ACT40102HWS10 Mendell Michelle Ch1

ACT40102HWS10 Mendell Michelle Ch1 - Michelle Mendell...

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Michelle Mendell ACT401 Chapter 1 HW #1, 3, 8, 10, 14 1. With audit services, financial statements require assertion, they are highly structured, they  follow GAAS and GAAP, and they are historical.  An example of an audit service is a  financial statement audit.  An attestation is different because even though it is highly  structured like an audit, any assertion is required, it usually is historical, and it instead  follows SSAE and SSARS.  An example of an attestation is loan compliance or a financial  statement forecast.  Assurance services do not require any assertion and are not as  structured as the other two.  They are also less standardized so sometimes no report is  required.  An example of an assurance service is risk assessment.  The one thing these  three services have in common is that they all require independence. 3.
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This note was uploaded on 03/01/2010 for the course ACT 401 taught by Professor Jones during the Spring '10 term at UMass Dartmouth.

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ACT40102HWS10 Mendell Michelle Ch1 - Michelle Mendell...

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