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Wednesday, May 31, 2017

Assurance in Auditing

 09:21:00     Audit and Assurance, General     2 comments   




Assurance in auditing, give credence to information provided by management to stakeholders. The component of Assurance services rendered by the Auditor will include;
  1. 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.

  1. Agreed subject matter – the major subject matter of assurance is the company’s financial records.
  2. Suitable criteria – this means that there must be some agreed framework, standards, guiding principles and procedures applicable to companies within the jurisdiction
  3. Sufficient appropriate evidence. The Auditor must have in his possession sufficient appropriate evidence that the subject matter information agrees with the criteria.
  4. 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
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2 comments:

Anonymous said...

Auditing is one course i don't find funny at all

14:23
Nma said...

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

14:32

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