The ICAEW promotes dialogue about assurance services through the re:Assurance initiative.
- The ICAEW Assurance Service
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The Faculty has published a report Alternatives to Audit, sharing the practical application of the ICAEW Assurance Service and external stakeholders views on SME financial information. The latest report promotes a debate over the diversifying needs of audit-exempt companies, involving not just the audit community but also business, providers of finance and development agencies.
- Assurance on non financial information
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The Faculty has published a paper aimed primarily at practitioners which examines the types of non-financial information on which external assurance reports are currently provided and considers further opportunities for practitioners in this area.
It discusses some of the practical challenges that practitioners might face when providing external assurance reports on non-financial information and identifies some areas for further consideration.
- Assurance and sustainability
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The market offers a number of different models for sustainability assurance to choose from. The ICAEW Audit and Assurance Faculty discusses what is distinct about the assurance service you get form a professional accountant in public practice.
In this booklet, we highlight key issues around the assurance of sustainability information using a series of questions and answers. The questions cover report users, what an assurance service is, what it should achieve, and what other services could help enhance your business sustainability.
Sustainability assurance: Your choice.
- Perspectives on Assurance
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The Audit and Assurance Faculty has published a series of three discussion papers within the re:Assurance initiative aimed at specific audiences, those with an interest in public policy, people in business and assurance practitioners. The papers focus on stimulating dialogue on the external assurance services.
- International framework
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Businesses, investors, governments, tax authorities, market regulators and other stakeholders need to be able to rely on credible information flows to make economic decisions and policy. Confidence diminishes when there are uncertainties around the integrity of information or its fitness for purpose.
Assurance: building confidence and creating trust
Where businesses or stakeholders identify a particular need to build confidence in information and reinforce relationships of trust, external assurance can play a valuable role. An independent expert expressing assurance on information provides a strong signal that reports are trustworthy.
Audit of financial statements
There is a lack of understanding of what is meant by assurance and the types of assurance that are or can be made available. This is clear from the expectation gaps that arise even in relation to the most long-established of assurance services, the audit of financial statements.
International Framework for Assurance Engagements
The International Auditing and Assurance Standards Board (IAASB) published the International Framework for Assurance Engagements in 2004.
This sets out high-level principles applicable to various types of assurance services and might help to address some of these issues. But the practical application of this guidance still needs thorough testing.
The first assurance standard International Standard on Assurance Engagements 3000 (ISAE 3000) Assurance Engagements other than Audits or Reviews of Historical Financial Information.
There are important public interest issues to be addressed around the role of external assurance. That is why the dialogue and scrutiny promoted by this initiative are so important.
- Assurance engagements on business relationships
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Based on the IAASB Framework and ISAE 3000, the ICAEW has developed a series of best practice guidance on performing assurance services on business relationships, typically on internal controls of service organisations.
In assurance engagements on business relationships
- Assurance Engagements: Management of Risk and Liability
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In Assurance Engagements
- Forthcoming topics
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Perspectives on assurance
A series of papers to stimulate dialogue with interested parties on the practical application and development of the International Framework for Assurance Engagements. The papers will be targeted to particular audiences; explaining the IAASB’s Framework; identifying areas where there is a need for further work; stimulating policy debate; and considering the assurance needs of stakeholders such as business and other users of information.
Assurance on narrative reporting
Markets need both quantitative and qualitative information. Where information is presented in non-financial terms, how can its credibility be reliably assessed? The paper will examine existing assurance practices in this area and will consider potential difficulties in meeting the expectations of users of such information.
Third party assurance
Business enterprises increasingly rely on external networks. To streamline operations or to obtain specialist skills, businesses often use the services of third parties. However, reliance on third parties can lead to uncertain relationships and risks related to cost, quality and compliance with contractual terms. This publication will consider the practical role of chartered accountants in providing assurance services to facilitate effective business relationships with third parties.
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