Assurance conclusions enhance trust
Assurance services are designed to increase the trust of users of subject matter specific information. An assurance practitioner compares such information to the criteria governing its preparation and reports accordingly.
Assurance on financial information
Assurance services may -as is the case for audit – relate to an entity’s external financial re-porting (e.g., review of financial statements or review of interim financial information). In contrast to an audit, the conclusion is based on a different degree of assurance having been obtained. Assurance services may be performed in relation to financial information other than cyclical financial reporting, (e.g., in connection to a stock market transition).
Further assurance engagements – e.g. in relation to systems
Assurance engagements may relate to subjects other than financial information, such as compliance management systems (CMS), assessment of internal controls or software solutions, concerning the adherence to specific functional and technical requirements.
Competence in Assurance and Accounting is required
Assurance services all require expertise and competence in the fundamentals of accounting and assurance methodology and the application of audit skills.