What are the preconditions for an assurance engagement?

Precondition for the assurance engagement: (1) the underlying subject matter of audit. (2) the criteria that the practitioner expect to applied in the preparation of the subject matter of information are suitable for engagement circumstances..

Who are the three parties relevant to an assurance engagement?

The three parties typically involved in an assurance engagement are: the responsible party, the users and the practitioner. The responsible party performs operations or provides information for the benefit of or relevant to users. This party is responsible for the subject matter over which assurance is sought.

When should a practitioner accept or continue an assurance engagement?

9. The practitioner should accept (or continue where applicable) an assurance engagement only if the practitioner is satisfied that those persons who are to perform the engagement collectively possess the necessary professional competencies.

What does ISAE stand for?

International Standard on Assurance Engagements (ISAE) No. 3402, Assurance Reports on Controls at a Service Organization, was issued in December 2009 by the International Auditing and Assurance Standards Board (IAASB), which is part of the International Federation of Accountants (IFAC).

What does ISAE 3000 stand for?

The International Auditing and Assurance Standards Board (IAASB) approved this exposure draft, proposed International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, for publication in April 2011.

International Framework for Assurance Engagements ISAE 3402, Assurance Reports on Controls at a Service Organization Exposure Draft of Proposed ISAE 3410, Assurance Engagements on Greenhouse Gas Statements International Auditing and Assurance Standards Board

Is extextant ISAE 3000 approved by the IAASB?

Extant ISAE 3000 was approved by the IAASB in December 2003. At the time of its release, the IAASB acknowledged assurance services as an evolving field and, accordingly, decided that the IAASB should keep practical implementation of ISAE 3000 under review.

What’s new in the revised ISAE?

The proposed revised ISAE provides requirements and guidance on assurance engagements, other than audit or reviews of historical financial information.