Answered: attestation engagement

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A client asks a CPA for attest engagement services relating to the assertion that the client has the lowest overall prices of all the groceries stores in the city. The client is not stating that they have the lowest price on all items they sells, but "on the whole" their prices are lower than those of the competition. The client plans to use the results of the atttesation engagment for marking purposes.

Is such an attestation engagement acceptable especially when the resulting report is to be used for advertising purposes? What engagement criteria would be suitbable?

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