1. Concept and need for assurance

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Last updated 12:51 PM on 10/2/26
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5 Terms

1
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Key elements of an assurance engagement

  1. A user

  2. Subject matter information

  3. Suitable criteria


2
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Reasonable assurance

High but not absolute level of assurance

3
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Limitations of the provision of assurance

  1. Sampling is used in assurance work

  2. Client systems have inherent limitations


4
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Role of the responsible party

Determine the suitable criteria against which the practitioner will test the subject matter info

5
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Benefits of an assurance report

  • Draws the attention of the user to deficiencies in the information being reported on

  • Enhances credibility of the info being reported on

  • Reduces the risk of management bias in the information being reported on