How the Role of an Audit Firm has Expanded Over Time

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As the nature and structure of companies has changed over the years, so has the portfolio of services that auditors provide. Today, while companies still rely on an auditing firm’s classic audit services, they use the same firms for attestation services and increasingly for financial and non-financial assurance services as well. The changing scope dovetails with a rise in the outsourcing of non-core activities and a heightened need for management to understand and drive continuous improvement through their business processes. These services are sought from a variety of sources and are primarily used to aid in the decision-making ability of both management and those outside the company, who might be considering putting their money at…show more content…
Further in the AU-C 200 document one will find the ethical requirement for auditing, and assurance. The Auditing Standards Board (ASB) and the Generally Accepted Auditing Standards(GAAS) are written with the standards of the International Standards on Auditing (ISAs), which was issued by the International Auditing and Assurance Standards Board (IAASB). So the ASB, GAAS, and IAASB are the main standards setters for auditing and assurance services.
The attest engagements are governed by ASB, which issues Statements on Standards for Attestation Engagements (SSAEs). The standards cover “examination, review, or an agreed-upon procedures report on subject matter, or an assertion about the subject matter, that is the responsibility of another party” (Auditing Standards Board, 2001). There are some exclusions as to what is covered by AT 101. The exclusions are found under AT 101.04: “A) Services performed in accordance with Statements on Auditing Standards (SASs)
b) Services performed in accordance with the Statements on Standards for Accounting

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