Transcription of Reasonable Assurance - PCAOB | Driving Continuous ...
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Reasonable Assurance - PCAOB | Driving Continuous ...
1666 K Street, NW Washington, 20006 Telephone: (202) 207-9100 Facsimile: (202)862-8430 This paper was developed by the staff of the Office of the Chief Auditor to foster discussion among the members of the SAG. It is not a statement of the Board; nor does it necessarily reflect the views of the Board or PCAOB staff. STANDING ADVISORY GROUP MEETING Reasonable Assurance OCTOBER 5-6, 2005 Introduction The Board's interim auditing standards1/ require auditors to obtain Reasonable Assurance that the financial statements are free of material misstatements to support their unqualified opinion on the financial statements.
Thus, the assurance the auditor provides to financial statement users based on a review is more limited than the assurance that can be provided as a result of an audit. The term "reasonable assurance," as used in the interim auditing standards, describes the level of assurance auditors are required to obtain by performing audit
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