Assurance Services. Assurance Services
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1 Assurance Services Introduction Assurance Services Independent professional services that improve the quality of information, or its context, for business or individual decision makers. Making better decisions: Capture information Information reliability Improved decision-making 1
2 Assurance Services Includes: Attestations (audits, agreed- upon procedures, and reviews), compilations, and some management consulting Assurance Services Risk Assessment Business Performance Measurement Information Systems Reliability Electronic Commerce Health Care Performance Measurement Other Policy compliance, outsourced internal auditing, trading partner accountability, mergers and acquisitions, ISO 9000, AIMR compliance, and WWW assertions. 2
3 Assurance Services Independence Is primary purpose to improve the quality or context of information? (if no, independence not required) If yes, is the engagement under SAS, SSAEs or SSARS? Meet Code of conduct rules If SEC, etc. must meet those rules too. If no, the engagement team must have no interests that create an unacceptable risk of material bias with respect to the quality or context of information that is the subject of the engagement. Assurance Services Given SOX, will the development of assurance services change? 3
4 Assurance Services Changes needed: Increase value-added added Change timing Attack tough problems Assurance Services Risk assessment Comprehensive profile Management system Business risk: threats to achieving objectives and executing strategies Strategic environment Operating environment Information risks 4
5 Assurance Services Business Performance Measurement Relevant and reliable measures of objectives and industry norms Assurance Services System reliability Internal information system designed and operating in accordance with specified criteria. Management service External service 5
6 DDS Getting Started First Impressions Project 1: In-class group Take minutes to brainstorm ideas for finding information about industry. Take 10 minutes to write-up a memo to K. Pollock, Manager from the group. (Turn-in). As a class bring ideas together. DDS Review for Projects 2, 3, 4 Internal Controls: Goals: Protect the assets of the company Provide for a reliable system of reporting Promote effective and efficient operation to achieve company goals Comply with applicable laws and regulations 6
7 DDS Review for Projects 2, 3, 4 Internal Control Principles: Components: Control environment Risk assessment Control activities Monitor system Accounting information and communication DDS Review for Projects 2, 3, 4 Internal Control Principles: Control activities: Limit physical access Segregate duties Proper Authorization Adequate documents and records Independent checks of performance 7
8 DDS Review for Projects 2, 3, 4 Internal Control Principles: How can the system be compromised or corrupted? Review a system in light of the company s s goals. Use the internal control components, especially control activities, as a catalyst for identifying strengths and weaknesses. DDS Projects 2, 3, 4 Discuss each of the following in your group, jotting down answers What is/are the goal(s) ) of DDS s s internal control system? What is the DDS system? What are its documents and databases? What are DDS s s control strengths? How can you test compliance with its strengths? 8
9 DDS Projects 2, 3, 4 Discuss each of the following in your group, jotting down answers What is the impact of DDS s s weaknesses? How do the weaknesses affect DDS? How can we determine the extent of the weaknesses? How can DDS s s address the weaknesses? DDS Project 2, 3, and 4 Due next week (refer to project for complete descriptions) Group: Write-up memo for Project 2 formal, fleshed-out version of today s s discussions each person should turn in copy with individual work Individual: Do projects 3 and 4 (read requirements from disk) Describe well-enough enough that anyone could replicate your work. Who, what, why, when, and how. What did you find? What did you conclude? 9
10 Statistical Review Averages use the +/- standard deviation rule. Example: Predict class average GPA to be 3.3. Calculate actual average and std. dev. (Note that letter grades would need to be converted to numbers.) Create range by +/- std. dev. from actual average. If prediction falls within range accept hypothesis. Statistical Review Goal achievement use t-test t test (see examples). Non-statistical judgmentally set a +/- percentage. 10
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