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Audit - Chapter 1
The Role of the Public Accountant in the American Economy
7
Accounting
Undergraduate 4
09/16/2011

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Term
assurance services
Definition
the broad range of information enhancement services that are provided by CPAs; there are two types

1. that that increase the reliability of information
2. those that involve putting information in a form or context that facilitates decision making
Term
attest engagement
Definition
provides assurance as to the reliability of information; when a practitioner is engaged to issue or does issue an examination, a review, or an agreed-upon procedures report on subject matter or an assertion about subject matter that is the responsibility of another party(management).
Term
assertion
Definition
a statement, usually made by management, about the effectiveness of internal control over financial reporting.
Term
suitable criteria
Definition
the standards established or developed by groups composed of experts
Term
examination
Definition
high level of assurance, low risk of material misstatement, involves historical financial statements
Term
review
Definition
limited level of assurance, moderate risk of misstatement,generally limited to inquiry and analytical procedures
Term
agreed-upon procedures
Definition
summary of findings and procedures, risk varies, procedures agreed upon with specified user(s)
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