Importance of Assurance Engagements

Procurement and Audit notes revision

• Potential bias in providing information
• Remoteness between a user and the organization
• Complexity of the transactions, information, or processing systems
• Investors need to manage their risk and thereminimize financial surprises as consequences to investors, and others, of relying on inaccurate information can be quite significant.

Areas where an independent assurance conclusion might be requested include quantitative and qualitative matters such as: quantitative information including data and performance measures as well as financial data; operational controls in outsourced operations; compliance with customer care charters; corporate governance performance; compliance with regulatory frameworks; narrative information; internal controls; human resource performance indicators; social values reporting; certain grant claims and reports to regulators; and compliance with contractual agreements.

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