Compare the attestation services provided by independent professionals with other assurance services provided by CPAs. Next, discuss at least two (2) goals of each service and how the service contributes to decreasing the risk of reporting errors or misstatements in financial statements. Provide the underlying principles supporting your response.
Comparing Attestation and Assurance Services:
Attestation Services:
Attest is an engagement that requires independence. This includes audits, reviews, compilations, attestation and assurance services. Attestation is an engagement where a written report is issued on something other than historical financial statements
Assurance Services:
Assurance services are a type of professional service usually provided by CPAs. Assurance services can include a review of any financial document or transaction, such as a loan, contract or financial website.
Goals:
Attestation Services:
obtain reasonable assurance about whether, in all material respects, based on suitable criteria
Assurance Services:
Assists companies to make the best decisions for their operations to promote financial growth
Increase credibility in the provided information that can lead to lower transaction costs and better resource allocations
Compare the attestation services provided by independent professionals with other assurance services provided by CPAs. Next,...
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