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