• Assurance Services Versus Attestation Services

Topics: Auditing, Financial audit, Audit Pages: 3 (537 words) Published: August 10, 2008
Assurance refers to the auditor’s satisfaction as to the reliability of an assertion being made by one party for use of another party.

Assurance engagements or services are intended to enhance the credibility of information about a subject matter by evaluating whether the subject matter conforms in all material respects with suitable criteria. Its objective is to provide either a high or moderate level of assurance.

Assurance services pertain to the independent professional services designed to improve the quality of information, or its context, for decision making. Assurance services are broader in scope than attestation.

Attest engagement or attestation services as defined by AICPA: One in which the practitioner is engaged to issue, or does issue a written communication, like an examination, a review, or an agreed-upon procedures report that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party.



Other assurance engagements:
3.Comprehensive risk assessments.
4.Business performance measurement.
5.Electronic commerce.
6.Systems reliability.
7.Elder care services.
8.Policy compliance.
9.Trading partner accountability.
10.Mergers and acquisitions.

Assurance Services vs. Attestation Services

1.Assurance services are three-party contracts in which assurors improve or report on the quality of information. Assurors include public accounting firms, consulting firms and independent nonprofit institutions.

2.Attestation services are type of assurance services in which the accounting firm issues a written communication that expresses a conclusion with respect to the reliability of a written assertion that is the responsibility of another party. Attestation services include financial statements audit, review and other attestation services (reports on internal control, review of prospective financial...

Bibliography: • AICPA Special Committee on Assurance Services, Final Report. http://www.aicpa.org/assurance.
• Elliott, Robert K., and Pallais, Don M. (1997). "Are You Ready For New Assurance Services?" Journal of Accountancy June: 47-51.
• Pallais, Don M., Spradling, L. Scott, and Ecklund, Kathy J. (1998). Guide to Nontraditional Engagements. Fort Worth, TX: Practitioners Publishing Company
• USC CPA REVIEW CENTER, By: Mrs. Braulita Kho
• Auditing Theory for Students and Practice Guide for Auditors Volume 1, By Evangelista and Racaza
• Applied Auditing (2006), By: Elinita B. Cabrera
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