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Advantages of Auditing and Assurance Services

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What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division of a company from within?

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Auditing and assurance has changed drastically over recent years but the very ground roots or disciplines are still the same as they have always been. Auditing is the process of providing assurance about the reliability of the information that is found in financial statements.

Having said that, Auditing is a process of impartially obtaining and evaluating evidence regarding assertions about economic actions and events to determine the degree of correspondence between the assertions and established criteria by GAAP and communicating the results to creditors or investors.(American Accounting Association Committee on Basic Auditing Concepts, 1973) ...

Solution Summary

The solution lays out the basics of what an audit is and the principles of auditing as well as a brief look at the future of auditing and what it means within a company. It includes 404 words with 2 references.

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ACC/546 Auditing and Assurance What are the advantages a firm gains by using auditing and assurance services?

What are the advantages a firm gains by using auditing and assurance services? How might you use these advantages to promote the auditing and assurance division within a company?

In the case of question number 1 there is certainly a "fear" factor that is involved with auditors. This certainly could be a motivator for some companies and/or employees. However, what does management have as an advantage if they request a financial statement? Is there are difference if the company is public as compared to a private company?

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