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What is an assurance engagement and what are its elements?

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Answer

An assurance engagement is one where a practitioner expresses a conclusion to enhance the confidence of intended users about a subject matter against criteria. Its five elements are: a three-party relationship (practitioner, responsible party, users), a subject matter, suitable criteria, sufficient appropriate evidence, and a written assurance report.
Real-world example An audit of financial statements is an assurance engagement measuring the statements against the reporting framework criteria.

Common follow-ups: What are the five elements of assurance? | Is an audit a type of assurance engagement?

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