Auditing, Attestation, and Assurance Services

The video tutorial explains the role of assurance services, including attestation and auditing, in providing reliable information to users. It highlights the importance of these services in reducing information risk and assessing business risks. The tutorial also discusses challenges in modern business environments, such as complexity, remoteness, and time sensitivity, and how accountants and auditors help improve the reliability of information for decision-making.

Which of the following services provides the highest level of reliability?

• Consulting services

• Assurance services

• Attestation services

• Auditing services

Why do users demand reliable information from accountants?

• To reduce information risk

• To increase business profits

• To comply with legal requirements

• To enhance marketing strategies

What is a potential consequence of unreliable financial information for investors?

• Enhanced company reputation

• Making poor investment decisions

• Improved employee satisfaction

• Increased business growth

How do assurance services help in a complex business environment?

• By simplifying business transactions

• By providing reliable information

• By reducing the number of transactions

• By increasing transaction speed

What challenge does remoteness pose to potential investors?

• Lack of access to company employees

• Inability to visit and assess the company directly

• Difficulty in understanding financial statements

• Increased transaction costs