Share
Explore BrainMass

AICPA and IIA have positioned the auditing professions to be

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 ...

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?

$2.19