Video: Objectives of Compliance Engagements

In this lesson, the objectives of compliance engagements are explored, discussing the purposes of examination-related compliance engagements and agreed-upon procedure compliance engagements. The lesson highlights that compliance engagements follow compliance attestation standards for reporting, providing negative assurance through examinations and expressing an opinion. It also underscores the importance of accumulating sufficient evidence to assess an entity's compliance with specified requirements, thus reducing attestation risk to an acceptably low level. Additionally, the lesson explores the differences between audits, examinations, and agreed-upon procedures in a compliance context. Other services related to compliance engagements, such as providing recommendations on improving compliance or internal control, are also discussed.