In the class textbook Auditing and Assurance Services 14th ed., read Chapter 1 and write an essay that answers the questions below:
1-1. Explain the relationships among audit services, attestation services, and assurance services, and give examples of each.
1-2. Discuss the major factors in today’s society that have made the need for independent audits much greater than it was 50 years ago.
1-3. Distinguish among the following three risks: risk-free interest rate, business risk, and information risk. Which one or ones does the auditor reduce by per- forming an audit?
1-4. Identify the major causes of information risk and identify the three main ways information risk can be reduced. What are the advantages and disadvantages of each?
1-7 In the conduct of audits of financial statements, it would be a serious breach of responsibility if the auditor did not thoroughly understand accounting. However, many competent accountants do not have an understanding of the auditing process. What causes this difference?
Make sure to include at least 3 references with in-text citations and a conclusion (add a heading for the conclusion). Essay must be written in APA style. Assignment must be submitted blackboard. Please do not email the assignment.
Sample Solution