Assurance Services

 

When most people think of what an auditor does, they think about assurance services. Assurance services are audit activities that provide an independent, objective assessment of financial statements or compliance efforts. The objectives of these audits are to assure management, the Board, and regulators that financial statements are accurate and operations are done in accordance with applicable policies and regulations. These compliance, regulatory, and financial statement audits are all considered assurance services. Other audit services, such as consulting and advisory audits - while important audit activities - are not part of the assurance audit service.

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Types of Assurance Services:

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• Audit & Assurance.

• Statutory Audit Under Various Laws

• Management Audit

• Internal Audit 

• Government Audit 

• Due Diligence

• Fraud Investigation Audit 

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Understanding Assurance Services

Assurance services are aimed at improving the quality of information for the individuals making decisions. Providing independent assurance is a way to bring comfort that the information on which one makes decisions is reliable, and therefore reduces risks, in this case, information risk.

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Providers of assurance services will help clients navigate the complexities, risks, and opportunities in their partner networks by proactively managing and monitoring risks presented by third-party relationships. Businesses use assurance services to increase the transparency, relevance, and value of the information they disclose to the market and their investors. Many find by sharing business performance better, it becomes a sustainable growth and competitive differentiation strategy.

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