An assurance engagement is one in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria
A common type of assurance engagement is the audit of a company's financial statements, governed by Companies Act 2006 and International Standards on Auditing (ISAs)
An attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of audit evidence
The application of relevant training, knowledge and experience in making informed decisions about the courses of actions that are appropriate in the circumstances of the audit
The International Federation of Accountants (IFAC) promotes international regulation of the accountancy profession, including the International Audit and Assurance Standards Board (IAASB) which develops and promotes International standards on Auditing (ISAs)
Different countries can set their own auditing standards or modify ISAs to suit national needs, if there is a conflict between ISAs and local standards, local regulations will apply
The framework of rules and practices by which a board of directors ensures accountability, fairness, and transparency in a company's relationship with all its stakeholders
To ensure that companies are run well and in the interests of their shareholders, employees and other stakeholders holders such as the wider community, and to reduce the risk that Directors will abuse their powers
Corporate governance is the means by which a company is operated and controlled, the aim is to ensure companies are run well and in the interests of shareholders, employees and other key stakeholders such as the wider community, good corporate governance will also reduce the risk of directors abusing their power