Definition of 'Assurance Services'
Assurance services can be classified into two types:
* Financial statement audits: These services are designed to provide reasonable assurance that a company's financial statements are free from material misstatement.
* Other assurance services: These services are designed to provide assurance on other types of information, such as internal controls, compliance with laws and regulations, or sustainability reports.
The objective of an assurance service is to provide users with a level of assurance that is appropriate to the circumstances. The level of assurance provided will depend on the type of assurance service being performed and the needs of the user.
Assurance services can provide a number of benefits to users, including:
* Increased confidence in the reliability of information
* Reduced risk of financial loss
* Improved decision-making
* Enhanced compliance with laws and regulations
Assurance services are an important part of the financial reporting process. They help to ensure that investors, creditors, and other stakeholders have access to reliable information about a company's financial condition.
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