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Please clear my doubt???

Tanash Chakraborty (KPMG) (292 Points)

28 March 2012

What is the difference if any between auditing , business risk advisory and assurance services??? do they all mean the same and if not what is the job profile of each of them and what exactly is done in them... and are all of them related to the field of auditning?

Thanks in advance...

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Sheetal (AM) (21 Points)
Replied 31 March 2012

Assurance service refers to services performed by audit firm to provide assurnace that statement of accounts provides true and fair view, to the users of the financial statement.

It is also known as statutory audit, as it is statue / law requries companies to file retun and submit audit report signed by Chartered Accountant.

Where as advisor service is not restricted service line, however, internal audit (which is part of advisory service), performed by Companies as per requirement of laws / management requirement to improve perfromance of operation or to address the risk involved in operation or to ensure compliance to rules and regulations.

Internal audit is an independent assessment of activity designed to add value and improvement to oganisation's performance. It assist organisation to accomplished objectives by bringing systematic and disciplined approach of evaluating and improving effectiveness of risk management, controls and governance process.

internal audit performed as per risk based approach. Where auditor evaluate the process identify key risks and evaluate existing controls. If controls are not sufficient to cover risk, auditor recommend the control to address risk.