Assurance in auditing, give credence to information provided
by management to stakeholders. The component of Assurance services rendered by
the Auditor will include;
- A three-party relationship
The first party
will be the management, which is responsible for preparing the information
needed, to be assured.
The second party
is the independent Auditor providing the Assurance
The third party
includes stakeholders who rely on the information to make informed decision.
- Agreed subject matter – the major subject matter of assurance is the company’s financial records.
- Suitable criteria – this means that there must be some agreed framework, standards, guiding principles and procedures applicable to companies within the jurisdiction
- Sufficient appropriate evidence. The Auditor must have in his possession sufficient appropriate evidence that the subject matter information agrees with the criteria.
- A detailed written report at the end of the exercise.
Assurance Services Non-assurance
Services
Audit engagement Agreed-upon
procedures engagement
Review engagement Compilation engagement
Compliance engagement
2 comments:
Auditing is one course i don't find funny at all
Anon. Auditing shouldn't scare you at all, its one of my favorites and if you want to become a practising Accountant. then you cant run away from it.
that's why we are here, don't fail to ask us questions, and please try to get an identity, it will be nice
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