limited assurance engagement

This topic has 5 replies, 2 voices, and was last updated 7 months ago by Kim Smith.

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November 22, 2021 at 2:41 pm #641318
Noah098
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again this is too silly ma’am and I should be knowing this from AA, but seems like I have forgotten it completely, so could you shed some lighten it?

is there any such thing as inappropriate opinion in context of limited review engagement?

like there is modified opinion in reasonable assurance engagement, is there any such thing in case of limited assurance engagement ?
November 22, 2021 at 3:06 pm #641326
Kim Smith
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Indeed there is – see the bottom of page 9 of our NOTES for an unmodified conclusion on a limited assurance engagement – if the professional accountant cannot say “NOTHING has come to our attention …” they would have to report that SOMETHING has come to their attention – providing details of this would qualify their conclusion.

See the bottom of page 10.
November 22, 2021 at 3:44 pm #641330
Noah098
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you are just amazing!!! thank you as always!

just one more related to this topic,

maam what could be other “INTENDED USES” of limited assurance engagement report apart from being needed as a part of loan application?
November 22, 2021 at 4:50 pm #641335
Kim Smith
Keymaster
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Page 123 of the notes – review engagement
Page 125 of the notes – PFI
Page 135 of the notes – due diligence

If you DOWNLOAD them you can search for answers.
November 23, 2021 at 12:32 am #641345
Noah098
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No no ma’am that isn’t quite my question. I was asking in a different context.

Let’s say Limited assurance eng is done on PFI primarily for loan application of client. But then the audit firm needs to confirm from mgt what are the other intended uses apart from being used to support loan application to assess its risk exposure.

So in this context I was wanting to know other “intended uses”
November 23, 2021 at 8:10 am #641356
Kim Smith
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Doesn’t matter – the professional accountant’s report will state the purpose of the report and “caveat” that it should not be used for any other purpose – it doesn’t have to say what that other purposes there could be in a given situation.
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