Auditing: Internal Control and Audit Process Examination

Auditing: Internal Control and
Audit Process Examination

⩥ What is the purpose of independent audits? Answer: To enhance
credibility in financial information.


⩥ What are assurance services? Answer: Information enhancement
services performed by CPAs.


⩥ Name two main types of assurance services. Answer: Increase
reliability of information and improve relevance or presentation for
decision-making.


⩥ What are non-assurance services provided by CPAs? Answer: Tax
preparation, management consulting, personal financial planning,
litigation support, and fraud investigation.


⩥ What is an attestation engagement? Answer: When a CPA examines,
reviews, or performs agreed-upon procedures on subject matter or an
assertion that is the responsibility of another party.


⩥ What are the three types of attestation engagements? Answer:
Examination (Audit), Review, and Agreed-Upon Procedures.