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the lending of credibility to info

assurance services

providing independent professional info, opinion on subject matter or assertion about the subject matter that is the responsibility of another party

attest engagement

providing an opinion on subject matter or an assertion about the subject matter that is the responsibility of another party


the lendingo fcredibility to assertions made by a third party


a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the results to interested users.

business risk

the probability an entity will fail to meet its objective and ultimately fail

cutoff date

refers to a date, normally the client's year-end balance sheet date, around which transactions should be recorded in the proper period

financial reporting

broad-based process of providing statements of financial position, results of operations, changes in cash flows and accompanying disclosure notes to outside decision makers who have no internal source of information.

information risk

the probability that the information circulated by a company will be false or misleading

internal auditing

an assurance and consulting activity that provides management with information regarding efficient and effective operations; compliance with laws, regulations, policies, and procedures; and other organizational performance issues designed to reduce risk and add value to the organization

operational auditing

the study of business operations for the purpose of making recommendations about the efficient use of resources, effective achievement of business objectives, and compliance with company policies

professional skepticism

an auditor's tendency not to believe management's assertions without sufficient corroboration

substantial equivalency

the process through which CPAs licensed in one state can practice in another state.

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