One May Envision a Continuum of Assurance Ranging from Absolute

question 46

Essay

One may envision a continuum of assurance ranging from absolute assurance to no assurance.In between may be reasonable assurance,limited assurance,and a summary of findings with no other assurance.
a.What level of assurance is provided in the CPA's report by each of the following types of engagements?
-Examinations
-Audits
-Review
-Agreed-upon procedures
-Compilations and financial statement preparation 
 b.What type of assurance is provided on financial statements prepared following a special purpose basis of accounting other than generally accepted accounting principles? 

---

Definitions:

Dollar

The official currency of the United States, also used as a standard unit of currency in international markets.

Organizational Culture

The shared values, beliefs, practices, and norms that define the character and behaviors of an organization and its members.

Individual Characteristics

Traits, attributes, or features that define and distinguish one person from another.

Management Function

Management function refers to the core activities performed by managers to achieve organizational goals, commonly segmented into planning, organizing, leading, and controlling.