Final answer:
Assurance services refer to professional services provided by CPAs to assess and provide an opinion on the accuracy and reliability of financial information. The major elements include risk assessment, evaluation of internal controls, testing and analysis of data, and the issuance of an independent opinion or report. The boundaries of assurance services are defined by the engagement, purpose, scope, and professional standards.
Step-by-step explanation:
Assurance services refer to the professional services provided by certified public accountants (CPAs) to assess and provide an opinion on the accuracy and reliability of financial statements and other financial information. These services are designed to enhance the confidence of users in the financial information provided by organizations.
The major elements of assurance services include risk assessment, evaluation of internal controls, testing and analysis of data and evidence, and the issuance of an independent opinion or report. CPAs are responsible for maintaining independence, objectivity, professional skepticism, and adherence to professional standards while conducting an assurance engagement.
The boundaries of assurance services are defined by the assurance engagement itself, the purpose and scope of the engagement, and the applicable professional standards. Assurance services may cover financial statements, internal controls, compliance with laws and regulations, sustainability reporting, and other areas where a level of confidence is needed.