Assurance services refer to the independent examination and evaluation of assertions, subject matters, or commitments undertaken by qualified professionals to strengthen reliance on the outcomes for decision-making purposes.
Types of Assurance Services
- Financial statement audits provide assurance on the reliability of historical financial reports
- Attestation engagements evaluate and verify compliance with criteria, internal controls, or risk management frameworks
- Agreed-upon procedures apply a prescribed checklist of tests without rendering assurance on outcomes
- Consulting advisory services aid with developing or improving processes without actual testing or opinions expressed
Example of Assurance Services
An SSAE 18 SOC 2 audit assurance report validated that a cloud computing provider’s information security practices and safeguards met the AICPA’s Trust Services criteria for security, availability, and confidentiality.
Key Takeaways
Independent assurance bolsters confidence through objective third-party assessment, enabling stakeholders to rely more heavily on important activities, assertions, or documented responsibilities encompassing an expansive scope of domains, systems, and subject matters.