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Mindanao State University

College of Business Administration and Accountancy

DEPARTMENT OF ACCOUNTANCY
Marawi City

FUNDAMENTALS OF ASSURANCE SERVICES


Accounting 151
NATURE OF ASSURANCE ENGAGEMENTS
Assurance engagements are those engagements in which
a practitioner expresses a conclusion designed to enhance
the degree of confidence that intended users can have
about the evaluation or measurement of a subject matter
that is the responsibility of a party, other than the intended
users or the practitioner, against criteria.
A. Assurance services are independent professional
services intended to enhance or improve the
credibility or quality of information to meet the
needs of an intended user, i.e., decision making.
B. Assurance refers to the practitioners satisfaction as
to the reliability of an assertion being made by one
party for use by another party. It is the degree of
certainty the practitioner has attained and wishes
to convey to intended users.
C. Subject matter information is used to mean the
outcome of the evaluation or measurement of
subject matter. It is the subject matter information
about which the practitioner gathers sufficient
appropriate evidence to provide a reasonable
basis for expressing a conclusion in an assurance
report.
Objective of Assurance Engagements
The objective of an assurance engagement is for a
professional accountant to evaluate or measure a subject
matter that is the responsibility of another party against
identified suitable criteria and to express a conclusion that
provides the intended user with a level of assurance about
that subject matter. An assurance engagement is
conducted:
A. To provide a high level of assurance that the
subject matter conforms in all material respects
with identified suitable criteria; or
B. To provide a moderate level of assurance that the
subject matter is plausible in the circumstances.
ELEMENTS OF AN ASSURANCE ENGAGEMENT
An assurance engagement should exhibit the following
elements:
A. A three party relationship involving a practitioner, a
responsible party and intended users.
Assurance engagements always involve three
separate parties:

Practitioner the person who provides the


assurance to intended users about a
subject matter that is the responsibility of
another party. This is the CPA in public
practice that performs the assurance
engagement.

The term practitioner is broader than the


term auditor as used in professional
standards which only refer to practitioner
performing audit or review engagements
with respect to historical financial
information.
Responsible party the person or persons
who are responsible for the subject matter
in a direct reporting engagement or the
subject matter information and may be the
subject matter in an assertion-based
engagement.
Intended users are the person, persons or
class of persons for whom the practitioner
prepares the assurance report. They are
the users to whom the practitioner usually
addresses the report.

Important Notes:

B.

The responsible party and the intended


user will often but not necessarily be from
separate organizations.
The practitioner may be engaged by the
responsible party or the intended user.
The responsible party can be one of the
intended users but not the only one.
The intended user may be established by
agreement between the practitioner and
responsible party or those engaging or
employing the practitioner.
In some circumstances, the intended user
may be established by law.

An appropriate subject matter.


The subject matter refers to the information to be
evaluated or measured against the criteria. The
subject matter and the subject matter information
of an assurance engagement can take many
forms, such as:

Financial performance or conditions (for


example, historical or prospective financial
position, financial performance or cash
flows) for which the subject matter
information may be the measurement,
presentation and disclosure represented in
the financial statements.

Non-financial performance or conditions


(for example, the performance of an entity)
for which the subject matter information
may be key indicators of effectiveness and
efficiency.

Physical characteristics (for example,


capacity of a facility) for which the subject
matter information may be a specifications
document.

Systems and processes (for example, an


entitys internal control or IT system) for
which the subject matter information may
be an assertion about effectiveness.

Behavior
(for
example,
corporate
governance, human resource practices
and compliance with regulation) for which
the subject matter information may be a
statement of compliance or a statement
of effectiveness.
For a subject matter to be considered appropriate,
it must be identifiable, capable of consistent
evaluation or measurement against suitable criteria
and in a form that can be subjected to procedures
for gathering evidence to support that evaluation
or measurement.

C. Suitable criteria.
Criteria are the benchmarks used to evaluate or
measure the subject matter, including where
relevant, benchmarks for presentation and
disclosure. Without frame of reference provided by
suitable criteria, any conclusion is open to
individual interpretation and misunderstanding.
Criteria can be formal as in the case of Philippine
Financial Reporting Standards or less formal as in an
internally developed code of conduct. Criteria can
also be established or specifically developed.

Established criteria those embodied in


laws or regulations or issued by authorized

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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or recognized bodies of experts that follow


a transparent due process.
Specifically developed those designed
specifically for the purpose of the
engagement.

assurance engagement rarely involves the


authentication of documentation, nor is the
practitioner trained as or expected to be an expert
in such authentication.

Suitable criteria exhibit the following characteristics:

Relevance relevant criteria contribute to


conclusions that assist decision making by
the intended users.

Completeness criteria are sufficiently


complete when relevant factors that could
affect the conclusions in the context of the
engagement circumstances are not
omitted.

Reliability reliable criteria allow reasonably


consistent evaluation or measurement of
the subject matter when used in similar
circumstances
by
similarly
qualified
practitioners.

Neutrality neutral criteria contribute to


conclusions that are free from bias.

Understandability understandable criteria


contribute to conclusions that are clear,
comprehensive and not subject to
significantly different interpretations.

Sufficiency is the measure of the quantity of


evidence. The quantity of evidence is affected by
the risk of the subject matter information being
materially misstated (the greater the risk, the more
evidence is to be required) and the quality of such
evidence (the higher the quality, the less may be
required).

The evaluation or measurement of a subject matter


merely on the basis of the practitioners own
expectations, judgments and individual experience
would not constitute suitable criteria.
Suitable criteria are context sensitive, that is,
relevant to the engagement circumstances. Even
for the same subject matter there can be different
criteria.
Whether established or specifically developed,
criteria need to be available to the intended users
to allow them to understand how the subject
matter has been evaluated or measured. Criteria
are made available to the intended users in one or
more of the following ways:

Publicly.

Through inclusion in a clear manner in the


presentation of the subject matter
information.

Through inclusion in a clear manner in the


assurance report.

By general understanding, for example the


criterion for measuring time in hours and
minutes.
Criteria may also be available only to specific
intended users, for example the terms of a
contract, or criteria issued by an industry
association that are available only to those in the
industry.
D.

Sufficient appropriate evidence.


The practitioner plans and performs an assurance
engagement with an attitude of professional
skepticism to obtain sufficient appropriate evidence
about whether the subject matter information is
free from material misstatement. Evidence refers to
the information obtained by the practitioner in
arriving at the conclusions on which the conclusion
is based.
The practitioner also considers materiality,
assurance engagement risk and the quality and
quantity of available evidence when planning and
performing the engagement.
Professional Skepticism
An attitude of professional skepticism means the
practitioner makes a critical assessment, with a
questioning mind, of the validity of evidence
obtained and is alert to evidence that contradicts
or brings into question the reliability of documents
or representations by the responsible party. An

Sufficiency and Appropriateness of Evidence

Appropriateness is the measure of quality of


evidence, that is, its relevance and reliability. The
reliability of evidence is influence by its source and
by its nature.
The sufficiency and appropriateness of evidence
are interrelated. However, merely obtaining more
evidence may not compensate for its poor quality.
Generalizations on Reliability of Evidence
The following generalizations about the reliability of
evidence may be useful, though exceptions to
these generalizations may exist:

Evidence is more reliable when it is


obtained from independent sources
outside the entity.

Evidence that is generated internally is


more reliable when the related control is
effective.

Evidence obtained directly by the


practitioner is more reliable than evidence
obtained indirectly or by inference.

Evidence is more reliable when it exists in


documentary
form,
whether
paper,
electronic or other media.

Evidence provided by original documents


is more reliable than evidence provided by
photocopies or facsimiles.
The practitioner ordinarily obtains more assurance
from consistent evidence obtained from different
sources or of a different nature than from items of
evidence considered individually.
Cost-Benefit Considerations
The practitioner considers the relationship between
cost of obtaining evidence and the usefulness of
the information obtained. However, the matter of
difficulty or expense involved is not in itself a valid
basis for omitting an evidence gathering
procedure for which there is no alternative.
Assurance Engagement Risk and Materiality
The risk that the practitioner expresses an
inappropriate conclusion when the subject matter
information is materially misstated is referred to as
the assurance engagement risk. The higher the
assurance engagement risk is, the more extensive
the evidence gathering procedures are.
Assurance engagement risk has the following
components:

Risk of material misstatement the risk that


the subject matter is materially misstated. It
consists of:
a. Inherent risk the susceptibility of
the subject matter information to a
material misstatement, assuming
that there are no related controls.
b. Control risk the risk that a material
misstatement that could occur will
not be prevented, or detected
and corrected, on a timely basis
by related internal controls.

Detection risk the risk that the practitioner


will not detect a material misstatement
that exists.

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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E.

Materiality is relevant when the practitioner


determines the nature, timing and extent of
evidence gathering procedures and when
assessing whether the subject matter information is
free of material misstatement. When considering
materiality, the practitioner understands and
assesses what factors might influence the decisions
of the intended users. Assessing materiality is a
matter for practitioners judgment.
A written assurance report in the form appropriate
to a reasonable assurance or limited assurance
engagement.
The practitioner provides a written report containing
a conclusion that conveys the assurance obtained
about the subject matter information. In addition,
the
practitioner
considers
other
reporting
responsibilities, including communicating with those
charged with governance when it is appropriate to
do so.
In reasonable assurance engagements, the
practitioner expresses the conclusion in the positive
form, for example:
In our opinion internal control is effective, in all
material respects, based on XYZ criteria.
In limited assurance engagement, the practitioner
expresses the conclusion in the negative form, for
example:
Based on our work described in this report, nothing
has come to our attention that causes us to believe
that internal control is not effective, in all material
respects, based on XYZ criteria.
Not all conclusions are unqualified conclusions or
those with no categorization in the expression of
the practitioners conclusions.
Cause

Conclusion

Auditor is prevented from


obtaining sufficient
appropriate evidence
(scope limitation)

If material but not


pervasive, qualified
conclusion. If both
material and pervasive,
disclaimer of opinion.

Assertion or subject
matter information is
materially misstated

If material but not


pervasive, qualified
conclusion. If both
material and pervasive,
adverse opinion.

Criteria are unsuitable or


subject matter is
inappropriate thus
misleading users of
information

If material but not


pervasive, qualified
conclusion. If both
material and pervasive,
adverse opinion.

Important Notes:

The reason for differing levels of assurance


lies in the nature, extent and timing of
procedures to gather evidence as a basis
for the practitioners conclusion.
Whenever practical, the assurance report
is addressed to all the intended users, but
in some cases there may be other
intended users. In cases where the
practitioner may not be able to identify all
intended users, the intended users may be
limited to
major stakeholders with
significant and common interests.
When identified criteria are available only
to specific intended users, or are relevant
only to a specific purpose, use of the
assurance report is restricted to those users
or for that purpose.

TYPES OF ASSURANCE ENGAGEMENTS LEVEL OF ASSURANCE


According to the Framework for Assurance Engagements,
there are two types of assurance engagements that a
practitioner is permitted to perform as follows:
A. Reasonable assurance engagements also known
as high level engagements, aim to reduce the
assurance engagement risk to an acceptably low

level in the circumstances of the engagement as


the basis for a positive form of expression of the
practitioners conclusion.
These engagements provide a high, but not
absolute, level of assurance. This is also known as
reasonable assurance which is achieved if the
assurance engagement risk is reduced to an
acceptably low level, that is, close to zero.
Example: Independent financial statement audits.
B.

Limited assurance engagements aim to reduce


assurance engagement risk to an acceptable level
in the circumstances of the as the basis for a
negative form of expression of the practitioners
conclusion. Thus, the assurance engagement risk in
a limited assurance engagement is greater than for
a reasonable assurance engagement.
These engagements provide a moderate level of
assurance. This is also known as limited assurance
which is achieved if the assurance engagement
risk is reduced to an acceptable level.
Example: Review of financial statements.

ABSOLUTE ASSURANCE IN ASSURANCE ENGAGEMENTS


Reducing assurance engagement risk to zero is very rarely
attainable or cost beneficial as a result of factors such as
the following:
A. The use of judgment in gathering and evaluating
evidence and forming conclusions based on that
evidence.
B. The use of selective testing.
C. The inherent limitations of internal control.
D. The fact that much of the evidence available to
the practitioner is persuasive rather than conclusive.
E. In some cases, the characteristics of the subject
matter when evaluated or measured against the
identified criteria.
TYPES OF ASSURANCE ENGAGEMENTS STRUCTURE
A. Assertion-based engagements those that involve
the evaluation or measurement of the subject
matter by the responsible party and the subject
matter information in the form of an assertion by
the responsible party is made available to the
intended users. The practitioners conclusion can
be worded in terms of the responsible partys
assertion. These are also known as attestation
engagements.
B.

Direct reporting engagements those where the


practitioner either directly performs the evaluation
or measurement of the subject matter or obtains a
representation from the responsible party that has
performed the evaluation or measurement that is
not available to the intended users. The subject
matter is provided to the intended users in the
assurance report.

RANGE OF ASSURANCE ENGAGEMENTS


There is a broad range of assurance engagements, which
includes any combination of the following:
A. Engagements to report on a broad range of
subject matters covering financial and nonfinancial information.
B. Engagements intended to provide high or
moderate level of assurance.
C. Attest and direct reporting engagements.
D. Engagements to report internally and externally.
E. Engagements in private and public sector.
NATURE OF ATTESTATION SERVICES
Attestation services are a type of assurance service in
which a practitioner is engaged to issue a written
communication that expresses a conclusion about the
reliability of a written assertion that is the responsibility of
another party. Attestation generally refers to an experts
written communication of a conclusion about the reliability
of someone elses assertions.
The following characteristics are what separate attestation
services from other assurance services a CPA may provide:

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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A.

There must be a written assertion being made by


one party, the reliability of which is of interest to
another party.
B. There must be agreed upon and objective criteria
that can be utilized to assess the accuracy of
assertion.
C. The assertion must be amenable to verification by
an independent party.
D. The accountant should prepare a written
conclusion about the reliability of the assertion.
Auditing, Attestation and Assurance Services
Though the services encompass the same decision process,
the three services differ in the scope of their service.
Assurance services are broader in scope and in concept
than either auditing or attestation. Attestation and audit
services are subsets of assurance services.
Attestation services, on the other hand, are broader than
audit services. Audit, particularly a financial statement
audit, involves the examination of a historical financial
statement in accordance with GAAP. Attestation goes
beyond historical financial statements. They cover even
non-GAAP financial statements.
Service Provided

Valued Added to Information

Assurance engagements

Reliability, credibility,
relevance and timeliness

Attestation engagements

Reliability and credibility

Audit engagements

Reliability and credibility

EXAMPLES OF ASSURANCE ENGAGEMENTS


A. Audit the most predominant type of assurance
engagement that the professional accountant
may be involved in is the independent audit,
primarily that of financial statements. In conducting
an audit of financial statements, the auditors
overall objectives are:
To obtain reasonable assurance about
whether the financial statements as a whole
are free from material misstatement,
whether due to fraud or error, thereby
enabling the auditor to express an opinion
on whether the financial statements are
prepared in accordance with an applicable
financial reporting framework.
To report on the financial statements and
communicate as required by the PSAs in
accordance with the auditors findings.
Audits require greater scrutiny of the financial
statements.
B. Reviews involve limited investigation of much
narrower scope than an audit and undertaken for
the purpose of providing limited assurance that the
statements are presented in accordance with
identified financial reporting standards. Reviews
may also involve other type of information aside
from historical financial information.
The objective of a review of financial statements is
to enable a practitioner to state whether on the
basis of procedures which do not provide all the
evidence that would be required in an audit,
anything has come to the practitioners attention
that causes the practitioner to believe that the
financial statements are not prepared in
accordance with an identified financial reporting
framework (negative assurance).
A review comprises inquiry and analytical
procedures which are designed to review
the reliability of an assertion that is the
responsibility of one party for use by another
party.
A review does not ordinarily involve an
assessment of accounting and internal
control systems, tests of records and of
responses
to
inquiries
by
obtaining

corroborative evidence through inspection,


observation and confirmation, which are
procedures ordinarily performed during an
audit.
The level of assurance provided in a review
report is less than that given in an audit.

C. Other assurance services designed to provide


assurance on other types of information other than
historical financial information. These services
include examination of prospective financial
statements, reporting on compliance with laws,
rules and regulations and the following:
Business performance measurement an
engagement that provides assurance
whether
financial
and
non-financial
information being reported from the entitys
performance measurement system is reliable
and whether the performance measures
being used are accurately leading the entity
toward meeting its strategic goals and
objectives.
Healthcare performance measurement an
evaluation of the quality of health care,
medical services and outcome. It looks into
the health care delivery system, the medical
services provided and quality attributes
associated with those services.
Elder care plus an evaluation designed to
provide assurance to the elderly and their
relatives about the quality of care being
provided by various care givers by
comparing their specific objectives in
providing care with actual services
rendered.
Risk assessment services identifies a set of
risks that affect the organization by studying
the link between risks and organizations
vision, mission, objectives and strategies and
development of new and relevant
measures to address these risks.
CPA Web Trust service a seal of assurance
service developed by AICPA and CICA that
enables consumers and businesses to
purchase goods and services over the
Internet with the confidence that the
website business meet high standards of
business practice as set forth in the CPA
web trust principles and criteria.
Information systems reliability involves
evaluating whether financial and nonfinancial information systems provide reliable
information for operating and financial
decisions by an entitys management.
NON-ASSURANCE ENGAGEMENTS
Not all engagements performed by practitioners are
assurance engagements. Other frequently performed
engagements do not meet the definition of an assurance
engagement are called non-assurance services, which are
those that do not result in the expression of a conclusion
that provides a level of assurance. The practitioner does not
convey to the intended users any assurance as to the
reliability of an assertion. Non-assurance engagements
could be:
A. Related services are non-assurance engagements
that are ordinarily performed in connection with an
entitys financial statements just like an audit.
Related services include agreed-upon procedures
engagements, compilation of financial and other
information and other engagements as specified by
the AASC.
B. Other non-assurance engagements are nonassurance engagements that are not ordinarily
performed in connection with an entitys financial
statements such as management advisory services
and some tax services like income tax return
preparation where no assurance is provided.

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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Agreed-upon Procedures Engagements


The objective is for an auditor to carry out those
procedures of an audit nature to which the auditor
and the entity and any appropriate third parties
have agreed and to report on factual findings.
B. The recipients of the report must form their own
conclusion from the report of the auditor.
C. The report must be restricted to those parties that
have agreed to the procedures to be performed
since others, unaware of the reasons for the
procedures, may misinterpret results.
D. The report needs to describe the purpose and the
agreed-upon procedures of the engagement in
sufficient detail to enable the users of the report to
understand the nature and extent of the work
performed.
Compilation of Financial or Other Information Engagements

Assurance Services

Consulting Services

To improve quality or context


of information by enhancing its
credibility

To recommend uses for


information designed to
improve clients condition
directly

Intended to improve decision


makers condition only
indirectly through the use of
high-quality information

Designed to improve clients


condition directly through
findings, conclusions and
recommendation

Three-party contracts

Two-party contracts

Focus is on decision makers


and information used for
optimum decisions

Focus is on outcomes

Results are communicated


through a written report

Results and
recommendations are
communicated either written
or orally

Competing interests may exist


between the responsible party
and the intended users

No competing interests

A.

A.

The objective is for the accountant to use


accounting expertise as opposed to auditing
expertise to collect, classify and summarize
financial information.
B. Compilations ordinarily entail reducing detailed
data to manageable and understandable form
without a requirement to test the assertions
underlying that information. They ordinarily include
the preparation of financial statements.
C. The procedures performed are not designed and
do not enable the accountant to express any
assurance on the financial information.
D. Users of compiled financial information derive some
benefits as a result of the accountants involvement
because the service has been performed with due
professional skill and care.
E. When performing a compilation engagement, the
accountant is not ordinarily required to:

Make any inquiries of management to


assess the reliability and completeness of
the information provided.

Assess internal controls.

Verify any matters and explanations.


F. The accountants compilation report should
identify the financial statements compiled and
should clearly indicate that no assurance is
provided on the financial statements.
G. In addition, the financial information compiled by
the accountant should contain a reference such
as, Unaudited, Compiled without Audit or
Review or Refer to Compilation Report on each
page of the financial information or on the front of
the complete set of financial statements.
Tax Services
Individuals and business leaders turn to CPAs for advice on
income tax and business tax strategies. A CPA can develop
tax strategies to help taxpayers legally reduce their tax
liability. Moreover, a CPA is considered qualified to prepare
corporate individual tax returns for both audit and nonaudit clients. Ordinarily, CPAs render two types of tax
services as follows:
A. Tax compliance includes the preparation of tax
returns for individuals, corporations, estates, trusts
and others.
B. Tax planning determines the tax consequences of
planned or potential transactions and suggests
desirable course of action to minimize the tax
liability while achieving the clients objectives.
Management Advisory Services
Management advisory services are professional services
that employ the practitioners technical skills, education,
observations, experiences and knowledge of the analytical
approach and procedures used in a consulting
engagement. Advisory services may include the design
and installation of accounting systems, computer risk
management and corporate finance. A pervasive
characteristic of a CPAs role in a consulting services
engagement is that of being an objective advisor on the
use of information.

REPORTS ON NON-ASSURANCE ENGAGEMENTS


So as not to confuse users, a report that is not an assurance
report avoids the following:
A. Implying compliance with the Framework for
Assurance Engagements and the assurance
engagement standards (PSAs, PSREs and PSRSs).
B. Inappropriately using the words, assurance,
audit, or review.
C. Including a statement that could reasonably be
mistaken for a conclusion designed to enhance
the degree of confidence of intended users about
the outcome of the evaluation or measurement of
a subject matter against criteria.
ACCEPTING AN ASSURANCE ENGAGEMENT
A practitioner accepts an assurance engagement only
where the practitioners preliminary knowledge of the
engagement circumstances indicates that relevant ethical
requirements such as independence will be satisfied and
that the engagement exhibits all of the following
characteristics:
A. The subject matter is appropriate.
B. The criteria to be used are suitable and are
available to the intended users.
C. The practitioner has access to sufficient
appropriate evidence to support the practitioners
conclusion.
D. The practitioners conclusion, in the form
appropriate to either a reasonable assurance
engagement or a limited assurance engagement,
is to be contained in a written report.
E. The practitioner is satisfied that there is a rational
purpose for the engagement. If there is a
significant limitation on the scope of the
practitioners work, it may be unlikely that the
engagement has a rational purpose.
Specific engagement standards may include additional
requirements that need to be satisfied prior to accepting
an engagement.
Association with a Subject Matter
A practitioner is associated with a subject matter when:
A.
The practitioner reports on information about that
subject matter.
B.
Consents to the use of the practitioners name in a
professional connection with that subject matter.
If the practitioner is not associated in this manner, third
parties can assume no responsibility of the practitioner. If
the practitioner learns that a party is inappropriately using
the practitioners name in association with a subject
matter, the practitioner should:
A. Requires the party to cease doing so.
B. Considers what other steps may be needed, such
as informing any known third party.
C. Seek legal advice if necessary.

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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COMPARISON AMONG THE DIFFERENT TYPES OF SERVICES


POINT OF
DISTINCTION

ASSURANCE SERVICES

RELATED SERVICES
Agreed-upon
Compilation
Procedures

Audit

Reviews

Objective

To express an opinion on
the fairness of financial
statements

To report whether
anything has come to
the auditors attention
that causes to believe
that the financial
statements are not fair

To perform audit
procedures agreed on
with the client and any
appropriate third parties
identified in the report

To assist the client in


preparing financial
statements by using
accounting expertise as
opposed to auditing
expertise

Evidence gathering
procedures

Risk assessment
procedures, tests of
control and substantive
procedures

Limited to inquiry and


analytical procedures

Procedures as agreed

Reading of the financial


statements for obvious
misstatements

Level of assurance
provided

Reasonable or high but


not absolute assurance

Moderate or limited
assurance

No assurance

No assurance

Report provided

An audit report
containing a positive
form of assurance on
assertion

An review report
containing a negative
form of assurance on
assertion

A factual findings of
procedures

A compilation report
which identify
information compiled

Skills used

Audit skills

Audit skills

Audit skills

Accounting skills

Other
Characteristics

Audit opinion enhances


the credibility of
financial information

Substantially less in
scope of procedures
than audit

Recipients of the report


must form their own
conclusions and the
report is restricted to
contracting parties

Users derive benefit


because the service has
been performed with
due professional skill
and care

Prepared by: Mohammad Muariff S. Balang, CPA, First Semester, AY 2013-2014

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