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11 Cards in this Set

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Accounting
Recording, classifying, and summarizing of economic events for the purpose of providing financial information used in decision making.
Auditing
determining whether recorded information properly reflects the economic events that
occurred during the accounting period.
Information risk
possibility that the information upon which the business risk decision was made was inaccurate.
Assurance Service
an independent professional service that improves the quality of information for decision makers.
Performed by CPAs or other professionals.
Attestation Service
a type of assurance service in which the CPA firm issues a report about the reliability of an assertion that is the responsibility of another party.
What are the 5 categories of Attestation?
1. Audit of Historical FS
2. Attestation of IC over FS
3. Review of historical FS
4. Attestation Svc on Info Technology
5. Other attestation services
ATTESTATION
1. Audit of Historical Financial Statements
Management asserts that the FS are fairly stated in accordance with GAAP.
ATTESTATION
2. Internal Control over Financial Reporting
Management asserts that internal controls have been developed and implemented following well established criteria.
ATTESTATION
3. Review of Historical Financial Statements
Mgmt. asserts that the statements are fairly stated in accordance with GAAP, the same as for audits.
ATTESTATION
4. Attestation Services on Information Technology
Mgmt. makes various assertions about the reliability and security of electronic information.
-WebTrust Svc
-SysTrust Svc
ATTESTATION
5. Other attestation services
Attest to forcast of FS.