Final answer:
The subject of this question is Business and the grade level is College. Attest vs. Direct refers to two different types of engagements in auditing, with attest engagements involving the assurance of financial statements and direct engagements involving specific tasks requested by clients. Both types of engagements are bound by professional ethics.
Step-by-step explanation:
The subject of this question is Business and the grade level is College.
Attest vs. Direct refers to two different types of engagement in the field of auditing.
In attest engagements, auditors provide assurances on the reliability and accuracy of financial statements. In these engagements, auditors express an opinion on the fairness of the statements in accordance with reporting standards such as Generally Accepted Auditing Standards (GAAS).
On the other hand, direct engagements involve specific procedures and tasks requested by the client. These engagements can include services such as bookkeeping, tax preparation, or engagement type.
Regardless of the type of engagement, auditors are bound by professional ethics, which include integrity, objectivity, confidentiality, and professional competence.