The 7 Managerial Habits of Highly Effective Chief Audit Executives - Inspiring Excellence in Managing the Internal Audit Function by Hans Beumer

Author:Hans Beumer [Beumer, Hans]
Language: eng
Format: epub
Amazon: B07BN4C3XR
Publisher: Hans Beumer
Published: 2018-06-01T23:00:00+00:00

Absolute or reasonable assurance?

Usually it is not possible (nor desirable) to provide an absolute assurance. Absolute assurance would result in the audit function making absolute and determinant statements that guarantee a 100 percent reliability of (no expected deviations from) the results of the audit work, no matter the circumstances of the subject matter. This would leave no room for error, misinterpretations, insufficient sampling, and so forth; it would drive the costs of the audit engagements sky-high. In general, the audit function customers do not require an absolute assurance anyway; they are satisfied with a reasonable assurance. This has to do with the following. The audit function is required to maintain an adequate level of efficiency. The audit resources are limited and need to be spread over multiple tasks and engagements. Audit testing of 100 percent of the population is usually not necessary in making a statement about the whole population. In most engagements sample testing suffices.

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