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Types of Assurance Reports

Types of Assurance Reports 📊📝 Objective: Understand the different types of assurance reports, their purposes, and when they are issued in auditing and accounting. 💡 Key Topics Covered: 1️⃣ Definition of Assurance Reports: A report provided by an auditor or professional to enhance the credibility of financial or non-financial information. Offers stakeholders confidence that the information is reliable and accurate. 2️⃣ Key Types of Assurance Reports: Type of Report Purpose Example Audit Report Highest level of assurance; examines financial statements thoroughly Statutory audit of company accounts Review Report Moderate assurance; limited procedures on financial statements Interim financial statements review Compilation Report No assurance; prepares financial info based on client data Compiling annual accounts for management Agreed-Upon Procedures (AUP) Report Specific procedures agreed with client; findings reported without opinion Checking specific balances or compliance with contracts Internal Audit Report Assurance on internal controls, risk management, and compliance Evaluating operational efficiency and controls Other Assurance Reports May include environmental, sustainability, or compliance assurance Reporting on CSR compliance or environmental standards 3️⃣ Characteristics of Assurance Reports: Clear and concise communication Prepared by qualified professionals Based on evidence and professional judgment Enhances credibility and reliability of information 4️⃣ Importance: Builds stakeholder trust Helps in decision-making Ensures compliance with laws, regulations, and standards Highlights weaknesses and areas for improvement 5️⃣ Practical Example: An auditor issues an audit report confirming that the financial statements of a company are free from material misstatement. 🎯 Who Should Watch / Study: Accounting and auditing students Internal and external auditors Finance professionals and management teams 📘 Learn With Manifested Publishers: Structured lessons, examples, and exercises to master assurance reports and understand their roles in business and auditing. 💻 Visit: www.manifestedpublishers.com 📞 Call/WhatsApp: +254 724 173 845 #AssuranceReports #Auditing #AccountingLessons #AuditReports #FinancialIntegrity #InternalAudit #ManifestedPublishers #BusinessStudies