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Hi Kim,
1. May i ask what is the difference between attestation and direct engagement ? because i seem to have difficulties understanding it after reading OT notes. Possibly can explain with short examples ?
2. Further, may i know why how it is related with reasonable assurance and limited assurance ? So far for AAA P7, i encountered reasonable assurance(For external audit), limited assurance(For reviewing FS) and agreed upon procedures(For forensic). However so far i have not encountered attestation and direct engagement….
It’s the weekend and I’m on vacation. I don’t know the answer off the top of my head.
1. There are examples in this explanation https://www.icaew.com/archive/technical/audit-and-assurance/assurance/process/scoping/assurance-decision/attestation-vs-direct-reporting
2. The terms attestation and direct reporting are a classification that refers to the subject matter. So either type could be reasonable or limited depending on the specifics of the engagement.
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