Audit & Assurance Services question with complete solution latest update

Audit & Assurance Services question with complete solution latest updateBusiness Risk - correct answer the risk that an entity will fail to meet its objectives; minimized by demanding timely, relevant and reliable information 4 Environmental Conditions that Affect Business Risk - correct answer 1. Complexity - understanding complex terms 2. Remoteness - geographical space between decision makers and business partners 3. Time Sensitivity - relevance of information 4. Consequences - potential negative results Information Risk - correct answer probability of problematic information circulating Assurance - correct answer lending of credibility by firms Attestation - correct answer verifying specific assertions made by management Auditing - correct answer Attestation in financial statements Financial Statement Auditing - correct answer a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users Attestation Engagement - correct answer an engagement in which a practitioner is engaged to issue a report on subject matter, or an assertion about subject matter that is the responsibility of another party AT 201 - correct answer Agreed Upon Procedures - inventory