(Answered) Descriptions of potential needs for clients for assurance

Accounting

Descriptions of potential needs for clients for assurance services are listed below. Part 1. For each need, identify the type of service, if any, that would best (most efficiently) meet the client's need:

Financial projection

Financial forecast

Agreed - upon procedure

Audit

Review

Compilation

Part 2. Indicate whether SSAE, SSARS, or GAAS would apply to the service.

Service

Standards

A computer manufacturing company wants to provide assurance about estimated future results to be included in the company's annual report.

B. A grocery store wants to verify that its prices are less than the prices of its competitors.

C. A company wants a professional looking set of financial statements to provide to an interested buyer.

D. A company is considering expanding operations overseas and wants to provide assurance about the estimated future results to be provided to potential investors.

E. A bank wants a CPA firm to confirm A/R balances of a company that has pledged the receivables as collateral for a loan.

F. A company is applying for a loan with their bank. The bank does not require an audit.

G. A potential investor has asked the company to provide absolute, independent assurance that the revenues reported on the most recent financial statements represent the income earned during the period.

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