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Hello sir,
I am convinced that Limited assurance could give both Negative and Positive assurance, one or the other I mean rather than Just Negative.Am I right?
Limited assurance = negative assurance
Reasonable assurance = positive assurance.These terms say nothing about whether assurance is given. So, an audit is positive/reasonable assurance but the audit opinion could say that the FS do show a true and fair view or it could say the FS do not show a T&F view. Either way, the audit report is ‘definite’.
Limited or negative assurance simple says that nothing untoward has been found (assuming it hasn’t).
Suppose it is a review engagement and you are almost certain of what you found.
Couldn’t this be positive?
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