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Audit, Attestation, and Assurance Services

In: Business and Management

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Audit, Attestation, and Assurance Services

Kimberly Johnson
December 14, 2015

Audits, assurance services, and attest services are all work that could be performed by an auditor. Each category offers a range of services that could be beneficial to many companies, and all help in regulating a company’s financial documents.
Audit Services
There are 3 different types of audits, financial statement audit, compliance audit, and operational audit. A financial statement audit involves obtaining and evaluating evidence about a company’s presentation of their financial position, operation results, and cash flows. This audit is to ensure that the company is following all GAAP guidelines of reporting. In most states a CPA must complete these types of audits, and generally companies will hire an external auditor to perform this type of audit as the data is distributed to stockholders, creditors, regulatory agencies, and the general public. Compliance audits also involve obtaining and evaluating evidence to determine if financial or operating activities conform to specified conditions, rules, or regulations. Operational audits are to determine the efficiency and effectiveness of a company’s operating activities in relation to specified objectives. This type of audit is referred to as a performance audit or a management audit.
Assurance Services
Assurance services are a broader term that includes audits and other assurances about representation of management. Assurance services improve the quality of information or its context for decision makers. Audit engagements are performed to provide reasonable assurance that all information presented are accurate and complete. Assurance services include CPA risk advisory services, and CPA performance view.

Attest Services
Attest Services is a service that the CPA service gives written communication that gives a…...

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