Social Needs of Auditing and Different Types of Audits and their Relationships

Purpose of Assignment

This assignment is critical for students to gain a fundamental understanding of auditing, attestation, and assurance services. This assignment provides a foundation for the entire course by setting the stage for more complex topics, while ensuring students understand what auditing, attestation, and assurance services are, how they relate to each other, and why independent auditing is so important in society.

Write a paper of no more than 1,050 words to include the following:

• Describe the different types of audits and the relationship of auditing, attestation, and assurance services.
• State the three fundamental concepts underlining financial statements.
• Include the 5 components of auditing process.
• Identify the 10 generally accepted audit standards and provide examples.
• Analyze the social needs and the importance in today's business world.