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Limited Assurance vs Reasonable Assurance

Description

1 AUE2601 Flashcards on Limited Assurance vs Reasonable Assurance, created by lizma1806 on 31/01/2016.

Flashcards by lizma1806, updated more than 1 year ago

	Created by lizma1806 over 8 years ago

Resource summary

Question	Answer
Reasonable Assurance	- high but not absolute assurance (ISA200) - can only be given if practitioner is satisfied that the risk of expressing an inappropriate opinion is acceptably low - auditor expresses an opinion in a positive form - phrase used: "In our opinion, the AFS present fairly..."
Limited Assurance	- lower than reasonable but still meaningful - auditor is satisfied that the risk is > than reasonable but still acceptably low - auditor expresses opinion in a negative form -

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