Mary Joy M.

Calagui
BSA201

List at least 10 assurance and consulting engagements and explain why such are classified as
assurance or consulting services.
Assurance engagement means an engagement in which a practitioner expresses a
conclusion designed to enhance the degree of confidence of the intended users other than the
responsible party about the outcome of the evaluation or measurement of a subject matter against
criteria.
Assurance Engagement Explanations
Risk Assessment This service assures that an entity’s profile of
business risks is comprehensive and evaluates
whether the entity has appropriate systems in place
to effectively manage those risks.
Business Performance Measurement This service evaluates whether an entity’s
performance measurement system contains
relevant and reliable measures for assessing the
degree to which the entity’s goals and objectives
are achieved or how its performance compares to
its competitors.
Audits of financial statements Auditors will express their opinion based on the
result of their examination.
Operational Audit It is an examination of the manner in which an
organization conducts business, with the objective
of pointing out improvements that will increase its
efficiency and effectiveness.
Financial Audit It refers to an accounting process applied in
business. The process involves using an individual
body for evaluating the financial transactions and
statements of a business. The ultimate purpose of
financial audit is presenting an accurate amount of
the business transactions of a company.
Financial Assurance The assurances sought on these disclosures can
include completeness of information, accuracy of
information, and consistency of the context and
content of the statement/report with actual
performance.
Risk advisory These advisory are meant to help a business or
organization understand the risks it faces and
minimize such risks. A risk advisory internship
allows an individual to participate in risk advisory
services, which constitute a large portion of the
services provided by large auditing companies
Customer Satisfaction Survey Is used to understand your customer's satisfaction

Controls Assurance
Compliance audit
Consulting services include an agreement between the internal auditor and the client as to
the nature and scope of the work to be performed and are intended to directly aid managers in
meeting their goals.
Consulting Engagement
Management Audit
Due Diligence
Advising on Control Design
Training on Risk Management and From a risk management, audit and governance
Internal Control
Benchmarking
System Development
levels with your organization's products, services,
or experiences.
Auditors are expected to obtain an understanding
of only those control activities that are considered
relevant to the audit.
It is a comprehensive review of an organization's
adherence to regulatory guidelines. Audit reports
evaluate the strength and thoroughness of
compliance preparations, security policies, user
access controls and risk management procedures
over the course of a compliance audit.
Explanations
It is an assessment of how well an organization's
management team is applying its strategies and
resources. A management audit evaluates whether
the management team is working in the interests of
shareholders, employees, and the company's
reputation.
It is an investigation, audit, or review performed to
confirm the facts of a matter under consideration.
In the financial world, due diligence requires an
examination of financial records before entering
into a proposed transaction with another party.
In designing and performing tests of controls for
the audit of financial statements, the evidence
necessary to support the auditor's control risk
assessment depends on the degree of reliance the
auditor plans to place on the effectiveness of a
control.
perspective, training as the foundation of many
important activities and an important control.
Effective training will help strengthen internal
controls, improve the control environment, help
manage risk and support the achievement
organizational objectives.
The Benchmarking Report allows you to
benchmark your internal audit department easily,
affordably, and transparently.
Is to help an organization ensure that new systems
are introduced on a controlled basis and that the

Strategic Planning Consulting
Privacy
Business Succession Planning
Cash Management
new system on implementation is secure,
controlled, capable of audit and meets regulatory
requirements where specified.
It help organizations plan the future development
of their business. They analyze their clients’
business environments and research market trends
and political, economic and social developments
that could impact them in the future.
A privacy audit, also known as a privacy
compliance audit, is an assessment tool that looks
at an organization’s privacy protection policies
and procedures, specifically in light of current
relevant laws or regulatory requirements. The
audits may be conducted by private organizations
or by government agencies that are verifying a
company’s regulatory compliance.
It is a series of logistical and financial decisions
about who will take over your business upon
retirement, death, or disability. To write a
succession plan, the first step is to identify the
ideal successor to take over the business, then
determine the best-selling arrangement.
Also known as treasury management, is the
process that involves collecting and managing
cash flows from the operating, investing, and
financing activities of a company. In business, it is
a key aspect of an organization's financial stability.