Second it relates to improving the quality of

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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.

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