Which audit reports should be restricted?

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  • #191895
    OlintoJr
    Participant

    hi everyone- I am going to be taking audit in a couple of weeks and my studies have been going fairly well so far… There is one thing that keeps tripping me up however.. I can’t seem to remember which reports should be restricted vs those that shouldn’t be. I can’t seem to find a comprehensive list that outlines this in my becker materials. Does anyone have a list of which reports should be restricted that they can share?

    I appreciate the help! I’ve tried to make my own outline of this but clearly I am not doing a good job Bc mc questions keep tripping me up.

    Thanks

    FAR - 11/30/14 -79
    AUD - 2/19/15 -86
    BEC - 4/09/15 -86
    REG - 11/30/15 -87

    I'M DONE! ITS OVER! WOOOOOOO!!!!!!!

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  • #646022
    Anonymous
    Inactive

    -Agreed-Upon Procedures Engagements

    -Reports on the application of the requirements of an AFRFW

    -Prospective FS are restricted to specified users

    -SPFS prepared in accordance with contractual basis of accounting

    -SPFS prepared in accordance with regulatory basis of accounting

    -Compliance audited FS

    -Engagement letter (which is not a compilation report that is not expected to be used by a third party)

    -OCBOA – The auditor may decide to restrict the use of a compilation or review report to certain specified parties (example: when the subject matter of the report is based on criteria other than GAAP)

    -Compilation report that is not expected to be used by a third party

    -Comfort Letter or Letter for Underwriters

    -Review report on an assertion about a subject matter

    -Written assertion report when the client is not the responsible party

    -Financial Projection

    -Partial Presentations

    -Communication of SD & MW under FS audit (this is not required under the audit of IC)

    -ICOC Report

    #646023
    Anonymous
    Inactive

    I am not really sure of those reports I dug from my AUD notes (way back). But that's what I got from my “Restricted Reports – Excel Compartment”

    #646024
    OlintoJr
    Participant

    Thanks amor d! I appreciate it!

    FAR - 11/30/14 -79
    AUD - 2/19/15 -86
    BEC - 4/09/15 -86
    REG - 11/30/15 -87

    I'M DONE! ITS OVER! WOOOOOOO!!!!!!!

    #646025
    Anonymous
    Inactive

    Please check with your Dad first if the list I gave above is correct or what.

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