5 Elements of Assurance engagements

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Every assurance project needs 3 users, some subject matter, judged against some criteria by gathering evidence, to then be reported on

5 Elements of Assurance engagements are:

  1. 3 Parties (User, Preparer, Reviewer)

    The intended user - the person who wants the report (e.g. Shareholders)
    The responsible party - the person who provides the subject matter (e.g. Directors)
    The Practitioner - the person who reviews the subject matter and provides assurance (e.g. Auditors)

  2. The Subject Matter

    The material provided by the responsible party, which needs assurance on

  3. Criteria to judge reliability and accuracy (e.g. IFRS)

    This is so the subject matter can be assessed

  4. Sufficient Evidence to make an opinion

    This is obtained by the practitioner so to give assurance

  5. A written report

    This is given to the intended user and the responsible party from the practitioner

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