Key elements of assurance engagements includes
01. Three party’s insolvent (share holders, BOD, Audit firm)
a. Share holders,
b. Board of director (BOD)
c. Audit firm
02. Subject matter
The specific information, process, or system that is the focus of the assurance engagement.
03. Suitable criteria
The benchmarks, standards, or criteria against which the subject matter is evaluated or measured.
04. Sufficiency & Appropriateness of audit evidence
The sufficiency and appropriateness of audit evidence are interrelated.
Sufficiency: is the measure of the quantity of audit evidence. Whereas Appropriateness is the measure of the quality of audit evidence; that is, its relevance and its reliability in providing support for the conclusions on which the auditor’s opinion is based.
05. Written assurance report:
This is given to the intended user and the responsible party from the practitioner.