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ACCA Strategic Professional · Advanced Audit and Assurance (International) · Reporting on other assignments

Torvale Co engages an audit firm to provide a conclusion on whether its published greenhouse gas statement has been prepared in accordance with stated criteria. The firm will gather evidence and express a conclusion designed to increase the confidence of intended users, other than the responsible party. Which of the following is an essential element of an assurance engagement under ISAE 3000 (Revised) that is present in this scenario?

A three-party relationship is an essential element of an assurance engagement. ISAE 3000 requires the practitioner, a responsible party and intended users, together with suitable criteria, evidence and a written report. Assurance can be reasonable or limited, and the subject matter need not be financial.

  1. AA three-party relationship involving the practitioner, the responsible party and the intended usersCorrect
  2. BA requirement that the engagement always gives reasonable assurance
  3. CA requirement that the subject matter must be historical financial information
  4. DA requirement that the practitioner prepares the subject matter information

Explanation

ISAE 3000 identifies a three-party relationship (practitioner, responsible party, intended users), an appropriate subject matter, suitable criteria, sufficient appropriate evidence and a written assurance report. Assurance may be reasonable or limited, subject matter need not be financial, and the practitioner does not prepare the subject matter information.

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