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Hi
What are the objectives of an assurance engagement (this is in the ACCA study guide) ?
Should we discuss about the objectives of audit – The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are prepared, in all material respect, in accordance with the applicable financial reporting framework.
OR
Should the objectives of reasonable & limited assurance engagement be discussed ?
New to audit! Please shed some light
Since assurance and audit are not the same, if asked to state the objectives of assurance you should use the more generic terms that describe an assurance engagement (s.2 on page 6) i.e. as you suggest “to provide a written report that provides reasonable or limited assurance” – but since this is only examined at level [1] you wouldn’t expand on the different types of assurance unless that was indicated by the requirement – but rather get in the points that the report is by the practitioner (e.g. auditor) – to the intended user (e.g. shareholders) – that it is on subject matter (e.g. financial statements) – assessed against suitable criteria (e.g. IFRS) – based on appropriate evidence (e.g. audit evidence obtained in accordance with ISAs).
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