Auditing, Attestation, and Assurance Services Paper
AUDITING, ATTESTATION, AND ASSURANCE SERVICES
Auditing, Attestation, and Assurance Services Paper
By
University of Phoenix
ACC 490
This paper will provide examples for each type of service, which is auditing, assurance and attestation. These are very important services when it comes to the auditing process. There are certain individuals and organizations that may request these services. Also, the standards that apply to each service and who establishes those standards will be further discussed. These services are important to ensure profitability and future success for the business.
Examples
Auditing, attestation, and assurance services all play an important role in the auditing process. There are many companies that use these services and there are many examples of each of the three services. The first service is the auditing service and the most common type of this service is the Internal Revenue Service (IRS). The IRS will determine if a person's tax return and financial records contain any fraudulent information. If they determine that there is incorrect information the IRS will send and auditor to start and investigation on past returns. According to Direct M Articles, an audit is performed on “1 out of every 200 taxpayers and corporations in the Untied States” (Audit Services, para. 7). The second service is attestation services and an example of this is internal controls. A company may request attestation services on certain area of the company if they have concerns regarding different divisions' internal controls in certain areas, such as the accounting for inventory. The final service is assurance services and an example of this service is customer satisfaction surveys. According Wikipedia (2011), “unlike audit and attestation services that are often highly structured, assurance services tend to be customized and implemented when performed for a smaller group of decision makers within the firm” (Assurance Services. Para. 2). A customer
Auditing, Attestation, and Assurance Services Paper
By
University of Phoenix
ACC 490
This paper will provide examples for each type of service, which is auditing, assurance and attestation. These are very important services when it comes to the auditing process. There are certain individuals and organizations that may request these services. Also, the standards that apply to each service and who establishes those standards will be further discussed. These services are important to ensure profitability and future success for the business.
Examples
Auditing, attestation, and assurance services all play an important role in the auditing process. There are many companies that use these services and there are many examples of each of the three services. The first service is the auditing service and the most common type of this service is the Internal Revenue Service (IRS). The IRS will determine if a person's tax return and financial records contain any fraudulent information. If they determine that there is incorrect information the IRS will send and auditor to start and investigation on past returns. According to Direct M Articles, an audit is performed on “1 out of every 200 taxpayers and corporations in the Untied States” (Audit Services, para. 7). The second service is attestation services and an example of this is internal controls. A company may request attestation services on certain area of the company if they have concerns regarding different divisions' internal controls in certain areas, such as the accounting for inventory. The final service is assurance services and an example of this service is customer satisfaction surveys. According Wikipedia (2011), “unlike audit and attestation services that are often highly structured, assurance services tend to be customized and implemented when performed for a smaller group of decision makers within the firm” (Assurance Services. Para. 2). A customer
References: Boynton, W. C., & Johnson, R. N. (2006). Modern auditing: Assurance services and the integrity of financial reporting (8th ed.). Hoboken, NJ: John Wiley & Sons Directory m articles . (). Audit services. Retrieved from http://articles.directorym.com/Audit_Services-a854670.html#8065107 Lander, G. P. (2004). What is Sarbanes-Oxley? (1st ed.). New York: McGraw-Hill/Irwin. Wikipedia. (2011). Assurance services. Retrieved from http://en.wikipedia.org/wiki/Assurance_services