Assurance Services Broadened View

1

• Assurance Services - Broadened View

• Traditional audit and attest services
• Mature services
• Relatively stable environment
• Future vision of assurance services
• Expanded financial reporting assurances
• Operational and performance assurances
• Compliance assurances
• Timely, efficient, and insightful

2

• Audit, Attest, and Assurance Services

• Objective
• Audits - linked to financial statements
• Attest engagements - breaks links to financial
  statements
• Assurance services - improves the quality of any
  kind of information

3

• Examples of Assurance Services

• Integrity and security of electronic commerce
• Relevance and reliability of business performance
  measurement
• Performance of health care providers
• Quality of business risk information
• Reliability of information systems
• Achievement of service goals for care of the
  elderly

4

• A Continuum of Professional Services on Internal
  Control

• One example of going beyond audits
• various levels of evaluation of internal control
  in audits, and directed at different business
  objectives or business activities
• management may need assurance about internal
  control
• possible future services

5

• Assurance Services -
• Competencies

• Profession's future competencies
• Customer focus
• Migration to higher value-added information
  activities
• Information technology
• Pace of change and complexity
• Competition
• Achieving these competencies