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Assurance Level

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › Assurance Level

  • This topic has 3 replies, 2 voices, and was last updated 14 years ago by Anonymous.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • December 2, 2010 at 11:27 am #46491
    Fazan Abid
    Member
    • Topics: 4
    • Replies: 10
    • ☆

    Just want to confirm What kind of assurance is provided on:

    1) Due Diligence Report
    2) Prospective Financial information (PFI)

    Is it negative assurance or no assurance

    December 2, 2010 at 12:39 pm #72320
    Anonymous
    Inactive
    • Topics: 1
    • Replies: 11
    • ☆

    Sorry for not replying in the chat room.

    Anyway, you need to understand what is negative assurances. (TYPES of assurances)

    Audit provides positive assurances, ie. the wordings are in a positive form.
    “In our opinion, the financial statements of ABC Co for the year ended
    December 31, 20X1 gives a true and fair view of ……..’

    In contrast, reviews provides negative assurances, which is
    “Based on our review, nothing has come to our attention that causes us to believe the financial statements do not give a true and fair view……..’

    Next, LEVEL of assurance.
    Audit provides REASONABLE assurances, while Review provides LIMITED assurances.

    December 2, 2010 at 12:41 pm #72321
    Fazan Abid
    Member
    • Topics: 4
    • Replies: 10
    • ☆

    so DDR and PFI provide limited assurance or no assurance?

    December 2, 2010 at 6:18 pm #72322
    Anonymous
    Inactive
    • Topics: 1
    • Replies: 11
    • ☆

    ANYTHING with the word REVIEW/ASSURANCES, other than an audit of financial statements provides limited assurances.

    So, limited assurances is the answer.

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