good idea! from ninja glossary:
Positive Assurance:
Positive assurance is an auditor's statement to the effect that the tested items are in compliance with applicable laws or regulations or agreement with specified standards. It may be used in engagements involving compliance auditing of governmental entities and recipients of governmental financial assistance, as specified in Government Auditing Standards and the Single Audit Act of 1984.
Limited Assurance:
Limited assurance is a statement that “there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework.†It is issued in relation to a review of financial statements (AR-C 90.17) and in certain reports on a review of interim financial information.
Negative Assurance:
A negative assurance is a statement made by the auditor which says that, as a result of specified procedures, “nothing came to our attention which would indicate that specified matters do not meet a specified standard.†(AU-C Glossary)
As a general rule, auditors cannot use negative assurance when writing an attestation opinion on financial statements; this approach may, however, be used in certain engagements, such as comfort letters, special reports, applying agreed-upon procedures, and certain reports on compliance with laws and regulations and with contractual agreements. Negative assurances should never be used in an audit report.
FAR- 80
BEC- 75
AUD- 78
REG- ?
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