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Chapter 20. Additional Assurance Services: Other Information. Relationship Between Assurance and Attestation. Subject Matter. Historical or prospective performance or condition Physical characteristics Historical events Analyses Systems or processes Behavior. Criteria. Suitable

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Chapter 20

Additional Assurance Services: Other Information



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Subject Matter

  • Historical or prospective performance or condition

  • Physical characteristics

  • Historical events

  • Analyses

  • Systems or processes

  • Behavior


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Criteria

  • Suitable

    • Objective

    • Permit reasonable consistent measurements

    • Complete

    • Relevant

  • Available

    • Publicly available

    • Presented in a summary, the assertion or the practitioners’ report


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Types of Attestation Engagements

  • Examinations

  • Reviews

  • Agreed-upon procedures




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Management Report on Internal Control

Winstad Company maintains internal control over financial reporting, which is designed to provide reasonable assurance to the Company's management and board of directors regarding the preparation of reliable published financial statements. Internal control contains self-monitoring mechanisms, and actions are taken to correct deficiencies as they are identified. Even with effective internal control, no matter how well designed, has inherent limitations---including the possibility of the circumvention or overriding of controls---and therefore can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, internal control effectiveness may vary over time.

The Company assessed its internal control as of December 31, 19X5, in relation to criteria for effective internal control over financial reporting described in Internal Control---Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, the Company believes that, as of December 31, 19X5, its internal control over financial reporting met those criteria.


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Accountants’ Report on Internal Control--First Paragraph

We have examined management's assertion that Winstad Company has maintained an effective internal control over financial reporting as of December 31, 20X5, included in the accompanying Management Report on Internal Control.


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Accountants’ Report on Internal Control--Second Paragraph

Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of internal control over financial reporting, testing and evaluating the design and operating effectiveness of internal control, and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.


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Accountants’ Report on Internal Control--Third Paragraph

Because of inherent limitations of internal control, errors or irregularities may occur and not be detected. Also, projections of any evaluation of internal control over financial reporting to future periods are subject to the risk that internal control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


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Accountants’ Report on Internal Control--Fourth Paragraph

In our opinion, management's assertion that Winstad Company has maintained an effective internal control over financial reporting as of December 31, 20X5, is fairly stated, in all material respects, based upon criteria established in Internal Control---Integrated Framework issued by the Sponsoring Organizations of the Treadway Commission.


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