REASONABLE ASSURANCE

ENGAGEMENT
LIMITED ASSURANCE ENGAGEMENT
Auditor gathers Sufficient Evidence to
conclude that the subject matter
agrees in all material respects to the
agreed criteria.
Auditor gathers sufficient appropriate
audit evidence to be satisfied that the
subject matter is Probable in the
circumstances.
Unrestricted access to all information
and explanations
Restricted to inquiry and analytical
procedures
The assurance given is in the form of
Positive Assurance, meaning that in
their opinion, the subject has been
prepared in accordance with the
criteria required. E.g.
The financial statements have been
prepared in accordance with
applicable legislation and standards
Report given in the form of negative
assurance. E.g.
Nothing has come to our attention that
causes us to believe that the financial
statements are not prepared (in all
material aspects) in accordance with an
applicable financial reporting framework
Reasonable assurance engagements
provide High Level of assurance.
Limited assurance engagements provide
moderate assurance.
An example of a reasonable assurance
engagement is an audit.

An example of a limited assurance
engagement is a review. A review
engagement is undertaken by an auditor
using less evidence than required by an
audit.