[gulamrasul]

I always seem to get really confuse? Would really appreciate if anyone can explain the differences with simple terms. Thanks!

[Almost Done]

Generally speaking….

All assurance engagements are attestation, but not all attestation engagements include a level of assurance.

An examination is a form of assurance engagement because the auditor provides a level of assurance (reasonable level of assurance referred to as positive assurance) that the financial statements are free from material misstatement.

An audit is a type of examination given the name “Audit” because it is an examination on financial statements.

A review is a form of assurance engagement because the auditor provides a level of assurance (limited level of assurance referred to as negative assurance) that the auditor is not a aware of any material modifications that should be made.

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[LoveEventing]

Assurance > Attestation > Audit

I wish I could post a picture, but imagine three circles in the form of a bulls-eye. Assurance is the outermost circle, attestation is the middle circle, and audit is the innermost circle. Assurance encompasses attestation, which encompasses audits. Hope that makes sense!

An easy way to remember this is by looking at the second letter of each word in the above diagram. “S” comes before “T” which comes before “U” in the alphabet.

BEC - 68, 76
AUD - 90, 91
FAR - 63, 83
REG - 55, 79

FINALLY DONE!

[Anonymous]

Assurance Services

>> are defined by the Special Committee on Assurance Services (the Elliott Committee) as independent professional services that improve the quality of information, or its context for decision makers.

Attestation Services

>> are written conclusions about the reliability of the written assertions of another party.

Audit Services

>> are examinations of FS that result in an opinion of those FS.

[Author]

Replies