner's conclusion.

Opinion types are similar to "grades" in a verification process. An unmodified opinion is a passing grade, a modified opinion is a conditional pass, an adverse opinion is a failing grade, and a disclaimer of opinion is an incomplete grade due to insufficient information.

Going concern considerations are like "viability assessments" in a business plan. Just as a business plan assesses the long-term viability of a business, a practitioner assesses the long-term viability of an entity's assertions.