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Conclusion. Audits, reviews and compilations are three very different levels of attestation services available for financial statements, and the information provided above will help you understand the differences and determine which one is appropriate for your business.

In an attestation engagement, a party other than the practitioner (usually management) measures or evaluates the underlying subject matter against the criteria. In a direct engagement, the practitioner evaluates the underlying subject matter against applicable criteria.

Consider the following examples: An individual witnesses a crime. They write an attestation letter detailing what they saw and sign the letter. A third party also signs the letter, attesting to the authenticity of the witness' signature.

Examples of attestation agreements are listed below: Agreed-upon procedures engagements. Reporting on financial forecasts and projections. Reporting on pro forma financial information. Compliance attestation. Reporting on an entity's internal control over financial reporting.

One of the things to keep in mind to differentiate each of these services is that audits are performed to discover data, risks, or compliance issues that may not have been known before the audit took place, and attestation is to evaluate and review how true the data or information is when compared to a stated purpose,

The subject matter information is provided to the intended users in the assurance report. These engagements are called direct reporting engagements. In an assertion-based engagement, is responsible for the subject matter information (the assertion), and may be responsible for the subject matter.

An attestation is a type of audit as it provides an opinion. As the scope increases in attestation services, the governing standards continue to parallel those found within the generally accepted auditing standards (GAAS).

Attestation relates to the integrity of the data or information analyzed when compared to the standard or purpose of the assignment. Assurance services are provided to substantiate the data analyzed.

What Is an Attestation Service? An attest service, or attestation service, is an independent review of a company's financial statement conducted by a certified public accountant (CPA). The CPA delivers an attestation report with conclusions about the reliability of the data.

A direct engagement is an assurance engagement in which the practitioner evaluates the underlying subject matter against applicable criteria and aims to obtain sufficient appropriate evidence to express, in a written direct assurance report, a conclusion to intended users other than the responsible party, about the