What is the definition of assurance and non assurance services

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: Briefly explain the difference between an insurance and an assurancepolicy?

A: Insurance policy and Assurance policy are two different policies.  Insurance policy provides…

Q: What analytical procedures might be informative regarding the existence assertion?

A: The existence of assertion is the assertion that liabilities, assets and shareholders equity…

Q: Which of the following is considered an assurance engagement? Bookkeeping Preparation Compilation…

A: The question is based on the concept of Auditing.

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: When can a check be a negotiable instrument

A: In finance in general and in the world of banking, trade and commerce in particular checks and…

Q: What is a standby commitment? When and why is it used?

A: A formal contract between a borrower and bank, that the bank will lend a certain amount to him/her…

Q: What is assurance and non assurance services?

A: Assurance services are less formal than attestation services for financial statements.  Accounting…

Q: Need Answer please provide Solutions

A: Detailed explanation:1. Factory Overhead Rate = budgeted factory overhead / budgeted direct labor…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: The balance sheet for Adams Corporation follows: Current assets Long-term assets (net) Total assets…

A: Financial ratios are quantitative metrics used to evaluate and analyze the financial performance,…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: What are the five elements of an assurance engagement?

A: An assurance engagement could be a variety of assignment performed by a practician so as to specific…

Q: Which of the following is not a principle of trust services?a. Security.b. Authentication.c.…

A: Trust Services:   Trust services are assurance services that report over reliability of the…

Q: What is the audit risk? Explain the relationship between audit risk and materiality.

A: Audit risk is the risk that financial statements are materially incorrect, even though the audit…

Q: In what ways can independent verification occur?

A: Independent Verification of business activities of a company can be done various ways. Some of them…

Q: What is an audit, and why are audits performed?

A: An audit is assessing vouchers, books of accounts records to see that they are accurately and…

Q: In what ways are assurance services similar to attestation services (including audits of financial…

A: An attestation engagement is an engagement in which a practitioner is engaged to issue or does issue…