5 Questions
Which of the following statements best describes assurance services?
Independent professional services that are intended to enhance credibility of information to meet the needs of an intended user.
Which of the following is not an assurance service?
Compilation of financial information
What level of assurance is provided by the auditor in an audit engagement?
High, but not absolute
In an engagement, what is the purpose of the auditor's report?
To express an opinion on the fairness of historical financial statements
What is the main goal of assurance services?
To enhance credibility of information
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
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.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
