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Anything where one party gives assurance to another. Eg auditors give positive assurance (if possible) that the financial statements give a true and fair view. Sometime they might be asked to give some sort of assurance to a bank about the company’s cash flow forecast, or to another regulator about compliance with specific rules.
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As gromit points out, essentially it is when one party gives assurance to another party.
An audit is an assurance engagement, typically known as reasonable assurance hence the way the auditor opinion is set out in the audit report. This is because due to the inherent limitations of an audit, auditors only give reasonable and not absolute assurance. There are also negative (examples given by gromit above) and no assurance engagements that a professional services firm may give.
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these r audit assurance,,,,bt assurance engagement is different??? whts tht???
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