This chapter presents the following content: Assurance services, consulting services and standards, attestation services and standards, auditing standard-setting environment, auditing standard-setting process, auditing standards board, public company accounting oversight board,. | Assurance Services and Auditing Research Chapter 8 Assurance services “Independent professional services that improve the quality of information, or its context, for decision makers” Adds value to the user, not just the report Three party contracts – the client, the assurer, and the third party to whom the accountant is providing assurance Consulting services and standards Attestation and audit services are special types of assurance services In an attest engagement, the CPA reports on the reliability of a written assertion that is managements responsibility Consulting is not part of assurance services Two party contact: client, consultant, accountant CPA develops findings, conclusions, and recommendations Attest engagements and guidelines Audit and attest services – Generally Accepted Audit Standards (GAAS), Statements on Auditing Standards (SAS) – Auditing standard boards (ASB) Accounting and review services – Statements on Standards for Accounting and Review – Accounting and Review Services Committee (ARSC) Accountant’s services on prospective financial information – Statements on Standards for Accountant’s Services on Prospective Financial Information – Auditing Standards Board Attest engagements and guidelines Other attest services – Statements on Standards for Attest Engagement – ASB, ARSC, and the management consulting services executive committee Audit and attest services for public companies – Auditing and Related Professional Practice Standards – Public Company Accounting Oversight Board (PCAOB) Attestation standards General Standards Adequate technical training and proficiency Adequate knowledge Services shall be performed only if the subject matter is capable of being evaluated Independence in mental attitude Due professional care Attestation standards (contd.) Fieldwork Adequately planned, and assistants properly supervised Sufficient evidence to provide a reasonable basis for conclusion Attestation standards (contd.) Standards of Reporting Report . | Assurance Services and Auditing Research Chapter 8 Assurance services “Independent professional services that improve the quality of information, or its context, for decision makers” Adds value to the user, not just the report Three party contracts – the client, the assurer, and the third party to whom the accountant is providing assurance Consulting services and standards Attestation and audit services are special types of assurance services In an attest engagement, the CPA reports on the reliability of a written assertion that is managements responsibility Consulting is not part of assurance services Two party contact: client, consultant, accountant CPA develops findings, conclusions, and recommendations Attest engagements and guidelines Audit and attest services – Generally Accepted Audit Standards (GAAS), Statements on Auditing Standards (SAS) – Auditing standard boards (ASB) Accounting and review services – Statements on Standards for Accounting and Review – Accounting and Review
