Auditing, Attestation, and Assurance Services Paper - Introduction

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Auditing, Attestation, and Assurance Services Paper Jane Johnson Contemporary Auditing I ACC/491 Auditing, Attestation, and Assurance Services Paper Introduction Auditing is a subset of attestation, which is a subset of assurance. These services, which are governed by several organizations, are unique in their own way. Because of the constantly changing role of the auditor, particularly since the Sarbanes-Oxley Act of 2002, different types of services have become necessary. In this paper we will compare and contrast auditing, attestation, and assurance services as well as provide examples of each service. In addition it will explain what standards apply to each service and who establishes those standards. Comparing and…show more content…
An example of auditing service is the financial statement audit provided by public CPA firm to making sure that financial statements are in accordance with GAAP. The auditors will provide the conclusion of their discoveries to interested users and provide reasonable assurance whether the company is likely to carry its activity for the next year also known as going concern. The government, internal service revenue, lenders, creditors, stockholders, investors and other stakeholders might request the financials statement audit for sound decisions. Assurance services are “independent professional services that improve the quality of information, or its context, for decision makers” (Boynton & Johnson, 2006, p. 11). Assurance services include financial information and non-financial information. Examples of assurance services are Internet Website certification (WebTrust), business risk assessment (Risk Advisory), accounts receivable review and cash enhancement, third-party reimbursement maximization, rental property operations review, customer satisfaction surveys, evaluation of investment management policies, fraud and illegal acts of prevention, and deterrence are some examples. The audit committee board, stockholders, investors, management, lenders and other parties
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