+ Assystematic process of objectively obtaining and evaluating
evidence regarding assertions about economic actions and events
to ascertain the degree of correspondence between those
assertions and established criteria and communicating the results
to interested users.
+ An engagement whereby a practitioner expresses a conclusion
that enhances the degree of confidence of the users on a subject
matter prepared by a “responsible party’ when the subject matter is
compared and measured against established criteria.
Level of Assurance
+ Reasonable Assurance ( Audit)
+ Are aimed at “Reducing Engagement Risk” to an acceptably low
level in the light of the given circumstance. A positive expression
is thereby included ina practitioner's report.
* Limited Assurance ( Review)
Also aimed at “Reducing Engagement Risk” to an acceptable level, but that,
there is a higher engagement risk than that when a reasonable assurance is,
promised, since less extensive procedures are performed by the practitionerElements of Assurance Engagement
+ Three Party Relationship
* Subject Matter
+ Suitable Criteria
* Sufficient Appropriate Evidence
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