Explain the relationships among audit services and assurance services and give examples of each
Discussion questions 65 words each
1- Explain the relationships among audit services, attestation services, and assurance services, and give examples of each.
2- Discuss the major factors in today’s society that have made the need for independent audits much greater than it was 50 years ago.
3- Distinguish among the following three risks: risk-free interest rate, business risk, and information risk. Which one or ones does the auditor reduce by performing an audit?
4- Identify the major causes of information risk and identify the three main ways information risk can be reduced. What are the advantages and disadvantages of each?
5- Explain what is meant by determining the degree of correspondence between information and established criteria. What are the information and established criteria for the audit of Jones Company’s tax return by an internal revenue agent? What are they for the audit of Jones Company’s financial statements by a CPA firm?
6- Describe the nature of the evidence the internal revenue agent will use in the audit of Jones Company’s tax return.
7- In the conduct of audits of financial statements, it would be a serious breach of responsibility if the auditor did not thoroughly understand accounting. However, many competent accountants do not have an understanding of the auditing process. What causes this difference? 8- What are the differences and similarities in audits of financial statements, compliance audits, and operational audits?
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