When do individuals and organizations typically need assurance services?
A)usually only when organizations obtain debt or other loans
B)for five years from the start of an organization until debt is retired
C)only when historical data,such as financial information,needs to be audited
D)whenever assurance is provided by a practitioner who is independent and unbiased

Question

Quizplus · Accepted Answer

Individuals and organizations typically need assurance services whenever they require independent and unbiased opinions and evaluations of their financial statements, internal controls, compliance, sustainability, cybersecurity, and other related matters. This need may arise for various reasons, such as regulatory requirements, contractual obligations, stakeholder expectations, risk management, decision-making, disclosure, or strategic planning. Obtaining debt, having historical data audited, or being in a certain stage of an organization's life cycle are not the only triggers for assurance services.

When Do Individuals and Organizations Typically Need Assurance Services