Purchase Solution

AICPA and IIA have positioned the auditing professions to be

Not what you're looking for?

Ask Custom Question

AICPA and IIA have positioned the auditing professions to become assurance professions.

1. What's difference between assurance services, attestation services, auditing services?
2. What are the economic issues that drive the increased demand for assurance services?
3. What is one assurance engagement and one attestation engagement other than an audit of financial statements?
4. What are the differences between the two engagements?

Purchase this Solution
Solution Summary

AICPA and IIA have positioned the auditing professions to become assurance professions.

1. What's difference between assurance services, attestation services, auditing services?
2. What are the economic issues that drive the increased demand for assurance services?
3. What is one assurance engagement and one attestation engagement other than an audit of financial statements?
4. What are the differences between the two engagements?

Solution Preview

1. What's difference between assurance services, attestation services, auditing services?

- Assurance: professional, independent services that have the goal of improving information from the company, to the investors, shareholders, and other external stakeholders. This is performed by a CPA for the client company and involves counseling the client company regarding financial matters. (Note that a CPA cannot provide assurance and auditing services for the same client due to a conflict of interest.)

- Attestation: A written statement made by a CPA regarding the reliability of the financial information that has been evaluated by the CPA but is not a financial statement audit. This is essentially the ...

Purchase this Solution
Free BrainMass Quizzes
Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

View More Free Quizzes
Related BrainMass Solutions

  • Internal Auditing and Assurance - COSO ERM

    588548 Internal Auditing and Assurance - COSO ERM Find three professional organizations or companies that reference COSO ERM on their website. Summarize what they discuss and give the link to the webpage.

  • Need of Professional Standards in Fraud Detection

    The internal auditors are mainly governed by standards issued by the Institute of Internal Auditors (IIA), while external auditors are governed under the standards of the American Institute of Certified Public Accountants (AICPA).

  • Website explore: AICPA.org , taxsites.com , pcaobus.org

    The PCAOB site provides the visitor with full access to auditing standards, including the ability to search for individual auditing rules by keyword, topic and auditing standard number.

  • What standards apply to each service and who establishes tho

    The general standards as set forth by the AICPA include the following: 1) The auditor must have adequate training and proficiency to perform the audit. 2) The auditor must maintain independence throughout the audit, and in all matters relating to

  • Several private and public sector organizations are associat

    Issue auditing interpretations. - AICPA 10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement. - State boards of accountancy and some parts of the FASB. 11.

  • Accountants, Gatekeepers and Ethical Dilemmas

    Professional organizations that provide services to individual accountants in various segments of the accounting profession are the AICPA, IMA, IIA, and the AAA (http://www.sec.gov/news/testimony/051402tsrkh.htm).

  • Organizations associated with the public accounting professi

    State boards, the FASB, GASB, and the AICPA. The SEC probably does, also. Ethical conduct and quality control would be a regular part of each professional organization. 16. Operate as proprietorships, partnerships, or professional corporations.

  • ACC/546 Other Assurances & Non Assurance Services

    The code of professional conduct is very similar to other professional codes of conduct and could be administered by local chapters.

  • Rules Regarding CPA Independence in Public vs. Private Companies

    The Code of Conduct, set forth by the AICPA, is enforceable to all AICPA members, which includes all licensed, active CPA's as well as certain other individuals who are discharging duties as a CPA and/or auditing firm would, under various circumstances

View More Related Solutions