Negative assurance is permissible in:
A)reports relating to the results of agreed-upon procedures to one or more specified elements, accounts or items of a financial report.
B)reports based on a performance audit of a government department.
C)reports based upon an audit of the interim financial report of a closely held business entity.
D)reports based upon a review engagement.

Question

Quizplus · Accepted Answer

Negative assurance is typically provided in the context of review engagements, where the practitioner communicates that nothing has come to their attention that causes them to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework. This is in contrast to an audit, which provides a positive assurance, and agreed-upon procedures or performance audits, which do not typically provide any form of assurance on the financial statements as a whole.

Negative Assurance Is Permissible In