1. Differentiate Auditing, Attestation, and assurance services?

 The difference among the three is that in auditing is a systematic process wherein highest
degree of checking and validation is done. There is an accumulation and verification of evidence
in order to report the degree of correspondence between the financial statement and the
accounting standards or established criteria. It should be performed by an independent person
or auditor and is embodied with attestation and assurance . On the other hand, when we say
attestation when compared to the goal or objective of the assignment, attestation concerns the
accuracy of the data or information analyzed. Just like auditing attestation is also an act of
proving opinion or a statement from an auditor confirming the accuracy of financial statements
and other information. While assurance services is an independent professional service that
improves quality of information for decision makers. Just like on the above mentioned terms,
this services are valued as it gives an unbiased judgement with respect to the information
examined.

2. Under PSA 120, Framework of Philippine Standards on Auditing, auditing services are distinguished
from related services such as review, compilations, agreed-upon procedures. Discuss the levels of
assurance provided by the CPA in each of these services.

 An audit offers a reasonable amount of comfort that your financial statements are accurate and
compliant with GAAP. Auditors carry out "search and verification" operations in addition to the
investigative and analytical steps involved in a review. When delivering the audit report, they
also look at internal control systems, adjust audit protocols for probable risks of material
misstatement, and highlight control gaps.
 In the context of this Framework, assurance refers to the auditor's opinion of the validity of a
claim made by one party to be used by another. In order to offer this assurance, the auditor
evaluates the data gathered as a result of the procedures carried out and comes to a conclusion.
The procedures carried out and their outcomes influence the level of satisfaction attained and,
as a result, the level of assurance that may be supplied.
 In an audit engagement, the auditor offers a high level of assurance—but not perfect certainty—
that the information under audit is accurate. The audit report refers to this as reasonable
certainty, which is expressed positively.
 In attestation engagement, The information under consideration is reasonably certain to be free
of material misrepresentation by the auditor. This is communicated through negative assurance.