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Assurance – Assurance regarding the subject matter. Here, subject matter could be anything like financial statements, internal control, IT System, etc.
Audit – Type of assurance specifically about the financial statements showing true and fair view.
Is it correct? This is my understanding. Kindly explain me both the terms in more detail.
You are correct. Assurance is a general term where one person (generally a professional) gives assurance to another about something.
It could be assurance that budgets do not have anything obviously wrong with them.
It could be assurance about production quality (not a job for an accountant).
In the UK I need to provide the government with annual assurance that my car is in goodworking order and special examination centres provide that assurance.
An audit, as oyu you
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