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Importance and demand for audit and other assurance services

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Explain the importance and demand for audit and other assurance services. Explain the auditor's role in providing assurance.

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The external auditor plays an importance role for businesses and the capital markets. Since the person completing the audit is not an employee of the firm, they are considered independent or an objective view. By issuing their audit report, the external auditor verifies the fairness and completeness of the financial information provided to outsiders. This increases the confidence that outsiders have in the information provided and permits them to make decisions that rely on this information. Without an external audit, outsiders would be forced to "take management's word for it," and ...

Solution Summary

Your tutorial is 317 words and two references and explains why assurance services are important and what the auditor's role is in providing assurance.