Assurance vs Attestation vs Audit
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Assurance services can be provided to management and external users which include both attestation and audit services. Assurance is provided on the financial information or on other information such as quality of business processes, the reliability of systems or the accuracy of the performance data. Attestation services are a subset and always involve a report that goes to a third party. An audit is performed reliably in order to have the financial reporting process function effectively. Process by which the owners and creditors of an organization exert control and require accountability for the resources entrusted to the organization. The owners/stockholders elect a board of directors to provide oversight of the organization's activities.
Stockholders provide oversight through election of board and buy or sell stock. Failed to perform long term growth analysis and focused on short term prices.
Board of Directors ensures that the organization is run according to the charter and ensures accurate accountability. Failures caused by approval of management compensation plans which provided perverse incentives...