Quiz 21: Assurance, Attestation, and Internal Auditing Services

Business

The definition of assurance service focuses on decision making and information, because for making a good decision an auditor requires quality information of financial and nonfinancial data. Generally, the auditor needs three types of information such as environmental information, diagnostic information, and outcome feedback information. These can be helpful for him/her to identify the pieces of information that are relevant to the required decision.

Attest Engagements Attest engagement is an engagement where a practitioner expresses his view in the form of a report over the evaluation, recognition, and presentation of a subject matter or the financial statements prepared by the management against the International Financial Reporting Standards (IFRS). The two conditions that are necessary, according to the third general standard for attestation engagements, in order to perform an attest engagement are: • The practitioner must identify the financial statements that are reported or the assertions made, and state the nature of the engagement in the report. • The practitioner must state his findings in the report while evaluating the financial statements or the financial assertions against the criteria of International Financial Reporting Standards (IFRS).

The two examples of attestation engagements are: • A company's financial statements made in accordance with the applicable standards • Accounting for reporting on debt arrangements

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