LTA. vas, 26)04 20 * What is Assurance + Attestation — Vavet. BOD —> Finn fev vefevence The jog Four: KPMG. it) Eynect + Young. ii) Deloitte Ww) Pie Watea\nouse Coopers. Fav Trade Cevified Davie. seals of mpemval USDA Urqanic puividing assurancetn Tinewns Stay interested pares. _ Product has mettle 4 Stavdard oF qualities. “layman's definition of assurance * * [MPORTANT ACCOUNTING BODIES :— “_ACIPA: The Amenicau Instrimte of Ceritied Public | Acoountan& —> one of he mary orgavization Avenowle Aged Wine acvoutng— \ word. N great. pit wn wlavit fin mvidlecatemrent auditing 6] : \FA: Wwtemational Federation of Actounting- . | Scanned with CamScannerBO Ching Slacks - 174A Ye, Aceutirarnce” : 2: AICPA deginitiva op Auditin tan tana sone tet PTT ~ [quality of wfoymation Gov Users - : je DBt2 Ferrans 1e Aentorsteds* dowt hove paveiouar skin: thine same, a { fov tne ouicome-” ~ | Te ontcome doesn personally aprect Yo“ However, ~ | Yow care about the integrity of tne vesule - dhe relevance ov decisional usefulness ok ne Wiformarion “D:1EA Deginition The engagement iMwhich a practitioner dims to obtain Sufpicient Appropriate evidence in oveler te Nomina) Assuyance . a \ Synonymous to’ ecilin ocner, [3 Reesonavie Assurance are impovecme xeem U Limitea Assuvance . t less than weeded. yy Not the same as AoE Assuvance Limited Acsuvance vs. Opinion (High, Resonavle Assurance) = 'Newing came to ovr 9" Hewe done veacoravi\e wovk ateentio / \W Jatnening 4 evaluating information * Scanned with CamScannerDate §sannnnnnnnn What is Assurance + Atvestataun: Pare IU: Z 7 Assurance —— Artest ation ACPA —> SECTION 101 : ATTEST ENGAGEMENT Evgagement_in wnich a CPA is engaged Issue ar examination , veviews ov agreed - upon-procedures réporr Ou subléct matter, ov An aAgsevtion avout the sulsiece Matbev Hat isthe vespovsibiliry oF anctney” pavey. The audit of finandal saivement sis form OF atk esearion. DEFINITION OF AUDITING i) yin: inn AsO AION: TA systemic pyecess of objectively obtaining and evawuoring evidence regarding assertions | about economics actions and events tO | asceveain tne degree of coresporence 7 GAP between the asseveions andtne cstalolished > IFRS cnitevia and tommunicating vesults 1 L ane terested users." | Scanned with CamScannerDate 2 Common : e_\oe Ui_hay for the most pave been Winans i.e yes ovno. (ii) Te definition ve Fhandial stwicement auditing according r . T to PCAOB AS 1ODI: tBaAlance sheet tse. - | oneopmeman or financial stacernen& “Re objective of an audit of nancial statements > by the independent anditov isthe expression ofan \ Opinion one faivness with wich they present in J a\\ maternal aspects \financial positions| Gesuits oF) 5 3) Stcieement 7 BperaKions? and Wwsleashflows Le onstovra thy wie ( Generally atceprea accounting principles." yaene Statement. & WIAUEIDAS OF fooenntes provided @nancial auditing: uditpris report —> express opinions ov dlisciatms opinions - Lydeclaresine standard followed suchas PCADS fuditt stanctarcl or 4 conform © QnA Eieimec! | nave nese standards “G been followed \wronqhont té cousistently 7 _~* — Scanned with CamScannerDate AUDIT STANDARD SETTERS *PCADB= [Js Public Company Audits ACPA = US Pivate Company Audits - HIAASB = Intemational Audit Standards . lil alli DCA Company chooses to Change ifov Ingrance , thew nvertoyy valuation MeENoA frO M FIFO to LIEO, he andlito has +o flag Wak for uses. aMe most valuable qnivg an auditov cau bring is L anew pivgessional judgement . These stand ants are aguiding force (WOE A ster IM SLEP Lnanual. a sine ail Scanned with CamScanner_ a Cyan Stately TA —anty STUDY ASSURANCE 4 ATTESTATION: PARI joes assurance exist? st p — —> ~uster —— in ovdér +o travkar- . promise —— ; © with the promiser, —- i Ane puster needs assurance [ereditoicty - Ww of the promisey 's wordls . eionslaip Not wIIque solnandia reporeng, XV i, words one basis OF expert Opmion Tre _vela Howrey verify the. prontisor ak pe ame \ it bevomes easier. a 7 _micher missy AL oe vontor [ [Knower- Tres avevitey to srikishy anedmster_& improving tne yeliabitity ofthe information. impareed tore user iN GRR Scanned with CamScannerDALE Fs enrnnnn PART IL CONTINUED 3 Role of Assurance ae Accor n 1992: “ Auliloe give Compors ty people whe are vulnerable aEroncod Gale imrereceed, > and(possioly fraudulent Ananctal)statemen's from corporate managemene -!' Anintentional UV VT jneentional = Assurance Progescionals —5 Comfore lousines | Quaradians of pullic inrevesr. Mental Model Development imprdv és provides Assurance. ———> information _—S Comfort Gindeperdent senice 2 Aualitey -) a~ ints also imprOves info. Aemana Ry ‘ncreses assy rance ee — Scanned with CamScanneri Grin Shaiich - 114.4 owte PARTI : > Federal Nct 1243 — Independent auditory nas +0 Check books for eacnpulatic Company - as The Wall stveet evitsh was followed lay Secunties Act A943 Which made Ik compulsory to audit finandal Stcitem evs. — Significant Comuption which led te yeguiations. — lnminsic value addition Port IV Module- wrap up| Scanned with CamScanner