A major type of assurance service performed by large public accounting firms is
A)auditing.
B)reviewing.
C)compilation.
D)management consulting.

Question

Quizplus · Accepted Answer

Auditing is a major type of assurance service performed by large public accounting firms. Auditing involves an independent evaluation of an organization's financial statements and internal controls to ensure they are accurate and reliable. This provides assurance to stakeholders such as investors, lenders, regulators, and the public that the financial statements are fairly presented and can be relied upon. Reviews and compilations are also types of assurance services, but auditing is the most comprehensive and highest level of assurance. Management consulting is not considered an assurance service, as it involves providing advice and recommendations to improve business operations rather than providing assurance on financial information.

A Major Type of Assurance Service Performed by Large Public