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Assurance Services Quiz

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Questions and Answers

Which of the following statements best describes assurance services?

Services designed for the improvement of operations, resulting in better outcomes.

Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit.

The preparation of financial statements or the collection, classification, and summarization of other financial information.

Independent professional services that are intended to enhance credibility of information to meet the needs of an intended user. (correct)

Which of the following is not an assurance service?

Examination of prospective financial information

Compilation of financial information (correct)

Audit of historical financial statements

Review of financial statements

What level of assurance is provided by the auditor in an audit engagement?

Moderate

No assurance

High, but not absolute (correct)

Absolute

In an engagement, what is the purpose of the auditor's report?

<p>To express an opinion on the fairness of historical financial statements</p> Signup and view all the answers

What is the main goal of assurance services?

<p>To enhance credibility of information</p> Signup and view all the answers

Study Notes

Assurance Services

Assurance services are professional services that improve the quality of information for decision-makers
Assurance services provide independent professional judgment about the subject matter, enhancing the degree of confidence of intended users

Types of Assurance Services

Audit engagements provide high level of assurance, while review engagements and agreed-upon procedures provide lower levels of assurance

Auditor's Report

The purpose of the auditor's report is to provide an opinion on the fairness and accuracy of the financial statements
The auditor's report is intended to enhance the degree of confidence of intended users in the financial statements

Goals of Assurance Services

The main goal of assurance services is to enhance the degree of confidence of intended users in the subject matter

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Description

Test your knowledge on assurance services with this quiz! Learn about the different statements that describe assurance services and enhance the credibility of information for intended users. See if you can identify the best statement and understand its importance in meeting user needs.