1
Q
- Planning
The primary p____ing related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
2
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the s____ and n____ of the services and the CPA’s compensation for them.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
3
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s com________ for them.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
4
Q
- Planning
The p_____y planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
5
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is in_____ed, in w____ing, of the scope and nature of the services and the CPA’s compensation for them.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
6
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The w____n communication, required to be d_______ed in the CPA’s file, will include other relevant aspects of the engagement.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement.
7
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other r______t aspects of the engagement.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement.
8
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Ob_____s
- Roles and r__________ies of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s r_________ies, if any, for implementation, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
9
Q
- Planning
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- T__ing
- Constraints or s___e limitations
- Co____s of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
10
Q
- Planning
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope li______ns
- Conflicts of interest
- The CPA’s responsibilities, if any, for im__________n, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
11
Q
- Planning
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the c_____, and of o____s, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
12
Q
- Planning
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service pr____ers
- Timing
- Cons______s or scope limitations
- Conflicts of in______
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
13
Q
- Planning
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, mo_____ing, or up___ing proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
14
Q
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written com_________, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Planning
The primary planning related requirement is for the CPA to make certain that the client is informed, in writing, of the scope and nature of the services and the CPA’s compensation for them.
The written communication, required to be documented in the CPA’s file, will include other relevant aspects of the engagement, such as:
- Objectives
- Roles and responsibilities of the CPA, of the client, and of others, including other service providers
- Timing
- Constraints or scope limitations
- Conflicts of interest
- The CPA’s responsibilities, if any, for implementation, monitoring, or updating proposals
15
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional j_______t in the collection and analysis of inf________ and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
A
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
- Planning the engagement
- Obtaining and analyzing information
- Developing and communicating recommendations
- Implementation engagements
- Monitoring and updating engagements
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
16
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is re_____ed to use prof________ judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
17
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the coll_____ and an_____s of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
18
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in de______ing if suf______ information has been or can be obtained and analyzed to achieve the engagement’s objectives.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
19
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be ob____ed and an____ed to achieve the engagement’s objectives.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
20
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s ob______s.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
21
Q
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If suf_____ information does not exist or cannot be ob____ed, the engagement should be modified or terminated.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
22
Q
- Obtaining and Analyzing Information
If sufficient information does not exist or cannot be obtained, the en_______t should be modified or terminated.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
23
Q
- Obtaining and Analyzing Information
If sufficient information does not exist or cannot be obtained, the engagement should be mo____ed or ter______ed.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
24
Q
- Obtaining and A____zing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
A
Statements on Standards in Personal Financial Planning Services (PFP)
- Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
25
2. Obtaining and Analyzing Information
Analysis of information obtained should include
eva______ of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
1. Planning the engagement
2. Obtaining and analyzing information
3. Developing and communicating recommendations
4. Implementation engagements
5. Monitoring and updating engagements
------------
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
26
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and ass________s,
use of ass__________s that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
27
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the re________ss of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
28
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of si_________t estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
29
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant es_______s and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
30
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the re________ of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
31
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are con______t with one another, and
the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
Analysis of information obtained should include
evaluation of the reasonableness of significant estimates and assumptions,
use of assumptions that are consistent with one another, and
the relationship of other PFP activities performed by the CPA or others.
32
2. Ob___ing and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
Analysis of information obtained should include evaluation of the reasonableness of significant estimates and assumptions, use of assumptions that are consistent with one another, and the relationship of other PFP activities performed by the CPA or others.
Statements on Standards in Personal Financial Planning Services (PFP)
2. Obtaining and Analyzing Information
A CPA performing PFP services is required to use professional judgment in the collection and analysis of information and in determining if sufficient information has been or can be obtained and analyzed to achieve the engagement’s objectives.
If sufficient information does not exist or cannot be obtained, the engagement should be modified or terminated.
Analysis of information obtained should include evaluation of the reasonableness of significant estimates and assumptions, use of assumptions that are consistent with one another, and the relationship of other PFP activities performed by the CPA or others.
33
3. Developing and Communicating Recommendations
Re___________s should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
1. Planning the engagement
2. Obtaining and analyzing information
3. Developing and communicating recommendations
4. Implementation engagements
5. Monitoring and updating engagements
------------
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
34
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the ob______s of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
35
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from an_____s of relevant inf_______, including the client’s goals and financial circumstances.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
36
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the en________, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
37
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of re_____ information, including the client’s goals and financial circumstances.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
38
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s g___s and f______l circumstances.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
39
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include si______ assumptions and estimates.
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
40
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant ass______s and es______s.
Communication with the client should include significant assumptions and estimates.
41
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Com__________ with the client should include significant assumptions and estimates.
Communication with the client should include significant assumptions and estimates.
42
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Do__________ should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
43
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s g___s
• Significant assumptions and estimates
• Li______s on work performed
• Recommendations and any qualifications to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
44
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on w___ performed
• Re___________s and any qualifications to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
45
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any q_________s to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
46
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant ass_______s and es_______s
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
47
3. Developing and Communicating Recommendations
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the re__________s
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
48
3. De_____ing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
Statements on Standards in Personal Financial Planning Services (PFP)
3. Developing and Communicating Recommendations
Recommendations should be made that are consistent with the objectives of the engagement, derived from analysis of relevant information, including the client’s goals and financial circumstances.
Communication with the client should include significant assumptions and estimates.
```
Documentation should include:
• Client’s goals
• Significant assumptions and estimates
• Limitations on work performed
• Recommendations and any qualifications to the recommendations
```
49
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be do_______ed and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
1. Planning the engagement
2. Obtaining and analyzing information
3. Developing and communicating recommendations
4. Implementation engagements
5. Monitoring and updating engagements
------------
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
50
4. Implementation engagements
When en____d to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
51
4. Implementation engagements
When engaged to as____ the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
52
4. Implementation engagements
When engaged to assist the client in im_______ing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
53
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the un________ing with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
54
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the r____s and responsibilities of the CPA, the client, and of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
55
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Documentation will include a su______y of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Documentation will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
56
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Documentation will include a summary of decisions being im_______ed, recommended actions taken, and limitations on work performed in the implementation engagement.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Documentation will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
57
4. Implementation engagements
Documentation will include a summary of decisions being implemented, rec________ed actions taken, and limitations on work performed in the implementation engagement.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Documentation will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
58
4. Implementation engagements
Documentation will include a summary of decisions being implemented, recommended actions taken, and li________s on work performed in the implementation engagement.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Documentation will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
59
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Do__________ will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
When engaged to assist the client in implementing PFP recommendations, the understanding with the client should be documented and should include the roles and responsibilities of the CPA, the client, and of other service providers.
Documentation will include a summary of decisions being implemented, recommended actions taken, and limitations on work performed in the implementation engagement.
60
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Se____ing products or service providers or acquiring products; establishing se____ion criteria; or coordinating or reviewing the performance of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
61
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or rev___ing the per______e of other service providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
62
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Selecting products or se_____ providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other se_____ providers.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
63
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Id______ing and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
64
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and ev_____ing selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
65
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection cr____a in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
66
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s ob______s and any constraints that may result from the client’s circumstances or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
67
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any con_____s that may result from the client’s circumstances or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
68
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s cir_______es or other factors.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
69
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to ev_____ conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
70
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Re________ing products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
71
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any com_______ received for making the recommendations.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
72
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the re__________s.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
• Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
73
4. Implementation engagements
Written com_________ with the client should also include the CPA’s responsibility for:
* Se_____ing products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
* Id_____ing and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
* Re________ing products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
* Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
* Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
* Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
74
4. Implementation engagements
Written communication with the client should also include the CPA’s r__________y for:
* Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
* Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
* Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
Statements on Standards in Personal Financial Planning Services (PFP)
4. Implementation engagements
Written communication with the client should also include the CPA’s responsibility for:
* Selecting products or service providers or acquiring products; establishing selection criteria; or coordinating or reviewing the performance of other service providers.
* Identifying and evaluating selection criteria in terms of the client’s objectives and any constraints that may result from the client’s circumstances or other factors.
* Recommending products, indicating information gathered to evaluate conformity to selection criteria, adequate to communicate the recommendations and their evaluation and any compensation received for making the recommendations.
75
5. Monitoring and updating engagements
When involved in monitoring, the CPA should d_______ services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
SSPFPS address 5 issues in relation to PFP services. These include:
1. Planning the engagement
2. Obtaining and analyzing information
3. Developing and communicating recommendations
4. Implementation engagements
5. Monitoring and updating engagements
------------
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
76
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the fr_______y and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
77
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and p____ used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
78
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated ob_____s,
monitoring cr____a being used,
cr____a related to the achievement of ob_____s that are being monitored, and
evaluation of the progress toward achieving the client’s ob______s.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
79
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the pr_____s toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
80
5. Monitoring and updating engagements
When involved in mo_____ing, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
mo_____ing criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
81
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the ach______t of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
82
5. Monitoring and updating engagements
When involved in an up____ing engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
83
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the n_____ and e_____t of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
84
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
ob_____s,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
85
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
in______, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
86
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
ass_______s
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
87
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain va__d; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
88
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain rec__________s on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
89
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP ob_____s.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not
objectives,
information, and
assumptions
remain valid; and the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
90
5. Monitoring and updating en_________s
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not objectives, information, and assumptions remain valid; and
the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
Statements on Standards in Personal Financial Planning Services (PFP)
5. Monitoring and updating engagements
When involved in monitoring, the CPA should document services provided, including
the frequency and period used to measure progress toward stated objectives,
monitoring criteria being used,
criteria related to the achievement of objectives that are being monitored, and
evaluation of the progress toward achieving the client’s objectives.
When involved in an updating engagement, documentation of the nature and extent of services will include whether or not objectives, information, and assumptions remain valid; and
the effect of revising certain recommendations on the client’s ability to achieve other PFP objectives.
91
Other Service Providers
When a CPA refers another service pr____er in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
92
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s pro________ qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
93
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional q__________s and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
94
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should com_________, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
95
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any com________ for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
96
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in w___ing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
97
Other Service Providers
When a CPA re___s another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
98
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not ev_____ the work of the other service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
99
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the o____ service provider.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When a CPA refers another service provider in relation to PFP services,
the CPA should consider the service provider’s professional qualifications and should communicate, in writing,
any compensation for making the referral and the extent to which the CPA will or will not evaluate the work of the other service provider.
100
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should un________ the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should co_________ in writing any circumstances in which the CPA does NOT concur.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT concur.
101
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the im____ of the advice.
If the CPA has ev_____ed the advice, the CPA need not communicate concurrence but should communicate in w___ing any circumstances in which the CPA does NOT concur.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT concur.
102
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT con___.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT concur.
103
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the ad____.
If the CPA has evaluated the ad____, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT concur.
Statements on Standards in Personal Financial Planning Services (PFP)
Other Service Providers
When using the advice of another service provider, a CPA providing PFP services should understand the impact of the advice.
If the CPA has evaluated the advice, the CPA need not communicate concurrence but should communicate in writing any circumstances in which the CPA does NOT concur.
104
Valuation Services (VS)
Valuation services may involve valuation of
bus_____es,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
105
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership in_____s,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
106
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
sec____ies, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
107
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
in_____ assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
108
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible as___s
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
109
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
in_____s,
att_____ys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
110
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other C__s
```
or performed within the course of a C__’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
111
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or per____ed within the course of a CPA’s d__ies in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
112
Valuation Services (VS)
Valuation services may involve va____ion of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
Valuation Services (VS)
Valuation services may involve valuation of
businesses,
ownership interests,
securities, or
intangible assets
```
and may be provided to
businesses,
individuals,
attorneys and
other CPAs
```
or performed within the course of a CPA’s duties in certain instances.
113
Valuation services are covered under the AICPA’s Statements on Standards for V_________ Service (VS).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
114
Valuation services are covered under the AICPA’s S__________s on Standards for Valuation Service (VS).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
115
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Pu______ price allocations for business combinations (FASB ASC 805).
* Goodwill impairment an____s (FASB ASC 350).
* Valuation of stock-based com________n (FASB ASC 718).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
116
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allo_______s for business combinations (FASB ASC 805).
* Goodwill imp______t analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
117
Examples of typical valuation services include:
* Purchase p____ allocations for business combinations (FASB ASC 805).
* Goo____ impairment analysis (FASB ASC 350).
* Val_______ of stock-based compensation (FASB ASC 718).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
118
Examples of typical valuation services include:
* Purchase price allocations for bus____s combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of s____-based compensation (FASB ASC 718).
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
119
Examples of typical valuation services include:
* Estate and gift tax pl___ing and reporting.
* Charitable do______s.
* Mergers and acquisitions or purchases/sales of businesses.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
120
Examples of typical valuation services include:
* Es____ and gift tax planning and reporting.
* Charitable donations.
* Me____s and acquisitions or purchases/sales of bu______s.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
121
Examples of typical valuation services include:
* Estate and gift tax planning and re_____ing.
* Ch______ donations.
* Mergers and acquisitions or purchases/sales of businesses.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
122
Examples of typical valuation services include:
* Estate and g___ tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or pu______es/ sales of businesses.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
123
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and ac_______s or purchases/sales of businesses.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
124
Examples of typical valuation services include:
* D__ diligence.
* Employee s____ options/stock ownership plans.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Due diligence.
* Employee stock options/stock ownership plans.
125
Examples of typical valuation services include:
* Due di______.
* Em_____ stock options/stock ownership plans.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Due diligence.
* Employee stock options/stock ownership plans.
126
Examples of typical valuation services include:
* Due diligence.
* Employee stock op____s/stock ownership p___s.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Due diligence.
* Employee stock options/stock ownership plans.
127
Valuation services are covered under the AICPA’s Statements on Standards for V_________ Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
* Due diligence.
* Employee stock options/stock ownership plans.
Valuation Services (VS)
Valuation services are covered under the AICPA’s Statements on Standards for Valuation Service (VS).
Examples of typical valuation services include:
* Purchase price allocations for business combinations (FASB ASC 805).
* Goodwill impairment analysis (FASB ASC 350).
* Valuation of stock-based compensation (FASB ASC 718).
* Estate and gift tax planning and reporting.
* Charitable donations.
* Mergers and acquisitions or purchases/sales of businesses.
* Due diligence.
* Employee stock options/stock ownership plans.
128
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Au___s, compilations, and reviews.
* Use of values that are client-provided or from a th___ party.
* En_________s to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
129
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, com_________s, and reviews.
* Use of va___s that are c____-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
130
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and r_____s.
* Use of values that are client-pr_____ed or from a third party.
* Engagements to determine the va___ of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
131
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of va___s that are client-provided or from a third party.
* Engagements to de______e the value of economic damages.
* Mec______l computations of value that do not involve the application of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
132
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of ec______ damages.
* Mechanical com_______s of value that do not involve the application of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
133
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not in_____ the application of va______n approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
134
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or fr__ a third party.
* Engagements to determine the value of economic da____s.
* Mechanical computations of value that do not involve the app______ of valuation approaches.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
135
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation app_____es.
Valuation Services (VS)
Statements on Valuation Services do not cover:
* Audits, compilations, and reviews.
* Use of values that are client-provided or from a third party.
* Engagements to determine the value of economic damages.
* Mechanical computations of value that do not involve the application of valuation approaches.
136
Valuation Services (VS)
Performance of valuation services require:
* Pro________l competence
* Ob______y
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
Valuation Services (VS)
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
137
Performance of valuation services require:
* Professional com______
* Objectivity
* Disc______ of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
Valuation Services (VS)
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
138
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential con____s of interest
* An u__________ing with the client
* Disclosure of ass_______s and limiting conditions, and scope restrictions or limitations in the report
Valuation Services (VS)
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
139
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and li___ing conditions, and sc___ restrictions or li_______s in the report
Valuation Services (VS)
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
140
Performance of va_______ services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
Valuation Services (VS)
Performance of valuation services require:
* Professional competence
* Objectivity
* Disclosure of potential conflicts of interest
* An understanding with the client
* Disclosure of assumptions and limiting conditions, and scope restrictions or limitations in the report
141
Valuation Services (VS)
The accountant will issue either a detailed r_____ or a summary r_____ for a valuation engagement, and a calculation report for a calculation engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
142
Valuation Services (VS)
The accountant will issue either a de_____d report or a summary report for a va_____n engagement, and a calculation report for a calculation engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
143
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a ca_______n report for a ca_______n engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
144
Valuation Services (VS)
The acc______ will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
145
Valuation Services (VS)
The accountant will is___ either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
146
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation en________.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
147
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation en________, and a calculation report for a calculation engagement.
Valuation Services (VS)
The accountant will issue either a detailed report or a summary report for a valuation engagement, and a calculation report for a calculation engagement.
CPA AUD Flashcards
flashcards
Decks in class (62)
# Cards
-
Class Questions44
-
MCQs Review2
-
AUD 1 Audit Standards & Engagement Planning246
-
AUD 1 Audit Standards & Engagement Planning 281
-
AUD 2 Professional Responsibilities and Ethics99
-
AUD 2 Professional Responsibilities and Ethics 2158
-
AUD 2 Professional Responsibilities and Ethics 3194
-
AUD 2 Professional Responsibilities and Ethics 4240
-
AUD 2 Professional Responsibilities and Ethics 5173
-
AUD 2 Professional Responsibilities and Ethics 6147
-
AUD 2 Professional Responsibilities and Ethics 7200
-
AUD 2 Professional Responsibilities and Ethics 8227
-
AUD 2 Professional Responsibilities and Ethics 9283
-
AUD 2 Professional Responsibilities and Ethics 10118
-
AUD 2 Professional Responsibilities and Ethics 11210
-
AUD 2 Professional Responsibilities and Ethics 12234
-
AUD 2 Professional Responsibilities and Ethics 13292
-
AUD 3 Internal Control 1218
-
AUD 3 Internal Control 2197
-
AUD 3 Internal Control 3192
-
AUD 3 Internal Control 4213
-
AUD 3 Internal Control 5225
-
AUD 3 Internal Control 6 - 5 Components of Internal Control (CRIME)199
-
AUD 3 Internal Control 7193
-
AUD 3 Internal Control 8241
-
AUD 3 Internal Control 9 (Review)204
-
AUD 3 Internal Control 10 - Understanding the Internal Control Structure150
-
AUD 3 Internal Control 10 - 1419
-
AUD 3 Internal Control 10 - 2304
-
AUD 3 Internal Control 10 - 3507
-
AUD 3 Internal Control 10 - 4225
-
AUD 3 Internal Control 10 - 5231
-
AUD 3 Internal Control 10 - 6132
-
AUD 3 Internal Control 11 - SOX & Basic Concepts232
-
AUD 3 Internal Control 12 - Operating / Revenue Cycle350
-
AUD 3 Internal Control 13 - 1 The Revenue Cycle (Sales Revenue, AR, Cash Receipts)244
-
AUD 3 Internal Control 13 - 2 The Revenue Cycle (Sales Revenue, AR, Cash Receipts)150
-
AUD 3 Internal Control 13 - 3 The Revenue Cycle (Sales Revenue, AR, Cash Receipts)178
-
AUD 3 Internal Control 13 - 4 The Revenue Cycle (Sales Revenue, AR, Cash Receipts)160
-
AUD 3 Internal Control 13 - 5 The Revenue Cycle (Accounts Receivable)236
-
AUD 3 Internal Control 14 - Operating Cycles Spending Cycle392
-
AUD 3 Internal Control 14 - 1 Spending Cycle (PRAISE)341
-
AUD 3 Internal Control 15 Operating Cycles Personnel and Payroll292
-
AUD 3 Internal Control 15 - 1 Operating Cycles Personnel and Payroll & Service Organizations230
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AUD 3 Internal Control 15 - 2 Service Organizations299
-
AUD 3 Internal Control 15 - 3 Service Organizations180
-
AUD 3 Internal Control 15 - 4 Service Organizations139
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AUD 3 Internal Control 15 - 5 Service Organizations166
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AUD 3 Internal Control 15 - 6 Service Organizations615
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AUD 3 Internal Control 16 - 1 Operating Cycles - Investing and Financing Cycle394
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AUD 3 Internal Control 16 - 2 Operating Cycles - Investing and Financing Cycle347
-
AUD 3 Internal Control 16 - 3 Operating Cycles - Investing and Financing Cycle266
-
AUD 3 Internal Control 16 - 4 Operating Cycles - Investing and Financing Cycle365
-
AUD 3 Internal Control 16 - 5 Operating Cycles - Investing and Financing Cycle254
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AUD 3 Internal Control 16 - 6 Operating Cycles - Investing and Financing Cycle372
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AUD 3 Internal Control 16 - 7 Investing and Financing Cycle - Derivatives and Hedge Accounting418
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AUD 3 Internal Control 16 - 8 Investing and Financing Cycle - Derivatives and Hedge Accounting (Examples)203
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AUD 3 Internal Control 16 - 9 Investing and Financing Cycle - Derivatives and Hedge Accounting312
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AUD 3 Internal Control 17 - 1 Operating Cycles - Production and Conversion Cycle141
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AUD 3 Internal Control 17 - 2 Operating Cycles - Production and Conversion Cycle131
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AUD 3 Internal Control 18 - 1 Documentation of Internal Control Structure - ICQ273
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AUD 3 Internal Control 18 - 2 Documentation of Internal Control Structure - ICQ5
