- 10 Marks
AA – Nov 2024 – L2 – Q1a – Levels of Assurance
Discusses the differences between reasonable assurance and limited assurance in audit engagements.
Question
According to IAASB Handbook 2023-2024 edition, the degree of assurance that can be provided about the reliability of the financial statements of a company will depend on the amount of work performed in carrying out the assurance process and the result of that work. The resulting assurance falls into one of two levels – reasonable assurance and limited assurance.
Required:
In reference to the statement above, discuss the difference between reasonable assurance and limited assurance.
Find Related Questions by Tags, levels, etc.
- Tags: Assurance, Audit, Financial Statements, IAASB, Limited Assurance, Reasonable Assurance, Risk Assessment
- Level: Level 2
- Topic: Nature and scope of audit and assurance evidence
- Series: Nov 2024
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