ACCA AAA · Chapter 26
Types of assignment
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Assurance and related services
Types of assignment assurance level and report
Audit: reasonable assurance
- Historical financial statements; ISAs apply
- Positive opinion on fair presentation
Review: limited assurance
- Historical financial information; ISREs apply
- Conclusion framed as nothing has come to attention
- Interim financial information is an example
ISAEs and examples
- Prospective financial information: ISAE 3400; Chapter 27
- Controls at a service organisation: ISAE 3402; Chapter 18
- Service auditor provides Type 1 or Type 2 report
- Due diligence may be assurance: Chapter 29
Pro forma information: ISAE 3420
- Management compiles information for a prospectus
- Practitioner reports on compilation against criteria
Related service: ISRS 4400 (Revised)
- Practitioner performs procedures agreed for the engagement
- Reports factual findings; expresses no assurance
- May be used in forensic work: Chapter 28
- Due diligence may also use this form: Chapter 29
Related service: ISRS 4410 (Revised)
- Accountant assists with preparation and presentation
- Management remains responsible for financial information
- No audit or review evidence gathered to verify it
- No audit opinion or assurance conclusion expressed
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