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Chapter 1
Levels and types of assurance
2.1 Limited and reasonable assurance
Limited assurance Reasonable assurance
Moderate/lower level of High but not absolute level of
assurance assurance
Conclusion expressed
negatively Opinion expressed positively
E.g. engagement to examine a E.g. audit of financial
forecast statements
‘Nothing has come to our
attention which causes us to ‘In our opinion, the financial
believe that these
statements show a true and
assumptions do not provide a fair view.’
reasonable basis for the
forecast.’
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