Lecture Notes Ch. 1 (ACCT-422)

Lecture Notes Ch. 1 (ACCT-422) - Chapter 1: The Demand for...

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Chapter 1: The Demand for Audit and Other Assurance Services Chapter 1 introduces the concept of assurance services which are “independent professional services that improve the quality of information for decision makers.” Most assurance services can be provided by both CPAs and non-CPA professionals; thus, increasing the level of competition faced by CPA firms. Attestation services are a “type of assurance service in which a CPA issues a report about the reliability of an assertion that is the responsibility of another party.” There are 5 categories of attestation services: 1. Audit of historical financial statements 2. Audit of internal control over financial reporting 3. Review of historical financial statements 4. Attestation services on information technology 5. Other attestation services This course focuses primarily on the audit of historical financial statements and the effectiveness of internal control over financial reporting. You should note the distinction between attestation services and other assurance services offered by CPAs, as discussed on page 11 of the text. In the case of attestation services,
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Lecture Notes Ch. 1 (ACCT-422) - Chapter 1: The Demand for...

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