The elements of an assurance engagement
There are 5 elements of an assurance engagement:
(i)the three parties involved:
- the practitioner (i.e. the reviewer of the information);
- the intended users (of the information); and
- the responsible party (i.e. the preparer of the information).
(ii) the subject matter under scrutiny;
(iii)suitable criteria against which to judge the reliability and accuracy of the subject matter (e.g. IFRS);
(iv)sufficient appropriate evidence to substantiate an opinion; and
(v) a written report in an appropriate form.