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Can other assignments (non FS audits) such as audits of social and environmental performance and PFI reports give either reasonable assurance or limited assurance?
(depending on what the client wants)If a social and environmental report is made up of historic financial information it can be “audited” to give a reasonable assurance opinion.
PFI is not historic but future – it can only be reviewed – hence limited assurance.Hi Kim, as per ACCA article below, I thought a conclusion would be agreed by the client?
There is no specific format or wording that is prescribed by international regulations for reporting on public sector performance information, though in some jurisdictions the national regulators may issue country-specific requirements.
Generally, the auditor will provide a conclusion on whether the public sector entity has achieved its objectives as shown by the reported performance information and concludes on the information itself. This conclusion may be in the form of a reasonable assurance conclusion – ie an opinion is expressed, or may be in the form of a negative assurance conclusion – ie no opinion is expressed. Essentially, in the absence of any jurisdiction specific requirements, the auditor will agree the type of conclusion with the public sector organisation and usually its regulating body
Yes this is true performance information is historic – not prospective.
(Performance information “PI” in the public sector is not the same as prospective financial information “PFI”.)
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