Lorinzer Denning-ACC403-Wk1

Lorinzer Denning-ACC403-Wk1 - ACC403 Chapter 1 2 Wk1 1-1...

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ACC403 Chapter 1 & 2: Wk1 1.1. Attestation services is a type of service a CPA firm issues a report about the reliability of an assertion that is the responsibility of another party. An assurance service is an independent professional service that improves the quality of information for decisions makers by offering attestation services. Example of Attestation services is the auditing of historical financial statements, by making notes on the Income Statement and Balance Sheet. Example of Assurance service Mystery shopping. 1.2. The major factors for the need of auditors more now than 50 years ago: Companies now own subsidiary companies within it which make is hard to detect fraud. There are more companies now people’s livelihood is at risk. The CEO and CFO of public and private are now held more responsible which could lead them into getting time in jail. 1.3. Auditing will not affect Risk-free interest rate or Business risk for the customer. The Auditing of information risk, which is financial statements, can improve the
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This note was uploaded on 07/13/2008 for the course ACCT 403/410 taught by Professor N/a during the Spring '08 term at Strayer.

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Lorinzer Denning-ACC403-Wk1 - ACC403 Chapter 1 2 Wk1 1-1...

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