Assignment 4-1 Review Questions Chapter 21

Assignment 4-1 Review Questions Chapter 21 - agreed-upon...

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Assurance, Attestation, and Internal Services Assignment 4-1 Chapter 21 21-1. Assurance Services: Independent professional services that improve the quality of information, or its context, for decision makers. (1) the definition focuses on decision making because making good decisions requires quality information, which can be financial or nonfinancial in nature. (the Elliott Committee points out that 3 types of information enter into the problem definition stage: (1) environmental information, (2) process monitoring and diagnostic information, and (3) outcome feedback information. 21-3. What types of engagements can be provided under the attestation standards? Give two examples of attestation engagements. Attestation standards generally provide 3 types of engagements: examination, review, and
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Unformatted text preview: agreed-upon procedures. In an examination, the practitioner expresses an opinion that (a) the subject matter is based on the criteria in all material respects; or (b)the assertion is presented in all material respects, based on the criteria . In an agreed-upon procedure, the practitioner is engaged by the client to issue a report of findings based on specific procedures performed on the subject matter. 21-5. What kind of entity might request an attestation report on internal control, and why? Publicly held companies might need an attestation report because Congress passed the Federal Deposit Insurance Corporation Improvement Act of 1991(FDICIA), which requires the management of large financial institutions issue a report on the effectiveness of the institution’s internal control....
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