Group 1LEC9102Enron Technical PDF

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Enron Case Study regarding the technical aspect....

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Group 1 MGT421H5F LEC 9102 CSAE 3000 – Attestation engagements other than audits or reviews of historical financial information Objective:  When conducting an engagement, the objective of the practitioner includes obtaining reasonable assurance to determine whether the subject matter information is free from material misstatement.  Reporting findings relating to the outcome of the evaluation of the underlying subject matter by means of a written report conveying a reasonable assurance conclusion and explaining the basis for the conclusion.  Communicate any further information as required by this CSAE and any other relevant CSAE’s. Requirements: Conduct of an Engagement in Accordance with CSAEs  The practitioner must comply with this CSAE and any other subject matter related CSAEs relevant to the engagement.  Compliance is not allowed with this CSAE or any other CSAEs unless the practitioner has followed the requirements of this CSAE and any other related CSAEs relevant to the engagement.  If an objective in this CSAE or any other CSAEs cannot be achieved, the practitioner must determine whether to modify the conclusion or withdraw from the engagement. Ethical Requirements  The practitioner shall follow all of the relevant rules of professional conduct or code of ethics appropriate to the practice of public accounting and assurance engagements, other professional requirements, and requirements imposed by law or regulation. Acceptance and Continuance  An engagement should only be accepted or continued by a practitioner when: a) There is no reason to believe that ethical requirements, including independence, will not be followed. b) Relevant persons performing the engagement are competent and capable. c) Preconditions for the engagement are met and an agreement between the practitioner and the engaging party of the terms of the engagement, including the reporting responsibilities of the practitioner. Professional Skepticism, Professional Judgment, and Assurance Skills and Techniques  The practitioner must use professional skepticism when planning and performing an engagement, being aware that circumstances exist that may cause the financial statements to be misstated.  Use professional judgement to plan and perform the engagement, including nature, timing, and extent of procedures....