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  • PFAE - Auditing Theory

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    Trisha Mae Sison
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    There are two types of assurance engagements: reasonable assurance and limited assurance. Reasonable assurance engagements provide a positive form of assurance and are less risky, while limited assurance engagements provide a negative form of assurance and are more risky. Assurance engagements are intended to enhance the degree of confidence of users through evaluating or measuring a subject matter against an assertion or set of criteria. There are two types of assurance engagements: assertion-based, where a party provides an assertion about the subject matter available to users; and direct reporting, where the practitioner directly evaluates the subject matter or obtains a representation not available to users.

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    Notes on PFAE

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    There are two types of assurance engagements: reasonable assurance and limited assurance. Reasonable assurance engagements provide a positive form of assurance and are less risky, while limited assurance engagements provide a negative form of assurance and are more risky. Assurance engagements are intended to enhance the degree of confidence of users through evaluating or measuring a subject matter against an assertion or set of criteria. There are two types of assurance engagements: assertion-based, where a party provides an assertion about the subject matter available to users; and direct reporting, where the practitioner directly evaluates the subject matter or obtains a representation not available to users.

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    © All Rights Reserved
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    83 views7 pages

    PFAE - Auditing Theory

    Uploaded by

    Trisha Mae Sison
    There are two types of assurance engagements: reasonable assurance and limited assurance. Reasonable assurance engagements provide a positive form of assurance and are less risky, while limited assurance engagements provide a negative form of assurance and are more risky. Assurance engagements are intended to enhance the degree of confidence of users through evaluating or measuring a subject matter against an assertion or set of criteria. There are two types of assurance engagements: assertion-based, where a party provides an assertion about the subject matter available to users; and direct reporting, where the practitioner directly evaluates the subject matter or obtains a representation not available to users.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 7

    PFAE

    Auditing Theory
    2 Types of Assurance Engagement
    Reasonable Assurance Limited Assurance
    Engagement Engagement

    • Positive • Negative
    • Riskier
    Fundamental Ethical Principles
    PART A (POPCI)
    • Professional Competence and Due Care
    • Objectivity
    • Professional Behavior
    • Confidentiality
    • Integrity
    Assurance Engagement
    Enhance the degree of confidence of the intended users
    Subject Matter Info
    Outcome of the evaluation or measurement of a subject
    matter
    Assertion-based
    Enggements
    Assertion by the responsible party;
    Available to the intended users
    Direct Reporting
    Engagements
    Practioner either directly performs the evaliation or
    measurement of the subject matter, or obtains a
    representation from the responsible party;
    Not available to the intended users

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