Video: Types of Compliance Engagements

In this lesson, Nick Palazzolo discusses various types of compliance engagements, including examinations, audits, and agreed upon procedures (AUPs). He delves into the differences in the levels of assurance provided, such as reasonable assurance and negative assurance. The lesson highlights the additional requirements for a compliance audit, such as the entity having audited financial statements to begin with and the various compliance reporting standards. Furthermore, Nick emphasizes the importance of understanding the differences among these types of engagements, as well as the specific requirements and restrictions associated with each one. Finally, the lesson covers considerations and guidance related to entities' compliance with laws, regulations, rules, contracts, and grants.