A type of assurance services that involves accumulating and analyzing support for the information provided by management is called an:
A)Audit
B)Investigation
C)Financial statement examination
D)Control test

Question

Quizplus · Accepted Answer

An audit involves accumulating and analyzing support for the information provided by management, which includes examining evidence supporting the amounts and disclosures in financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Investigation typically focuses on a specific event or transaction and may involve a wider range of procedures, such as interviews or searches for evidence, whereas a financial statement examination is a specific type of audit that focuses on the financial statements themselves. Control testing involves testing the effectiveness of an organization's internal controls, which may be part of an audit but would not necessarily involve accumulating and analyzing support for the information provided by management.

A Type of Assurance Services That Involves Accumulating and Analyzing