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Dear sir,
Having gone through the meaning of reasonable assurance, there is a line that says this“An Assurance engagement in which the Practioner reduces engagement risk to an acceptably low level in the circumstances of the engagement as
the basis for the practitioner’s conclusion.”And this for limited assurance
“An assurance engagement in which the practitioner reduces engagement risk to a level that is acceptable in the circumstances of the engagement but where that risk is greater than for a reasonable assurance
engagement”What do these lines mean?
Thanks.
These phrases are almost meaningless – or certainly difficult to extract any understanding from. Really they are saying that reasonable assurance gives greater assurance than limited assurance.
Look at the bottom of page 7 and the top of page 8 of our notes to see better explanations.
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