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Unformatted text preview: ion, through the work of the Special Committee on Assurance Services,6 expanded the potential breadth of auditors’ activities beyond
auditing and attest services to include assurance services. Extending auditors’
activities to assurance services allows reporting not only on the reliability and
credibility of information but also on the relevance and timeliness of that information. Assurance services are deﬁned as follows:
Assurance services are independent professional services that improve the quality of
information, or its context, for decision makers. This deﬁnition captures a number of important concepts. First, the deﬁnition focuses on decision making. Making good decisions requires quality information, which can be ﬁnancial or nonﬁnancial. Second, it relates to improving
the quality of information or its context. An assurance service engagement can
improve quality through increasing conﬁdence in the information’s reliability
and relevance. Context can be improved by clarifying the format and background with which the information is presented. Third, the deﬁnition includes
independence, which relates to the objectivity of the service provider. Last, the
deﬁnition includes the term professional services, which encom...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.