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Assurance, attestation, and auditing services share some commonalities; attestation services fall under the big umbrella of assurance services and auditing services are a part of the broader circle of attestation services. 1) Describes the scope of services that are different between the three types of services. Provide examples of each type of service. 3) Discuss the standards that apply to each type of service — auditing, attestation, and assurance — and explain the similarities and differences between these standards; include the standard setting bodies in your explanation.
Expert Answer
Assurance service refers to the wider category pertaining to services that are being taken into consideration for enhancing the quality pertaining to decision making by making improvement underlying information on the basis of which decision are taken. For example a report issued by CPA underlying which she or he represent a conclusion or opinion pertaining to a particular subject such as financial statement.
Subcategory underlying assurance service is designated as attestation services. It necessitates result and independence underlying a report. It include agreed upon procedures, reviews and examination. For example review and audit of international GAAP/IFRS/US GAAP, attestation with respect to SOX.
The subcategory underlying attestation services is designated as audits. It generally includes assessment and scrutinizing of the historical or previous statement of finance held by the company. For example examining and reviewing the statement of finance of an entity or company.
The attestation services are provided in accordance with the statement pertaining to standard underlying attestation engagement. The standards are generally issued by the senior officials of the AICPA that are employed for making announcement pertaining to matters associated with attestation.
The standards applicable to the assurance service are ISRE 2400, international standard pertaining to review engagement and ISAE 3000. Unlike standards governing attestation services, no official are employed for announcing the standards.
The auditing services on the other hand include review or assessment of the financial statement of the company in accordance with the government auditing standards that are generally accepted. Unlike different international standard that govern the overall assurance service, there exist single standards that is GAGAS that govern the purview of overall auditing services.
