What assurance conclusion would you give if there is an misstatement disagreement but it is not pervasive?
Express a qualified opinion of negative assurance
What assurance conclusion would you give if there is an misstatement disagreement but it is pervasive?
Express an adverse opinion that the financial statements do not give a true and fair view
What assurance conclusion would you give if there is an inability to obtain sufficient and appropriate evidence but it is not pervasive?
Express a qualified opinion of negative assurance due to amendments which might be required if limitation did not exist
What assurance conclusion would you give if there is an inability to obtain sufficient and appropriate evidence but it is pervasive?
Do not provide any assurance
The engagement wouldn’t be even taken up
What is the difference between and audit and other assurance engagements?
- Reasonable assurance vs limited assurance
- Very extensive meaning more work vs less extensive meaning less work
- Positive opinion vs negative conclusion
- High level of assurance vs Moderate level of assurance
What does the planning stage include in an assurance engagement?
- Agree terms of engagement
- Understand subject matter (F/S)
- Identify criteria (measure against)
- Identify sources of evidence
- Understand the entity and its environment
- Identify intended users
- Consider personnel requirements
What does the conclusion stage include in an assurance engagement?
The ISAE does not require a standardised formal report.
Due to risk, usually a negative conclusion.
“Nothing has come to our attention that causes us to believe the subject matter is not fairly stated”
