Introduction%20to%20a%20Conceptual%20Framework%20of%20Assurance%20%28August%2024%2c%202011%29-full%2

Introduction%20to%20a%20Conceptual%20Framework%20of%20Assurance%20%28August%2024%2c%202011%29-full%2

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An Introduction to a Conceptual Framework of Assurance Tim Bauer ACCY 405 August 24, 2011
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Announcements Pick your groups: Min 4 members, max 5 members Come up with a team name One group member email me with team name and all members  by end of day on Thursday August 25 th Those who do not email me will be randomly assigned by me I am away next week Aaron Zimbelman Wednesday class will be online (see website for details) Don’t physically come to class
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Recap from Last Class What did we learn? Any thoughts, concerns or questions about the course?
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Today’s Objectives Why does society need assurance services? What can we learn about the demand for assurance  services from today’s reading?
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Financial Reporting (FR)  vs.  Marital Fidelity (MF) Similarities Differences
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MF vs. FR: Similarities  Self-interested stakeholders want LTRs LTR: long term relationship Trusters (assertees)   Promisers (asserters) Assertions (impression management) Integrity, commitment, reputation, skepticism & complexity
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MF vs. FR: Differences Damages Justice (FR) vs. mercy (MF) ‘N’ people lose $ (FR) vs. ‘n’ people lose $ (MF)  Mix of $ vs. emotional losses Verifier’s Reporting In MF, special-purpose reporting prevails whereas reporting is  general-purpose in FR
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Who Pays the Verifier and Why? Promiser Knower/ Verifier Truster What arrangement exists in FR context? What arrangement exists in MF context? WHY? Hint: Think of other verifiers – who pays (Klein’s chapter)?
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Market Game
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This note was uploaded on 11/17/2011 for the course ACCY 405 taught by Professor D during the Winter '11 term at University of Illinois at Urbana–Champaign.

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Introduction%20to%20a%20Conceptual%20Framework%20of%20Assurance%20%28August%2024%2c%202011%29-full%2

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