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Direct Reporting

The document discusses direct reporting in the context of evaluations and measurements of subject matter, emphasizing that practitioners either perform these evaluations themselves or obtain representations from responsible parties. It provides examples of assertion-based and direct reporting methods related to measuring reserves, highlighting the differences between the two. Additionally, it touches on the distinction between assurance, attestation, and audit in relation to direct reporting.

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18 views2 pages

Direct Reporting

The document discusses direct reporting in the context of evaluations and measurements of subject matter, emphasizing that practitioners either perform these evaluations themselves or obtain representations from responsible parties. It provides examples of assertion-based and direct reporting methods related to measuring reserves, highlighting the differences between the two. Additionally, it touches on the distinction between assurance, attestation, and audit in relation to direct reporting.

Uploaded by

blahblahblah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

DIRECT REPORTING

– The practitioner either directly performs the evaluation or


measurement of the subject matter, or obtains a
representation from the responsible party that has performed the evaluation or measurement that is
not directly available to the intended users.
The subject matter information is provided to the intended users in the assurance report.

Comprehensive Example

ASSERTION BASED
– Each company measures its reserves and provides an assertion to the firm and to intended
users.
– An entity other than the companies measures the reserves and provides an assertion to
the firm and to intended users.

DIRECT REPORTING
– Each company measures its reserves and provides firm with a written representation and
measures its reserves against the established criteria for measuring proven reserves. The
representation is not available to the intended users.
– The firm directly measures the reserves of some of the companies.

ASSURANCE VS ATTESTATION VS AUDIT


DIRECT REPORTING
– The practitioner either directly performs the evaluation or
measurement of the subject matter, or obtains a
representation from the responsible party that has performed the evaluation or measurement that is
not directly available to the intended users.
The subject matter information is provided to the intended users in the assurance report.

Comprehensive Example

ASSERTION BASED
– Each company measures its reserves and provides an assertion to the firm and to intended
users.
– An entity other than the companies measures the reserves and provides an assertion to
the firm and to intended users.

DIRECT REPORTING
– Each company measures its reserves and provides firm with a written representation and
measures its reserves against the established criteria for measuring proven reserves. The
representation is not available to the intended users.
– The firm directly measures the reserves of some of the companies.

ASSURANCE VS ATTESTATION VS AUDIT


DIRECT REPORTING
– The practitioner either directly performs the evaluation or
measurement of the subject matter, or obtains a
representation from the responsible party that has performed the evaluation or measurement that is
not directly available to the intended users.
The subject matter information is provided to the intended users in the assurance report.

Comprehensive Example

ASSERTION BASED
– Each company measures its reserves and provides an assertion to the firm and to intended
users.
– An entity other than the companies measures the reserves and provides an assertion to
the firm and to intended users.

DIRECT REPORTING
– Each company measures its reserves and provides firm with a written representation and
measures its reserves against the established criteria for measuring proven reserves. The
representation is not available to the intended users.
– The firm directly measures the reserves of some of the companies.

ASSURANCE VS ATTESTATION VS AUDIT

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