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Assurance Services
Presentation Outline
I. The Demand for Reliale Information
II. !nderstanding Assurance Services
III. "anagement Assertions
I#. Saranes$O%le& Act of '(('
#. )ecoming a CPA
I. The Demand for Reliale
Information
A. !nderstanding a Client*s )usiness
). +nvironmental Conditions
C. Information Ris,
A. !nderstanding a Client*s
)usiness
/ailing to reach
o.ectives can
eventuall& result in
temptation to misstate
financial statements
to avoid usiness
failure.
). +nvironmental Conditions
0 Comple%it& Decisions ma,ers
are not trained to collect1 compile1
and summari2e the ,e& operating
information themselves.
0 Remoteness Investors are not
ale to personall& visit locations to
chec, on investments.
0 Time sensitivit& Decisions must
often e made on a moment*s
notice.
0
Conse3uences A drop in
investment value can -ipe out
one*s life savings.
I lost m&
savings in a
ad investment4
C. Information Ris,
Attestation involves an
engagement resulting in
the issuance of a report
on su.ect matter or an
assertion aout the
su.ect matter that is the
responsiilit& of another
part&.
actuarial services
Continuing professional
education of 1'( contact
hours 6not college semester
or 3uarter hours7 over three
&ear reporting periods -ith
no less than '( hours in an&
one &ear is a common
re3uirement in most states.
). +%amination