attestation service
Noun: 1. A professional assurance engagement: An attestation service is a formal engagement performed by a certified public accountant (CPA) or audit firm. In this service, the practitioner examines and evaluates evidence supporting a specific subject matter, which is the responsibility of another party (the asserter), and issues a written report expressing a conclusion about its reliability. 2. A type of consulting service: It falls under the broader category of assurance or consulting services provided by accounting professionals, where the CPA's role is to lend credibility to information used by third parties.
The term is used in formal accounting, auditing, and financial contexts to describe a specific class of professional work distinct from an audit. * The auditor was engaged to perform an attestation service on the company's sustainability report. * A review of financial statements is a common type of attestation service. * The firm's attestation service provided users with greater confidence in the management's assertion.
- Levels of Assurance: An attestation service can provide different levels of assurance in the final report:
- Reasonable Assurance (Audit): A high, but not absolute, level of assurance.
- Limited Assurance (Review): A moderate level of assurance.
- No Assurance (Compilation): Presents information without providing any assurance.
- Subject Matter: The subject matter of an attestation service can be diverse, including:
- Financial statements or projections.
- Internal controls over financial reporting.
- Compliance with laws, regulations, or contracts.
- Non-financial information (e.g., corporate social responsibility data).
- Attest (verb): To affirm or certify formally as true, accurate, or genuine.
- Attestation (noun): The action of attesting or the evidence provided.
- Assurance Engagement: A broader term encompassing attestation services and other engagements designed to enhance the confidence of intended users.
- Audit: A specific, common type of attestation service providing reasonable assurance on financial statements.
- Assurance service
- Verification engagement
- Certification service (in specific contexts)
- Provide attestation on: To perform an attestation service regarding a specific subject.
- The firm was hired to provide attestation on the effectiveness of the cybersecurity controls.
- Issue an attestation report: To formally deliver the written conclusion of the service.
- Upon completion, the auditor will issue an attestation report to the board of directors.
- a consulting service in which a CPA expresses a conclusion about the reliability of a written statement that is the responsibility of someone else