Video: Professional Standards for Audit Engagements

In this lesson, Nick Palazzolo explains the professional standards for audit engagements, focusing on the concepts of SARS (Statement on Standards for Accounting and Review Services) and SSAE (Statement on Standards for Attestation Engagements). He highlights the differences between the two types of engagements, and discusses the importance of understanding the standards and the specific engagement types that fall within each category. He also touches on the concept of attestation, which involves expressing an opinion or conclusion about the reliability of a written statement or assertion. Additionally, the lesson emphasizes the importance of knowing the end deliverables for each engagement type and the difference between attestation and assurance. This foundational understanding will be crucial throughout the entire course.