State Three Types of Assurance Services That Fall Within the Auditing

question 105

Essay

State three types of assurance services that fall within the auditing standards but are not audits, reviews, or compilations of financial statements in accordance with GAAP.

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Definitions:

Eliminates Need

Removes the requirement or necessity for something, making it unnecessary.

Valid Offer

A proposal made in terms which are clear enough to be accepted and form a legally binding contract.

Communicated

Information or ideas that have been shared or transmitted between parties, through verbal, written, or nonverbal methods.

One-Sided Promise

An agreement where only one party makes an enforceable commitment to the other without receiving a reciprocal obligation.