Tue 05 / 01 / 16
What are the benefits of assurance?
An assurance assignment is an independent and professional service involving a review of a business’ financial procedures and controls to help improve the information that managers, directors and owners receive with which they make important day to day business decisions. The accountant will issue a conclusion on the subject matter based on certain criteria.
But what are the benefits?
- A closer look at a business through the eyes of a skilled business professional
- Ensures users are more confident that the information presented to them is reliable
- Gives more credibility to business reporting processes
- Facilitates the running and management of the business
- Advice and recommendations will be given during the process
- Improves business processes
- Aids the process of obtaining finance
- Assists management in understanding and reducing business risks
- Better controls can increase profit
- Gives more confidence in internal controls
- More valid conclusions can be drawn from the accounts
- Accountants follow strict ethical codes so are perceived to be trustworthy
- The assurance provider will obtain evidence that the required criteria have been met
- Sufficient evidence will be obtained to substantiate any opinion
- A written report will be supplied
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