ACCT 497 Lecture Notes - Lecture 2: Assurance Services, Internal Audit, Xbrl
12 Jan 2017
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Document Summary
An attestation engagement - a practitioner is assesses and reports on subject matter or an assertion about the subject matter that is the responsibility of another party. Some financial attestation engagements (other than audits: financial forecasts and projections. Not required by gaap, but it more creditable: examination of management"s discussion & analysis, pro forma financial information. Some non-financial attestation engagements: effectiveness of internal control systems, compliance with environmental regulations, sustainability reporting engagements. Assurance services are independent professional services that improve the quality of information, or its context, for decision makers: independence is the most important quality of information and you need to be professional. Examples: xbrl reporting, information risk assessment, customer satisfaction surveys, internal audit outsourcing. The relationships among auditing, attestation, and assurance engagements. Why does earthwear want to get attest service: to make sure that they get a second opinion on more than just the numbers.
