An assurance assignment is an independent and professional service involving a review of a business’ financial procedures and controls to help improve the information that managers, directors and owners receive with which they make important day to day business decisions. The accountant will issue a conclusion on the subject matter based on certain criteria.
But what are the benefits?
• a closer look at a business through the eyes of a skilled business professional
• ensures users are more confident that the information presented to them is reliable
• gives more credibility to business reporting processes
• facilitates the running and management of the business
• advice and recommendations will be given during the process
• improves business processes
• aids the process of obtaining finance
• assists management in understanding and reducing business risks
• better controls can increase profit
• gives more confidence in internal controls
• More valid conclusions can be drawn from the accounts
• Accountants follow strict ethical codes so are perceived to be trustworthy
• The assurance provider will obtain evidence that the required criteria have been met
• Sufficient evidence will be obtained to substantiate any opinion
• A written report will be supplied
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.