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Week 1 FRA 2nd lecture notes
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Introduction to AssuranceSunday, 25 February 2024 3:42 pm
The Audit Process
1. Initial client Engagement
2. Planning of the audit
3. Execution of the audit
4. Follow up of the audit
5. Audit completion
Assurance
- A practitioner expresses a conclusion designed to enhance the degree of confidence
of the intended users
- Something that removes doubt, and adds confidence about something
- We can get assurance from:
1. Using a surveyor when purchasing a house
2. Gaining legal advice on a case from a solicitor
3. Reassurance from a doctor on a medical condition
- Auditors are practitioners who are qualified and experienced and express a
conclusion and the opinion at the end of their piece of work
- Auditors enhance the confidence of the people that are going to use that information
whether that's shareholders or banks looking to lend money to a company etc.
There are five elements of assurance engagement:
1. Three parties involved
i. The practitioner
ii. The intended users (Shareholders)
iii. The responsible party (preparers of information to be reviewed - Directors)
2. The subject matter e.g. the financial statements
3. Suitable criteria against which the subject matter is evaluated
4. Sufficient Appropriate Evidence obtained (by the practitioner)
5. Written assurance report provided (by the practitioner)
Two types of assurance
1. Reasonable assurance
- Highest possible level of assurance
- Draws reasonable conclusions
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