Differences Between Reasonable Assurance Engagements and Limited Assurance Engagements.docx - Type of engagement Reasonable assurance engagement

Differences Between Reasonable Assurance Engagements and Limited Assurance Engagements.docx

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Type of engagement Objective Evidence-gathering procedures The assurance report Reasonable assurance engagement A reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement, as the basis for a positive form of expression of the practitioner’s conclusion Sufficient appropriate evidence is obtained as part of a systematic engagement process that includes: Obtaining an understanding of the engagement circumstances; Assessing risks; Responding to assessed risks; Performing further procedures using a combination of inspection, observation, confirmation, re- calculation, re- performance, analytical procedures and inquiry. Such further procedures involve substantive procedures, including, where applicable, obtaining corroborating information, and depending on the nature of the subject matter, tests of the operating effectiveness of controls;
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