ACCA AA Syllabus A. Audit Framework And Regulation - 5 Elements of Assurance engagements - Notes ^{5 / 8}

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