Audit and Assurance are related concepts but are not the same thing.
Assurance is a broader term that encompasses various activities aimed at providing confidence to stakeholders regarding the reliability, accuracy, and compliance of information. It involves evaluating and expressing an opinion or conclusion on a subject matter, which could be financial statements, internal controls, compliance with laws and regulations, or other relevant matters.
On the other hand, an audit and assurance is a specific type of assurance engagement that focuses on examining and evaluating an organization’s financial statements and related disclosures. The primary objective of an audit is to express an opinion on whether the financial statements are presented fairly in all material respects and in accordance with the applicable financial reporting framework.
In essence, an audit is a type of assurance engagement, but not all assurance engagements are audits. Other assurance engagements may provide varying levels of assurance, such as reasonable assurance or limited assurance, depending on the scope and objectives of the engagement.
For more information visit this site: https://www.mca.gov.in/
It’s important to note that assurance services can extend beyond financial reporting to include areas such as internal controls, risk management, sustainability reporting, and other non-financial aspects of an organization’s operations.
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