Auditing is a means of evaluating the effectiveness of a company's internal controls. Maintaining an effective system of internal controls is vital for achieving a company's business objectives, obtaining reliable financial reporting on its operations, preventing fraud and misappropriation of its assets, and minimizing its cost of capital. Both internal and independent auditors contribute to a company's audit system in different but important ways.
Attestation procedures involve providing a report on a specific subject or a declaration about a subject matter which is the responsibility of another party. This party is usually not dependent on the person making the declaration or issuing the report. Attestation can be in the form of certifications, review reports, audits, and compilations, agreed upon procedures, and so on.