TAILIEUCHUNG - Lecture Auditing and assurance services (Second international edition) - Chapter 20: Assurance, related services and internal auditing

In this chapter, the learning objectives are: 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. | Assurance, Related Services and Internal Auditing Chapter Twenty Elliott Committee: Assurance Services Assurance services are independent professional services that improve the quality of information, or its context, for decision-makers. Decision-Making and the Role of Information Assurance Services and IAASB Engagement Standards IAASB: Assurance Engagements An engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. IAASB: Assurance Engagements Subject matter and subject matter information. Criteria. Practitioner. Intended user. Responsible party. Assertion-based engagements. Direct reporting engagements. IAASB: Assurance Engagements Ethical requirements. Appropriate subject matter. Suitable criteria. Sufficient appropriate evidence. Practitioner’s conclusion in a written report. Reasonable or limited assurance. Conclusion in positive or negative form. Rational purpose. Assurance engagement risk is the risk that the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated. IAASB Assurance Standards and Assurance Level Reasonable assurance means that the engagement assurance risk is reduced to an acceptably low level in the circumstances of the engagement. In a limited assurance engagement the risk is greater than for a reasonable assurance engagement, but still acceptable in the circumstances of the engagement. The nature, timing and extent of procedures for gathering sufficient appropriate evidence in a limited assurance engagement are deliberately limited relative to a reasonable assurance engagement. IAASB Assurance Standards and Assurance Level Review of Historical Financial Information Review as an alternative to an audit. Review performed by the auditor of the entity, for example review of interim financial .

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• Assurance services
• Financial statement auditing
• Auditing services
• Auditing business processes
• Auditing internal control
• Internal auditing
• Assurance services profession
• Audit process
• Assurance framework
• Accounting information
• Financial statement audit
• Auditing and assurance services
• Auditing environment
• Professional standards
• Auditing standards
• Internal auditing services
• Contemporary auditing environment
• Attestation engagements
• Account balances
• Structure of the profession
• Audit firms
• Corporate governance
• Professional ethics
• Legal liability
• Liability to clients
• Financial repport audit process
• Financial report assertions
• The business
• Strategic business risk
• Inherent risk assessment
• Inherent risk
• Internal control structure
• Assessing control risk
• Tests of controls
• Sales cycle
• Substantive tests
• Substantive tests of transactions
• Audit sampling
• Sampling theory
• Adjusting events
• Financial report
• Auditor’s reporting obligations
• Professional reporting obligations
• Prospective financial information
• Highlight information
• Institute of internal auditors
• Government accounting
• Reporting duties