Chapter 1 - Auditing ans Assurance Services

Chapter 1 - Auditing ans Assurance Services - Dana Reaser...

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Dana Reaser Chapter 1 Review Checkpoints 1.5 What is an attestation engagement? An engagement in which a practitioner is engaged to issue a report on subject matter, or an assertion about subject matter that is the responsibility of another party. 1.8 What are the 4 major elements of the broad definition of assurance services? i. Independence ii. Professional Services iii. Improving the quality of information, or its context iv. For Decision Makers 1.10 List and briefly explain each of the Auditing Standards Board’s management assertions. List at least one key question that auditors must answer with evidence related to each management assertion. 1. Existence or Occurrence – existence (relates to account balances) and asserts that each of the balance sheet and income statement balances actually exist, while occurrence (relates to the activity or events/transactions) and asserts that the income statement events and transactions did actually occur. Question: Did the recorded sales transactions really occur?
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