Audit and assurance services refer to the process of evaluating an organization’s financial statements and other information to ensure their accuracy and reliability. These services are typically performed by certified public accountants (CPAs). LOB is CPAs and licensed to perform such services.

The main objective of audit and assurance services is to provide an independent and objective opinion on the accuracy and completeness of an entity’s financial statements. This is important because it helps stakeholders, such as investors, lenders, and regulators, make informed decisions about the organization based on reliable information.

The audit process involves several steps, including planning, risk assessment, testing of internal controls, substantive testing of account balances and transactions, and reporting. Auditors use various tools and techniques to gather evidence and evaluate the organization’s financial information, such as analytical procedures, interviews with management and staff, and review of documentation.

Assurance services, on the other hand, focus on providing a broader range of services beyond just financial statement audits. These services can include attestation engagements, internal audit outsourcing, and other specialized reviews and assessments.

Overall, audit and assurance services play a crucial role in maintaining the integrity and transparency of financial reporting for organizations and ensuring the confidence of stakeholders in their financial information.