TAILIEUCHUNG - Lecture Auditing & assurance services (8e) - Chapter 21: Assurance, attestation, and internal auditing services

After reading the material in this chapter, you should be able to: Know the definition of assurance services, be familiar with the types of assurance services offered by cpas, know the definition of an attestation engagement, know the types of attestation engagements,. | Chapter 21 Assurance, Attestation, and Internal Auditing Services Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Assurance Services Assurance services are independent professional services that improve the quality of information, or its context, for decision makers. LO# 1 21- LO# 1 Assurance Services 21- Types of Assurance Services Risk Assessment Business Performance Measurement Information System Reliability Electronic Commerce Health Care Performance Measurement PrimePlus LO# 2 21- Attest Engagements Attest services occur when a practitioner is engaged to issue, or does issue, an examination, a review, or an agreed upon procedures report on subject matter, or an assertion about subject matter, that is the responsibility of another party. LO# 3 21- LO# 3 Attest Engagements Figure 21-3 21- Types of Attest Engagements Attest Engagements Examination Review Agreed-Upon Procedures LO# 4 21- Attestation Standards Attestation Standards General Fieldwork Reporting LO# 5 21- Reporting on an Entity’s Internal Control over Financial Reporting The Federal Deposit Insurance Corporation Improvement Act of 1991 requires that the management of large financial institutions issue a report on the effectiveness of the institution’s internal control and that they engage accountants to attest to management’s report. The Sarbanes-Oxley Act of 2002 imposed similar requirements on all publicly held companies. LO# 6 21- Financial Forecasts and Projections CPAs can be engaged to examine, apply agreed-upon procedures, or compile the prospective financial statements if such statements are expected to be used by a third party. LO# 7 21- Accounting and Review Services Compilations Reviews Many nonpublic companies do not choose to contract for an audit of their financial statements. However, these entities often employ a CPA to assist with preparing their financial statements, tax returns, or other financial .

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• Auditing services
• Assurance services
• Financial statement auditing
• Auditing business processes
• Auditing internal control
• Internal auditing services
• Internal auditing
• Auditing the purchasing process
• Auditing the financing
• Auditing demands logic
• Financial statement auditing environment
• Auditing environment
• Audit planning
• Internal control
• Related services