Non-Audit
A non-audit assurance engagement pertains to a task carried out by professionals, such as accountants or auditors, with the aim of providing assurance regarding different aspects of an organization’s operations or financial information that are not specifically related to the audit of financial statements.
Unlike an audit assurance engagement, which focuses on financial statements, non-audit assurance engagements cover a broader range of areas and may involve different
Types of assurance services.
Some common examples of non-audit assurance engagements include:
Review Engagements:
In a review engagement, the auditor performs limited procedures and inquiries to obtain a reasonable basis for expressing limited assurance on financial statements. The objective is to provide a moderate level of assurance that the financial statements are free from material misstatement, but the assurance level is lower compared to a full audit engagement.
Agreed-Upon Procedures Engagements:
In this type of engagement, the auditor performs specific procedures agreed upon by the engaging party and the auditor. The procedures are design to address specific areas of concern or to meet the needs of the engaging party. The auditor’s findings are typically present in the form of a report without expressing an overall conclusion or assurance.
Compliance Engagements:
Compliance engagements involve assessing an organization’s compliance with specific laws, regulations, or contractual requirements. The auditor provides an opinion on whether the organization has complied with the defined criteria or identifies instances of non-compliance.
Internal Control Reviews:
Internal control reviews focus on evaluating the effectiveness and efficiency of an organization’s internal control systems. The objective is to provide assurance that the internal controls are design and operating effectively to mitigate risks and achieve organizational objectives.
Sustainability Assurance Engagements:
These engagements involve providing assurance on an organization’s sustainability or environmental, social, and governance (ESG) reports. The assurance focuses on verifying the accuracy, completeness, and reliability of the reported information related to sustainability initiatives, social responsibility, environmental impact, and corporate governance.
Non-audit assurance engagements are tailor to meet the specific needs of the engaging party and are governed by relevant professional standards and guidelines. The objective is to provide reasonable assurance or limited assurance on the subject matter under consideration.
Depending on the nature and scope of the engagement. The findings and conclusions of non-audit assurance engagements are typically communicate in a formal report to the engaging party.
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