The value of auditing and assurance services
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Please help prepare a paper on the expansion of the role of the accountant into areas such as nonfinancial information, assurance services, and similar functions. Discuss the positives and negatives of this expansion within the profession.
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This solution provides a review of the value of the new direction of services offered by CPAs such as assurance services.
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Auditing of financial statements is not a growth industry. Because of this, COA's must find other ways to strengthen their audits and maintain clients. The industry is highly competitive and finding new ways to help clients has become essential. The use of assurance services and other non-financial services in a good way to do this. A survey, presented by the AICPA Special Committee on Assurance Services, shows "there is abundant opportunity for additional work in the audit tradition... "(Elliot, 1998)
Adaptation of the auditing tools used to prevent financial problems creates way to help with information technology and changes in the environment of IT. Auditors, using auditing techniques can provide reports that transform not only financial reporting, but the security of information technology systems (Elliot, 1998). Auditors must already use database information to perform audits, so it is likely that auditing those same databases would be a logical next step.
Assurance services provide for audits to provide the best possible information, either financial or non-financial, to clients. This allows those clients to make decisions based on the best information available, current ...
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