Attest Function

DEFINITION of 'Attest Function'

The process of independent review of the validity of data audited by an accountant. The attest function encompasses all research done in an audit, including all of the testing and examination of a company's data and numbers. It also includes the finished audit report. An attest function often refers to the independent review (audit) of a company's financial statements.

BREAKING DOWN 'Attest Function'

The attest function is one of the most important duties of any Certified Public Accountant (CPA). In order for an attest function to be affective, an adequate amount of data must be sampled. The goal of an attest function is to express an opinion on a company's financial statements and provide some assurance as to their accuracy.

RELATED TERMS
  1. Auditing Standards Board - ASB

    The American Institute of Certified Public Accountants' (AICPA) ...
  2. Auditing Evidence

    The information collected for review of a company's financial ...
  3. Audit Department

    A unit within a company that is responsible for overseeing the ...
  4. Statutory Audit

    A legally required review of the accuracy of a company's or government's ...
  5. Continuous Audit

    An auditing process that examines accounting practices continuously ...
  6. Internal Audit

    The examination, monitoring and analysis of activities related ...
Related Articles
  1. Personal Finance

    How Does An IRS Audit Work?

    It doesn't automatically mean an IRS agent will be ringing your doorbell. Here are the different types of IRS audits and how to handle them.
  2. Investing

    A Day In The Life Of An Auditor

    If you like the idea of examining and attesting to a company's financial performance for a living, a career in auditing might be right for you.
  3. Financial Advisor

    SEC Audit? No Problem (If You're Prepared)

    Audits are unwanted and unpleasant, but by getting your proverbial ducks in a row ahead of time you can ease and simplify the process.
  4. Personal Finance

    Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  5. Managing Wealth

    Make $1 Million? Expect an Audit

    If you make $1 million or more, the IRS has its eyes on you. Here's what you can do about it.
  6. Managing Wealth

    What is Inherent Risk?

    Inherent risk is the possibility of inaccurate information appearing in a financial statement due to factors such as error or omission.
  7. Investing

    Examining A Career As An Auditor

    Stricter government regulations have put auditing professionals in demand.
  8. Personal Finance

    How The IRS Works: Functions & Audits

    Even the most enlightened citizen curses taxes, possibly while simultaneously acknowledging that they're the price of a civilized society.
  9. Personal Finance

    How to Avoid the 6 Most Common Tax Audit Triggers

    These are the most common scenarios that can trigger the IRS to audit a tax return.
  10. Retirement

    Avoid An Audit: 6 "Red Flags" You Should Know

    Don't make yourself a target - steer clear of these attention-grabbing tax-filing practices.
RELATED FAQS
  1. What is an IRS letter audit / audit by correspondence?

    Learn about IRS letter audits, how tax returns are selected for audits and the common outcomes in the letter audits conducted ... Read Answer >>
  2. Can the IRS audit you after a refund?

    Learn how the U.S. Internal Revenue Service (IRS) can conduct a tax audit even after a taxpayer was issued a tax refund in ... Read Answer >>
  3. What's the difference between a CFA and a CPA?

    Learn the difference between a Certified Public Accountant and a Chartered Financial Analyst designation. Explore their varied ... Read Answer >>
  4. How is the Federal Reserve audited?

    Learn how the Federal Reserve gets audited. Due to gridlock, the Federal Reserve has been forced to take on the role of stimulating ... Read Answer >>
  5. How is inherent risk assessed by an auditor?

    Learn how CPA auditors assess the levels of inherent risk of different audit areas that they use to design the procedures ... Read Answer >>
  6. How important are contingent liabilities in an audit?

    Read about the importance of contingent liabilities during an audit, why audits are necessary and how contingent liabilities ... Read Answer >>
Hot Definitions
  1. Glass-Steagall Act

    An act the U.S. Congress passed in 1933 as the Banking Act, which prohibited commercial banks from participating in the investment ...
  2. Quantitative Trading

    Trading strategies based on quantitative analysis which rely on mathematical computations and number crunching to identify ...
  3. Bond Ladder

    A portfolio of fixed-income securities in which each security has a significantly different maturity date. The purpose of ...
  4. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  5. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  6. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
Trading Center