Auditing, Attestation, & Assurance

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Auditing, Attestation, and Assurance
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Auditing, Attestation, and Assurance What is Auditing, Attestation and Assurance? Auditing relates to the analysis of the financial statements, attestation relates to the financial information beyond the financial statements, and assurance relates to improvement of the reliability of the financial information within the financial statements. This paper will give examples of each type of service, who might request these services, the standards that apply to each service, and who establishes those standards. The paper will also provide a comparison and contrast point of view for all three services.
Types of Service Auditing services are important to most businesses.
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SAS No. 1, which established the codification of auditing

standards and procedures, was issued in November 1972 and is currently still in effect. There are

120 Auditing Standard Statements that have been issued since 1972, in which many have been

superseded by new standards. As the auditing profession strives to confirm the accuracy and

credibility of entity financial statements, these standards are required to be updated as the US

economy is constantly changing and auditors are faced with different situations on a daily basis.

Attestation services are guided by The Statements on Standards for Attestation

Engagements (SSAEs), which are issued by attestation specialist within the AICPA. The primary

reason for adopting these standards was to establish a general framework and reasonable

boundaries for attestation services. The standards provide useful and necessary guidance to

CPA’s that perform attest services, and to guide designated AICPA standard-setting bodies in

establishing the standards for attest services. They are basically an extension to the ten generally

accepted auditing standards to deal with appropriate reporting, adequate planning and

supervision, technical competence, independence in mental attitude, and sufficient evidence,

only with a much broader scope than the GAAS. The SSAE’s were developed to be responsive to

a changing environment and the demands of

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