...Auditing, Attestation, & Assurance Services Paper Auditing, Attestation, & Assurance Services Auditing, attestation and assurance are various financial services provided for an organization based on their individual needs. The needs of companies differ as will the scope of their auditing, attestation and/or assurance service requirements. Auditing boasts both a formal definition and an informal one which describe the accounting function in its basic form as well as its interpretive meaning to the individual responsible for the function, the very core of the profession; ensuring the integrity of financial data as presented. Assurances are defined as “independent professional services that improve the quality of information, or its context, for decision makers (which) encompasses attest services and financial statement. Attest services occur when a practitioner is engaged to issue a report on subject matter, or an assertion about subject matter that is the responsibility of another party” (Accounting Concern, 2015). Auditing Service Boynton & Johnson (2006), describes auditing as “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (p. 6). An audit is part of the overall assurance service that specifically targets information in the financial statements...
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...Audit and Assurance Services Chapter 1 1 Learning Objectives 1. What is auditing? Distinguish between auditing and accounting. Importance of auditing in reducing information risk. 2. Distinguish audit services from other assurance and non-assurance services provided by CPAs. 3. Three main types of audits. 4. How to become a CPA? Identify the primary types of auditors. 2 What is auditing? Evaluating 3 Nature of Auditing Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person. 4 Audit Reporting -- (Expressing Opinions) The final stage in the auditing process is preparing the Audit Report, which is the communication of the auditor’s findings to users. 5 Information and Established Criteria To do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. 6 Accumulating Evidence and Evaluating Evidence Evidence is any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. Transaction data Client inquiry Written and electronic Communications with outsiders Observations 7 Competent, Independent Person The auditor must be qualified...
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... | | |Auditing | Copyright © 2009, 2008, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students focus on the auditing practice performed by public accountants. Topics include the CPA profession and the auditor’s role, planning the audit, audit reporting and required communications, evaluating internal controls, audit programs for current assets and liabilities, and audit programs for other business cycles. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Arens, A. A., Elder, R. J., & Beasley, M. S. (2006). Auditing and assurance services: An integrated approach (11th ed.). New York, NY: Pearson. Hayes, R., Dassen, R., Schilder, A., & Wallage,...
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...Auditing, Attestation, and Assurance Services ACC491 Auditing, Attestation, and Assurance Services This paper discusses and analyzes three different services provided by Certified Public Accountants (CPAs), namely: auditing, attestation, and assurance services. Surprisingly, assurance service is the broadest term among three. It includes auditing and attestation services. The most commonly heard service, auditing, is the narrowest service that a CPA firm provides. The attestation service lies in between auditing and assurance. Each of these services is valuable to the public and the clients requesting these services. For each service, the team will first give a definition, and provide an example of each service. Team C also discusses who would use these types of services as well as the reason behind doing so. Finally, the team will provide some research about what standards apply to each service and what organization establishes them. Auditing Auditing is “a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users” (Boynton & Johnson, 2006, p. 6). An example of auditing is auditing a company’s financial statements. “ A financial statement audit involves obtaining and evaluating evidence about an entity’s presentation of its financial position, results of operations...
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...Payal Mehta ACC416 October 1, 2013 Auditing Research Paper The profession of auditing plays a very important role in our economy especially after Congress passed the Sarbanes-Oxley Act its role in the economy was greatly solidified. Auditing is the accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person. “The auditing profession offers a wide range of employment opportunities for new accountants. Most accounting firms offer client services in three areas: auditing, tax, and consulting. A new accountant might be hired to work in any of these areas. In the audit area, the accountant may work for a variety of clients including private or public companies, clients in banking, insurance, manufacturing, technology, retail, health care, or government. Individuals working in the audit area may also spend most of their time providing internal audit services to clients rather than working as an external auditor. Working in any of the areas in an accounting firm may be one of the most demanding jobs, but it is also one of the most interesting, exciting experiences and a great way to prepare to work in the corporate business world.” “What is Auditing?” Web. 29 September 2013 Accounting is the recording, classifying, and summarizing of economic events in a logical manner...
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...Chapter 01 An Introduction to Assurance and Financial Statement Auditing True / False Questions 1. | Independence standards are required for audits of public companies, but not for audits of private companies. True False | 2. | Decision makers demand reliable information that is provided by accountants. True False | 3. | Information asymmetry seldom occurs. True False | 4. | Conflicts of interest often occur between absentee owners and managers. True False | 5. | Auditing services and attestation services are the same. True False | 6. | Auditing is a type of attest service. True False | 7. | Testing all transactions that occurred during the period is cost prohibitive. True False | Multiple Choice Questions 8. | Why do auditors generally use a sampling approach to evidence gathering? A. | Auditors are experts and do not need to look at much to know whether the financial statements are correct or not. | B. | Auditors must balance the cost of the audit with the need for precision. | C. | Auditors must limit their exposure to their auditee to maintain independence. | D. | The auditor's relationship with the auditee is generally adversarial, so the auditor will not have access to all of the financial information of the company. | | 9. | Which of the following statements best describes a relationship between sample size and other elements of auditing? A. | If materiality increases, so will...
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...Our firm offers auditing and other assurance services. Our auditing services are comprehensive, reliable, and objective. Our auditors comply with all required literature and pronouncements in our audits. It is for this reason our clients, external users, and the general public place high value in our work and takes our firm seriously. We don't compromise objectivity or judgment in any part of our auditing work. In addition, we offer valuable assurance services that are custom designed to meet the needs of your company. We offer these services on as few as one document in assuring to the reliability of various business aspects. A few of our most common assurance services include valuations, various aspects of operations, and assurance services related to processing. As the senior audit partner, my role is to oversee all aspects of the audit. I will ensure that all audit team members are performing their duties as expected. I will also be the person to remain in constant contact with the CEO and the audit committee. You will be promptly notified of any problems or issues that arise when we are contracted for any type of auditing or assurance services. I have X years of auditing field experience and I am a licensed CPA. Each person on our auditing team also has extensive education and professional experience, and together we form a comprehensive, professional team of auditors and accountants that are able to specialize in assurance and related auditing services. As an auditor,...
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...Auditing, Attestation, and Assurance Services Thing 1, Thing 2, Thing 3 ACC/491 February 25, 2013 Professor Thing Auditing, Attestation, and Assurance Services In the early part of the 1960s, research scientists, as part of the Advanced Research Projects Agency, generated the concept that it was possible to create a globally interconnected collection of computers. Through this experiment, it was envisioned that everyone who could would be able to access data and programs quickly from any site (Elon University, 2013). Flashing forward to the world of today only five decades later, today’s world lives the benefits of these early visionaries. The database available for use by decision makers gives easy access to vast amounts of raw or filtered information. Access doors are computers, once filling a warehouse facility to do simple calculations, today available with unlimited information in a device smaller than an average hand. Amidst this quickly expanding information, available through the Internet and through other sources, the need is substantial for the reliability, the credibility, timeliness, and the relevance of the data. The better the quality of the information, the better off management, investors, and the agencies that regulate them are to make more informed decisions. The roles played by auditing, attestation, and assurance services help bridge the credibility and timeliness...
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...AUDITING AND THE PUBLIC ACCOUNTING PROFESSION AUDITING AND ASSURANCE SERVICES DEFINED Auditing plays a vital role in business, goverment, and our economy. As a vocation, auditing offers the opportunity for challenging and rewarding careers in public accounting, industry and goverment. Many auditors develop a client based with a concentration in one or more key industries. As a result of serving many client in similar industries, few individuals understand the key competitiveness factors for a business better than auditor. Individuals choosing an auditing in a public accounting firm have the opportunity to progress from a starting position of staff assisstant to senior auditor, to manager and then to partner. Regardless of their career path, most auditors are recognized for their expertise in evaluating organizational performance. AUDITING DEFINED The term auditing is used to describe a broad range of activities in our society. The Report of the Committee on Basic Auditing Concepts of the American Accounting Association defines auditing as : “a systematic process of objectively obtaining and evaluating evidence regarding assertion about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users.” Several attributes of auditing contained in this definition merit special comment: 1. A systematic process connotes a logical, structured, and organized...
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...Auditing Theory -Auditing and Assurance Services- An integrated approach Chapter 1 The assurance service market Objective 1-1 describe auditing: Auditing: accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria. Auditing should be done by a competent, independent person. Evidence: any information used by the auditor to determine whether the information being audited is stated in accordance with the established criteria. To satisfy the purpose of the audit, auditors must obtain a sufficient quality and volume of evidence. Forms of evidence: - Transaction data - Client testimony - Written and electronic communications with outsiders - observations To do an audit there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate information. The auditor must be qualified to understand the criteria used and must be competent to know the type and amount of evidence to accumulate in order to reach the proper conclusion after examining the evidence. The auditor must also have an independent mental attitude. The final stage in the auditing process is preparing the audit report which communicates the auditor’s findings to the users. It must inform the readers of the degree of correspondence between information audited and the established criteria. Objective 1-2 distinguish between auditing and accounting Accounting: recording...
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...UNIVERSITI UTARA MALAYSIA COURSE CODE : BKAA3023 COURSE NAME : AUDITING AND ASSURANCE II PRE-REQUISITE : AUDITING AND ASSURANCE I _____________________________________________________________________ 1. SYNOPSIS This is a continuation of Audit and Assurance 1. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability and in-depth explanations on analytical procedures, computer assisted audit techniques, audit sampling, materiality and audit risk, group audit and current issues facing the auditing profession. This course will justify other activities than financial statement audit that can be performed by a public accountant like performance/operational audit, internal audit and compliance audit. 2. COURSE OBJECTIVES This course intends the student: 1. To comprehend applicable regulations, legal responsibilities and ethical standards and current issues facing the audit profession. 2. To appreciate the concepts of internal control system and the use of computer assisted audit techniques in auditing a computerised environment. 3. To understand and apply audit risk, materiality, and statistical and non statistical audit sampling techniques. 4. To be familiar with related issues in audit completion, group audit, internal audit and related audit services and other services that can be provided by the public accounting firms. 3. LEARNING...
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...00001 Dear Larry Lancaster, The purpose of this letter is to introduce our firm, Auditing and Assurance Services, LLC., and explain the auditing and assurance services our firm provides to our clients and their benefits. We make sure our clients are comfortable while we perform an effective and thorough audit on behalf of the firm. In addition to the information on the services we provide, I want to explain my role in providing the assurance services available, and provide a description of the requirements for meeting the standards for the services offered. Auditing and Assurance Services Auditing is defined as an unbiased accumulation and evaluation of evidence about information to determine and report on the degree of correspondence between the information and established criteria (Arens, 2012). Auditors ensure the fiscal accuracy and responsibility of organizations. Our firm offers three primary types of audit services: operational audits, compliance audits, and financial statement audits (Arens, Elder, & Beasley, 2012). During an operational audit, we provide evaluations on the efficiency and effectiveness of particular pieces of operating procedures and methods we are auditing (Arens, 2012). In operational auditing, the reviews are not limited to accounting and can include the evaluation of organizational structure, computer operations, production methods, marketing, and any other area in which the auditor is qualified (Arens, 2012). The benefits of operational audits...
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...AUDIT 401-01 Chapter 1: Auditing and Assurance Services User Demand for Reliable Information A. Information and Information Risk * ****Business risk: the risk that an entity will fail to meet its objectives**** * Environmental conditions to increase user demand for relevant, reliable, information: 1. Complexity 2. Remoteness 3. Time sensitivity 4. Consequences * Information risk: the probability that the information circulated by a company will be false or misleading * ****Assurance: Depend on information professionals to serve as an independent and objective intermediaries who will lend credibility to the information**** * ****Attestations: when the assurance is provided for specific assertions made by management**** Auditing, Attestation, and Assurance Services A. Definition of Financial Statement Auditing * ****Auditing: systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users **** OVERVIEW: Independent auditor – obtains and evaluates evidence knowledge of client’s business, observation of physical assets, inquiry of managers, confirmations from third parties, inspection of documents Management assertions about economic actions and events: * Balance sheet * Income statement * Statement...
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...Auditing Introduction Letter From: Langroodi, CPA To : Management of Apollo Shoes, Inc. RE: Auditing and assurance services Dear Mr. Jason, First, I would like to appreciate to giving me this opportunity to explain a couple points related to our firm and services, so then I’ll try to make them understandable and short as much as I can; because I know how valuable your time is. Langroodi CPA has proud to being in business for more than 15 years and we always tried to build a close and comfortable relationship with our clients. We have the most educated and trained personnel and high quality audit tools. Our audit approach is successful because it concentrates on understanding the clients' business and control issues, and combines diagnostic process, risk assessment, and audit testing procedures. My role in providing assurance is to ensure that there is sufficient audit evidence, to check the control present in the IT environment of your firm, testing control procedures, planning audit procedures, and assisting other auditors and experts. I check if the tests of controls have been properly completed and if substantive procedures have been carried out properly. At this time, I would like to explain some points regarding our services. First, I want to explain, what auditing means: “Auditing is the accumulation and evaluation of evidence about the information to determine and report on the degree of correspondence between the information and establish criteria”. ...
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...ebook, on our site you can read the instructions and other art books online, or download them as well. We want to draw your attention that our site does not store the book itself, but we give link to the site where you can download or read online. So if you need to download Pinnacle manufacturing solution manual pdf gxukzaf then you've come to the right website. We have Pinnacle manufacturing solution manual epub, pdf and kindle formats. We will be happy if you come back to us again. Auditing pinnacle case answers - free eBooks Auditing pinnacle case answers download on Caa2011-2.org free books and manuals search Banbury Impex Case Study http://www.caa2011-2.org/auditing-pinnacle-case-answers/ Pinnacle manufacturing auditing case solution Pinnacle manufacturing auditing case solution download on iubmb-2013-3.org free books and manuals search - CHAPTER 8 8 40 PINNACLE MANUFACTURING SOLUTION http://www.iubmb-2013-3.org/pinnacle-manufacturing-auditing-case-solution/ Pinnacle manufacturing case solution - free Pinnacle manufacturing case solution download on iubmb-2013-3.org free books and manuals search - TIVO HARVARD CASE SOLUTION http://www.iubmb-2013-3.org/pinnacle-manufacturing-case-solution/ Auditing Class Case Study Pinnacle Manufacturing Latest Auditing Class Case Study Pinnacle Manufacturing Solutions Chapter 16 into habitats baystat240 owner manual bendix ws 20 california tax http://www.platformusers.net/rt/auditing-class-case-study-pinnacle-manufacturing-solutions-chapter-16/...
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