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Problem

One may envision a continuum of assurance ranging from absolute assurance to no assurance. In between may be reasonable assurance, limited assurance, and a summary of findings with no other assurance.

a. What level of assurance is provided in the CPA's report by each of the following types of engagements?

• Examinations
• Audits
• Review
• Agreed-upon procedures
• Compilations and financial statement preparation.

b. What type of assurance is provided on financial statements prepared following a special purpose basis of accounting other than generally accepted accounting principles?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92771718

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