Overview
Opinion-level assurance on subject matter beyond the financial statements.
Examination engagements provide a high level of assurance on specific subject matter beyond traditional financial statements. In an examination, we perform detailed testing and evaluation procedures to express an independent opinion on whether the subject matter is presented in accordance with the applicable criteria.
These engagements are commonly used to address lender, investor, regulatory, or contractual requirements and may include examinations of internal controls, compliance with agreements, or other financial or non financial information. Examinations are more comprehensive in scope than agreed upon procedures and are designed to provide stakeholders with confidence in the reliability of the information being examined.
Engagement details
How our examinations are performed, and what they cover.
Scope
More comprehensive in scope than agreed-upon procedures.
Common uses
Common uses include prospective financial information, internal control reports, and compliance assertions.
Output
An opinion is expressed on whether subject matter conforms to applicable criteria.
Value
Provides stakeholders with a high degree of confidence in the reliability of the information examined.
Who it’s for
The stakeholders who most often rely on examination engagements.
Lenders & investors
When financing or investment decisions rest on information beyond the financial statements — compliance certifications, controls, or prospective information — an examination provides opinion-level assurance on exactly that information.
Regulatory & compliance requirements
Certain regulatory filings and programs require an independent opinion on compliance or controls. Examination engagements address these requirements under the AICPA’s attestation standards.
Contract & agreement parties
Compliance with agreements — loan covenants, contractual terms, or program requirements — can be independently examined, giving both sides an opinion-level answer on whether the terms are being met.
Examination vs. audit
Two opinion-level engagements — the difference is the subject matter being examined.
Specific subject matter beyond the financial statements — such as internal controls, compliance with agreements, or prospective financial information.
The financial statements taken as a whole.
Reasonable assurance — an independent opinion on whether the subject matter conforms to the applicable criteria.
Reasonable assurance — an independent opinion on whether the financial statements are presented fairly, in all material respects.
Performed under the AICPA’s attestation standards (SSAE).
Performed under Generally Accepted Auditing Standards (GAAS) promulgated by the AICPA.
Stakeholders need audit-level assurance on information other than the financial statements themselves.
Stakeholders need the highest level of assurance on the financial statements.
