Fundamental Principles of Assurance Services
Fundamental Principles of Assurance Services
Services
Introduction to Assurance Engagements
Objective: The main objective is to provide assurance that the information is free
from material misstatement, whether due to fraud or error. This helps users make
informed decisions based on reliable information.
Elements:
1. Three-Party Relationship: Involves the practitioner, the responsible party, and the
intended users.
2. Subject Matter: The information or process being evaluated.
3. Criteria: The standards or benchmarks used to assess the subject matter.
4. Evidence: The information collected to support the practitioner's conclusion.
5. Assurance Report: The formal report issued by the practitioner, providing their
conclusion on the subject matter.