CPA BOARD EXAM

AUDITING THEORY SYLLABUS

1.0 Fundamentals of Auditing and Assurance Services
1.1 Introduction to assurance engagements
1.1.1 Nature, objective and elements
1.1.2 Types of assurance engagements (audits, reviews, other assurance engagements)
1.1.3 Assurance service vis-a-vis attestation services
1.2 Introduction to auditing
1.2.1 Nature, philosophy, and objectives
1.2.2 Types of audit
1.2.2.1 According to nature of assertion/data (financial statements audit, operational audit,
compliance audit)
1.2.2.2 According to types of auditor (external independent financial statements audit, internal
audit, government audit)
Assurance services are best described as
a. Services designed for the improvement of operations, resulting in better outcomes.
b. Independent professional services that improve the quality of information, or its context,
for decision makers.
c. The assembly of financial statements based on assumptions of a reasonable party.
d. Services designed to express an opinion on historical financial statements based on the
results of an audit.
Assurance services least likely involve
a. Improving the quality of information for decision purposes.
b. Improving the quality of the decision model used.
c. Improving the relevance of information.
d. Implementing a system that improves the processing of information.
Which of the following statements is (are) true regarding the provision of assurance services?
a. The third party who receives the assurance generally pays for the assurance received.
b. Assurance services always involve a report by one person to a third party on which an
independent organization provides assurance.
c. Assurance services can be provided either on information or processes.
d. All of the above.
In performing an attestation engagement, a CPA typically
a. Supplies litigation support services.
b. Assesses control risk at a low level.
c. Expresses a conclusion about an assertion.
d. Provides management consulting advice.
Which of the following services would be most likely to be structured as an attest
engagement?
a. Advocating a clients position in tax matter.
b. A consulting engagement to develop a new data base system for the revenue cycle.
c. An engagement to issue a report addressing an entitys compliance with requirements of
specified laws.
d. The compilation of a clients forecast information.
Which of the following is broadest in scope?
a. Audits of financial statements. c. Internal control audit.
b. Assurance services.
d. Attestation services.
Independent auditing can be described as
a. A branch of accounting.
b. A professional activity that measures and communicates financial and business data.
c. A discipline which attests to the results of accounting and other functional operations and
data.
d. A regulating function that prevents the issuance of erroneous or improper financial
information.
A financial statement audit is designed to
a. Provide assurance on internal control and to identify reportable conditions.
b. Detect error or fraud in the financial statements, regardless of whether or not the error or
fraud is material.
c. Obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether caused by error or fraud.
d. Obtain absolute assurance on the financial statements and express an opinion on the
financial statements.
Which of the following best describes why an independent auditor is asked to express an
opinion on the fair presentation of financial statements?
a. It is difficult to prepare financial statements that fairly present a companys financial
position and changes in financial position and operations without the expertise of an
independent auditor.
b. It is managements responsibility to make available independent aid in the preparation of
the financial information shown in the financial statements.
c. The opinion of an independent party is needed because a company may not be objective
with respect to its own financial statements.
d. It is a customary courtesy that shareholders of a company receive an independent report
on managements status in managing the affairs of the business.
A type of audit the purpose of which is to determine whether the auditee is following specific

procedures or rules set down by some higher authority

a. Operational audit.
c. Financial audit.
b. Compliance audit.
d. Management audit.
A technique for regularly and systematically appraising a unit of function and its effectiveness
against corporate and industry standards with the objective of assuring management that its
aims are being carried out and/or identifying conditions capable of being improved
a. Financial auditing.
c. Operations auditing.
b. Compliance tests.
d. Management auditing.
Which of the following types of audits are most similar?
a. Operational audits and compliance audits.
b. Independent financial statement audits and operational audits.
c. Compliance audits and independent financial statement audits.
d. Internal audits and independent financial statement audits.
2.0 The Financial Statements Audit -Client Acceptance, Audit Planning, Supervision and Monitoring
2.1 Overview of the audit process
2.2 Pre-engagement procedures
2.3 Scope and purposes of audit planning
2.3.1 Essential planning requirements
2.3.1.1 Knowledge of the business
2.3.1.2 Preliminary analytical procedures
2.3.1.3 Materiality
2.3.1.4 Assessing and managing audit risks
2.3.1.5 Overall audit plan and audit program (experts, internal auditor, other independent auditors)
2.4 Direction, supervision and review
Which of the following is an incorrect phrase?
a. Auditing is a systematic process.
b. Auditing subjectively obtains and evaluates evidence.
c. Auditing evaluates evidence regarding assertions.
d. Auditing communicates results to interested users.
The essence of the attest function is to
a. Detect fraud
b. Examine individual transactions so that the auditor can certify as to their validity
c. Determine whether the clients financial statements are fairly stated
d. Ensure the consistent application of correct accounting procedures
Users of financial statements demand independent audit because
a. Users demand assurance that fraud does not exist
b. Management may not be objective in reporting.
c. Users expect auditors to correct management errors.
d. Management relies on the auditor to improve internal control.
Which of the following types of audits is performed to determine whether an entitys financial
statements are fairly stated in conformity with generally accepted accounting principles?
a. Operational audit
c. Financial statement audit
b. Compliance audit
d. Performance audit
Which of the following types of auditing is performed most commonly by CPAs on a
contractual basis?
a. Internal auditing
c. Government auditing
b. BIR auditing
d. External auditing
Which of the following factors most likely would cause an auditor not to accept a new audit
engagement?
a. An inadequate understanding of the entitys internal control.
b. The close proximity to the end of the entitys fiscal year.
c. Concluding that the entitys management probably lacks integrity.
d. An inability to perform preliminary analytical procedures before assessing control risk.
Before accepting an audit engagement, you as the successor auditor would least likely make
specific inquiries of the previous auditor regarding
a. Facts that might bear on the integrity of management.
b. The degree of cooperation the previous auditor received from the clients lawyer.
c. An inquiry regarding disagreements with management as to auditing procedures.
d. The predecessor auditors understanding as to the reasons for the change of auditors.
Preliminary arrangements agreed to by the auditor and the client should be reduced to writing
by the auditor. The best place to set forth these arrangements is in
a. A memorandum to be placed in the permanent section of the auditing working papers.
b. An engagement letter.
c. A client representation letter.
d. A confirmation letter attached to the constructive services letter.
When an auditor believes that an understanding with the client has not been established, he
or she should ordinarily
a. Perform the audit with increased professional skepticism.
b. Decline to accept or perform the audit.
c. Assess control risk at the maximum level and perform a primarily substantive audit.
d. Modify the scope of the audit to reflect an increased risk of material misstatements due to
fraud.

Assuming a recurring audit, in which of the following situations would the auditor be unlikely to
send a new engagement letter to the client?
a. A recent change in partner and/or staff involved in the audit engagement.
b. A change in the terms of engagement.
c. A recent change of client management.
d. A significant change in the nature or size of the client's business.
Adequate audit planning helps ensure that appropriate attention is devoted:
a.
b.
c.
To important areas of the audit
Yes
Yes
Yes
So that potential problems are promptly identified
Yes
Yes
No
So that the work is completed expeditiously
No
Yes
No

d.
Yes
No
Yes

In planning an examination, the auditor would consider all of the following matters, except
a. Anticipated reliance on internal controls.
b. Preliminary judgment about materiality levels for audit purposes.
c. Financial statement items likely to require adjustment.
d. The kind of opinion (unqualified, qualified, disclaimer, or adverse), likely to be given.
This includes distributing assignments among staff assistants and reviewing the progress of
such assignments on a periodic basis.
a. Supervision b. Staff training c. CPE d. Planning.
The senior auditor responsible for coordinating the fieldwork usually schedules a pre-audit
conference with the audit team primarily to
a. Give guidance to the staff regarding both technical and personnel aspects of the audit.
b. Discuss staff suggestions concerning the establishment and maintenance of time
budgets.
c. Establish the need for using the work of specialists and internal auditors.
d. Provide an opportunity to document staff disagreements regarding technical issues.
An auditor obtains knowledge about a new clients business and its industry to
a. Make constructive suggestions concerning improvements to the clients internal control.
b. Develop an attitude of professional skepticism concerning managements financial
statement assertions.
c. Evaluate whether the aggregation of known misstatements causes the financial
statements taken as a whole to be materially misstated.
d. Understand the events and transactions that may have an effect on the clients financial
statements.
Which of the following procedures would an auditor most likely perform in planning a financial
statement audit?
a. Reviewing investment transactions of he audit period to determine whether related parties
were credited.
b. Performing analytical procedures to identify areas that may represent specific risks.
c. Reading the minutes of stockholder and director meetings to discover whether any
unusual transactions have occurred.
d. Obtaining a written representation letter from the client to emphasize managements
responsibilities.
When planning an examination, an auditor should
a. Consider whether the extent of substantive tests may be reduced based on the results of the
internal control questionnaire.
b. Make preliminary judgments about materiality levels for audit purposes.
c. Conclude whether changes in compliance with prescribed control procedures justifies
reliance on them
d. Prepare a preliminary draft of the management representation letter.
In considering materiality for planning purposes, an auditor believes that misstatements
aggregating P100,000 would have a material effect on an entitys income statement, but the
misstatements would have to aggregate P200,000 to materially affect the balance sheet.
Ordinarily, it would be appropriate to design auditing procedures that would be expected to
detect misstatements that aggregate
a. P100,000
b. P200,000
c. P150,000
d. P300,000
The concepts of audit risk and materiality are interrelated and must be considered together
by the auditor. Which of the following is true?
a. Audit risk is the risk that the auditor may unknowingly express a modified opinion when in
fact the financial statements are fairly stated.
b. The phrase in the auditor's standard report "present fairly, in all material respects, in
conformity with generally accepted accounting principles" indicates the auditor's belief
that the financial statements taken as a whole are not materially misstated.
c. If misstatements are not important individually but are important in the aggregate, the
concept of materiality does not apply.
d. Material fraud but not material errors cause financial statements to be materially
misstated.
A basic tool used by the auditor to control the audit work and review the progress of the audit.
a. Audit program
c. Engagement letter.
b. Progress flowchart
d. Time and Expense Summary
Which item would not be contained in an audit program?
a. Staff assigned to the audit.
b. List of specific tasks to be performed.

c. Documentation of system being reviewed.

d. Estimated time required to perform each task.
In developing the overall audit plan for a new client, factor not to be considered is
a. The terms of the engagement and any statutory responsibilities.
b. The client's business, including the structure of the organization and accounting system
used.
c. The amount of estimated audit fee.
d. The audit risk and procedures to be performed to achieve audit objectives.
Which of the following is not a specialist upon whose work an auditor may rely?
a. Lawyer.
b. Internal auditor.
c. Actuary.
d. Appraiser.
Which of the following statements is correct concerning an auditors use of the work of a
specialist?
a. The auditor need not obtain an understanding of the methods and assumptions used by
the specialist.
b. The auditor may not use the work of a specialist in matters material to the fair
presentation of the financial statements.
c. The reasonableness of the specialists assumptions and their applications are strictly the
auditors responsibility.
d. The work of a specialist who has a contractual relationship with the client may be
acceptable under certain circumstances.
When using the work of another auditor, the principal auditor should ordinarily perform the
following procedure
a. Obtain information regarding the professional competence of the other auditor in the
context of the specific assignment undertaken by the other auditor.
b. Advise the other auditor of the applicable independence requirements as regards both the
entity and the component and obtain representation as to his compliance with them.
c. Advise the other auditor of the applicable accounting, auditing and reporting requirements
and obtain representation as to compliance with them.
d. All of the above.
3.0 Understanding the Entity and its Environment Including its Internal Control and Assessing the Risks of Material
Misstatement
3.1 Industry, regulatory and other external factors, including the applicable financial reporting framework
3.1.1 Nature of the entity
3.1.2 Objectives and strategies and related business risks
3.1.3 Measurement and review of the entity's financial performance
3.2 Internal control
3.2.1 Basic concepts and elements of internal control
3.2.2 Consideration of accounting and internal control systems
3.2.2.1 Understanding and documentation
3.2.2.2 Assessment of control risks
3.2.2.2.1 Test of controls
3.2.2.2.2 Documentation
3.3 Assessing the risks of material misstatement
3.3.1 Fraud and errors
3.3.2 Risk assessment procedures
3.3.3 Discussion among the engagement team
3.3.4 Significant risks that require special audit consideration
3.3.5 Risks for which substantive procedures alone do not provide sufficient appropriate audit evidence
3.3.6 Revision of risk assessment
3.4 Communicating with those charged with governance and management
PSA 315 requires
a. The auditor to obtain an understanding of the entity and its environment, including its
internal control.
b. Discussion among the engagement team about the susceptibility of the entitys financial
statements to material misstatement.
c. The auditor to identify and assess the risks of material misstatement at the financial
statement and assertion levels.
d. All of the above.
Nature of an entity refers to
a. The entitys operations, its ownership and governance, the types of investments that it is
making and plans to make, the way that the entity is structured and how it is financed.
b. The overall plans for the entity.
c. The operational approaches by which management intends to achieve its objectives.
d. The result of significant conditions, events, circumstances, actions or inactions that could
adversely affect the entitys ability to achieve its objectives and execute its strategies, or the
setting of inappropriate objectives and strategies.
Which of the following is incorrect regarding PSA 315?
a. The purpose of this PSA is to establish standards and to provide guidance on obtaining an
understanding of the entity and its environment, including its internal control, and on
assessing the risks of material misstatement in a financial statement audit.
b. This PSA requires the auditor to make risk assessments at the financial statement and
assertion levels based on an appropriate understanding of the entity and its environment,
including its internal control.
c. The requirements and guidance of this PSA are to be applied in conjunction with the
requirements and guidance provided in other PSAs.
d. This PSA discusses the auditors responsibility to determine overall responses and to
design and perform further audit procedures whose nature, timing, and extent are

responsive to the risk assessments.

The auditors understanding of the entity and its environment consists of an understanding of
the following aspects:
I. Industry, regulatory, and other external factors, including the applicable financial reporting
framework.
II. Nature of the entity, including the entitys selection and application of accounting policies.
III. Objectives and strategies and the related business risks that may result in a material
misstatement of the financial statements.
IV. Measurement and review of the entitys financial performance.
V. Internal control.
a. All of the above
c. I, II and III
b. I, II, III and IV
d. I, II, III and V
The audit risk against which the auditor and those who rely on his/her opinion require
reasonable protection is a combination of three separate risks at the account-balance or
class-of-transactions level. The first risk is inherent risk. The second risk is that material
misstatements will not be prevented or detected by internal control. The third risk is that
a. The auditor will reject a correct account balance as incorrect.
b. Material misstatements that occur will not be detected by the audit.
c. The auditor will apply an inappropriate audit procedure.
d. The auditor will apply an inappropriate measure of audit materiality.
The main purpose of risk assessment procedures is to
a. Obtain an understanding of the entity and its environment, including its internal control, to
assess the risks of material misstatement at the financial statement and assertion levels.
b. Test the operating effectiveness of controls in preventing, or detecting and correcting,
material misstatements at the assertion level.
c. Detect material misstatements at the assertion level.
d. All of the above.
Which statement is correct regarding business risks?
a. The risk of material misstatement of the financial statements is broader than business risk,
though it includes the latter.
b. The auditor should identify or assess all business risks.
c. All business risks give rise to risks of material misstatement.
d. A business risk may have an immediate consequence for the risk of misstatement for
classes of transactions, account balances, and disclosures at the assertion level or the
financial statements as a whole.
An auditor uses the knowledge provided by the understanding of internal control and the
assessed level of control risk primarily to
a. Determine whether procedures and records concerning the safeguarding of assets are
reliable.
b. Ascertain whether the opportunities to allow any person to both perpetrate and conceal
fraud are minimized.
c. Modify the initial assessments of inherent risk and preliminary judgments about materiality
levels.
d. Determine the nature, timing and extent of substantive tests for financial statement
assertions.
Which of the following is not a component of internal control?
a. Control risk. c. Information and communication.
b. Monitoring.
d. The control environment.
Internal control should follow certain basic principles to achieve its objectives. One of these
principles is the segregation of functions. Which one of the following examples does not
violate the principle of segregation of functions?
a. The treasurer has the authority to sign checks but gives the signature block to the
assistant treasurer to run the check-signing machine.
b. The warehouse clerk, who has the custodial responsibility over inventory in the
warehouse, may authorize disposal of damaged goods.
c. The sales manager has the responsibility to approve credit and the authority to write off
accounts.
d. The department time clerk is given the undistributed payroll checks to mail to absent
employees.
Which of the following most likely would not be considered an inherent limitation of the
potential effectiveness of an entitys internal control?
a. Incompatible duties.
c. Mistakes in judgment.
b. Management override.
d. Collusion among employees.
The requirement that purchases be made from suppliers on an approved vendor list is an
example of a
a. Preventive control.
c. Corrective control.
b. Detective control.
d. Monitoring control.
Internal controls may be preventive, detective, or corrective. Which of the following is
preventive?
a. Requiring two persons to open mail.
b. Reconciling the accounts receivable subsidiary file with the control account.
c. Using batch totals.
d. Preparing bank reconciliations.
To obtain evidential matter about control risk, an auditor selects tests from a variety of

techniques including
a. Inquiry.
b. Calculations.

c. Analytical procedures.

d. Confirmations.

A procedure that would most likely be used by an auditor in performing tests of control
procedures that involve segregation of functions and that leave no transaction trail is
a. Inspection.
b. Reperformance. c. Observation.
d. Reconciliation.
The primary responsibility for the prevention and detection of fraud and error rests with
a. The auditor.
c. The management of an entity.
b. Those charged with governance.
d. Both b and c.
The following are examples of error, except
a. A mistake in gathering or processing data from which financial statements are prepared.
b. An incorrect accounting estimate arising from oversight or misinterpretation of facts.
c. A mistake in the application of accounting principles relating to measurement, recognition,
classification, presentation, or disclosure.
d. Misrepresentation in the financial statements of events, transactions or other significant
information.
The types of intentional misstatements that are relevant to the auditors consideration of fraud
include
I. Misstatements resulting from fraudulent financial reporting
II. Misstatements resulting from misappropriation of assets
a. I and II
b. I only
c. II only
d. Neither I nor II
Which statement is incorrect regarding the auditors responsibility to consider fraud and error in
an audit of financial statements?
a. The auditor is not and cannot be held responsible for the prevention of fraud and error.
b. In planning the audit, the auditor should discuss with other members of the audit team the
susceptibility of the entity to material misstatements in the financial statements resulting from
fraud or error.
c. The auditor should design test of controls to reduce to an acceptably low level the risk that
misstatements resulting from fraud and error that are material to the financial statements
taken as a whole will not be detected.
d. When the auditor encounters circumstances that may indicate that there is a material
misstatement in the financial statements resulting from fraud or error, the auditor should
perform procedures to determine whether the financial statements are materially misstated.
Which of the following statements describes why a properly designed and executed audit may
not detect a material fraud?
a. Audit procedures that are effective for detecting an unintentional misstatement may be
ineffective for an intentional misstatement that is concealed through collusion.
b. An audit is designed to provide reasonable assurance of detecting material errors, but there
is no similar responsibility concerning material fraud.
c. The factors considered in assessing control risk indicated an increased risk of intentional
misstatements, but only a low risk of unintentional errors in the financial statements.
d. The auditor did not consider factors influencing audit risk for account balances that have
pervasive effects on the financial statements taken as a whole.
The auditors ability to detect a fraud depends on factors such as
I. The skillfulness of the perpetrator.
II. The frequency and extent of manipulation.
III. The degree of collusion involved.
IV. The relative size of individual amounts manipulated.
V. The seniority of those involved.
a. All of the above
b. I, III and V only
c. I, II, III and V only

d. III and V only

In comparing management fraud with employee fraud, the auditors risk of failing to discover the
fraud is
a. Greater for employee fraud because of the higher crime rate among blue collar workers.
b. Greater for management fraud because of managements ability to override existing internal
controls.
c. Greater for employee fraud because of the larger number of employees in the organization.
d. Greater for management fraud because managers are inherently smarter than employees.
According to PSA 400 Risk Assessments and Internal Control, audit risk means
a. The susceptibility of an account balance or class of transactions to misstatement that could
be material, individually or when aggregated with misstatements in other balances or
classes, assuming that there were no related internal controls.
b. The risk that a misstatement, that could occur in an account balance or class of
transactions and that could be material, individually or when aggregated with misstatements
in other balances or classes, will not be prevented or detected and corrected on a timely
basis by the accounting and internal control systems.
c. The risk that an auditors substantive procedures will not detect a misstatement that exists
in an account balance or class of transactions that could be material, individually or when
aggregated with misstatements in other balances or classes.
d. The risk that the auditor gives an inappropriate audit opinion when the financial statements
are materially misstated.
Inherent risk and control risk differ from detection risk in that inherent risk and control risk are
a. Elements of audit risk while detection risk is not.
b. Changed at the auditors discretion while detection risk is not.
c. Considered at the individual account-balance level while detection risk is not.
d. Functions of the client and its environment while detection risk is not.
The relationship between acceptable level of detection risk and the combined level of inherent

and control risk is

a. Direct
b. Inverse

c. Parallel

d. Independent

An auditor decides to increase the assessed level of control risk from that originally planned on
the basis of audit evidence gathered and evaluated. To achieve an overall audit risk level that
is substantially the same as the planned audit risk level, the auditor would
a. Decrease substantive testing.
c. Increase inherent risk.
b. Increase materiality levels.
d. Decrease detection risk.
As the acceptable level of detection risk decreases, the assurance directly provided from
a. Substantive tests should increase.
c. Substantive tests should decrease.
b. Tests of controls should increase.
d. Tests of controls should decrease.
The auditor should determine overall responses to address the risks of material misstatement
at the financial statement level. Such responses least likely include
a. Emphasizing to the audit team the need to maintain professional skepticism in gathering
and evaluating audit evidence.
b. Assigning more experienced staff or those with special skills or using experts.
c. Incorporating additional elements of unpredictability in the selection of further audit
procedures to be performed.
d. Performing substantive procedures at an interim date instead of at period end.
Which statement is incorrect regarding the nature of further audit procedures?
a. The nature of further audit procedures refers to their purpose and their type.
b. Certain audit procedures may be more appropriate for some assertions than others.
c. The higher the auditors assessment of risk, the less reliable and relevant is the audit
evidence sought by the auditor from substantive procedures.
d. The auditor is required to obtain audit evidence about the accuracy and completeness of
information produced by the entitys information system when that information is used in
performing audit procedures.
Which statement is incorrect regarding substantive procedures?
a. Substantive procedures are performed in order to detect material misstatements at the
assertion level, and include tests of details of classes of transactions, account balances,
and disclosures and substantive analytical procedures.
b. The auditor always performs substantive procedures for each class of transactions, account
balance, and disclosure.
c. When the auditor has determined that an assessed risk of material misstatement at the
assertion level is a significant risk, the auditor should perform substantive procedures that
are specifically responsive to that risk.
d. In order to obtain sufficient appropriate audit evidence, the substantive procedures related
to significant risks are most often designed to obtain audit evidence with high reliability.
4.0 Audit Objectives, Procedures, Evidences and Documentation
4.1 Nature and significance
4.2 Evidential matters
4.3 Audit procedures/techniques
4.4 Audit working papers
5.0 Completing the Audit/ Post-Audit Responsibilities
5.1 Completing the audit and audit report preparation
5.1.1 Analytical procedures for overall review
5.1.2 Related party transactions
5.1.3 Subsequent events review
5.1.4 Assessment of going concern assumption
5.1.5 Obtaining client's representation letter
5.1.6 Evaluating findings, formulating an opinion and drafting the audit report
5.2 Post-audit responsibilities
5.2.1 Subsequent discovery of facts
5.2.2 Subsequent discovery of omitted procedures
6.0 Reports on Audited Financial Statements
6.1 The unqualified auditor's report
6.2 Basic elements of the unqualified auditor's report
6.3 Modified auditor's report
6.3.1 Matters that do not affect the auditor's opinion
6.3.2 Matters that do affect the auditor's opinion
6.4 Report on comparatives
7.0 Auditing in a Computerized Information Systems (CIS) Environment
7.1 Internal control in a CIS environment
7.1.1 Introduction
7.1.2 Impact of computers on accounting and internal control systems
7.1.2.1 General controls
7.1.2.2 Application controls
7.1.3 Unique characteristics of specific CIS
7.1.3.1 Stand alone
7.1.3.2 On-line
7.1.3.3 Database system
7.2 Basic approach to the audit of CIS environment
7.2.1 Introduction
7.2.2 Effects of computers on the audit process
7.2.3 Computer assisted audit techniques
8.0 Other Assurance and Non-assurance Services

8.1 Procedures and reports on special purpose audit engagements

8.1.1 General considerations
8.1.2 Audit of financial statements prepared in accordance with a comprehensive basis of accounting other
than GAAP in the Philippines
8.1.3 Audit of a component of financial statements
8.1.4 Reports on compliance with contractual agreements
8.1.5 Reports on summarized financial statements
8.2 Nonaudit engagements: procedures and reports
8.2.1 Examination of prospective financial information
8.2.2 Engagements to review financial statements
8.3 Nonassurance engagements
8.3.1 Engagements to perform agreed-upon procedures regarding financial information
8.3.2 Engagements to compile financial information