What auditors need to know about attestation engagements and direct engagements

This FAQ document addresses areas of interest related to the application of CSAE 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3001, Direct Engagements. These standards relate to assurance engagements on which reasonable or limited assurance is required, other than audits or reviews of historical financial information.

Topics covered include:

Scope of the engagement

• nature of CSAE 3000 and 3001 engagements, how they are different and how the roles, responsibilities and communications help determine whether the engagement is performed under CSAE 3000 and 3001

Components of the engagement

• defining underlying subject matter and subject matter information, and identifying how they are different
• requirements for statements from management

Preparing the assurance report

• reporting differences between a reasonable assurance engagement and a limited assurance engagement
• determining and reporting significant inherent limitations
• differences in reporting on underlying subject matter and subject matter information for CSAE 3000 and 3001 engagements

In addition, this document includes:

• a list of examples of CSAE 3000 engagements
• a list of examples of CSAE 3001 engagements
• one example illustrative report