In most cases, users of financial information would expect a practitioner to provide 100% assurance during the audit or assurance engagement. Issuing such assurance level is not practical due to inherent limitations that are associated with assurance engagements. For this reason, International standards on assurance engagement (ISAE 3000) do not permit a practitioner from issuing a total assurance (absolute) … Read the rest
Review engagement is type of assurance engagement in which independent practitioner or auditor express his limited assurance on the information provided by responsible party to the user of this information. The information on which practitioner (which in many cases is the audit firm) can perform review engagement include financial statements and due diligence during business combination.
Reasonable assurance is a concept relating to the accumulation of the audit evidence necessary for the auditor to conclude that there are no material misstatements in the financial statements taken as a whole.
The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is
acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable
Assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion.
In a limited assurance engagement, the practitioner:
gathers sufficient … Read the rest