MAHONING LAW LIBRARY ASSOCIATION MAHONING COUNTY REGULAR AUDIT FOR THE YEARS ENDED DECEMBER 31, 2007: Fill out & sign online

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What does reasonable assurance mean in a job?

Reasonable assurance is a written, verbal, or implied agreement that says the school employee will perform services for an educational organization during the next academic year, term, or remainder of a term.

What does reasonably assured mean?

Reasonable assurance Assessor is confident that their audit was sufficiently thorough to form a conclusion with a high level of certainty. Reasonable assurance is generally perceived to be more credible than limited assurance, thanks to a higher level of testing and evidence provided by the auditor.

Why is reasonable assurance important?

Reduced to its core, the auditor is required to obtain reasonable assurance whether financial statements give a true and fair view of an organizations financial position. In others words, the auditor is to be reasonably sure that financial statements are free from material mis-statements.

What is a material weakness?

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the companys annual or interim financial statements will not be prevented or detected on a timely basis.

What is the meaning of reasonable assurance?

Reasonable assurance means a high but not absolute level of assurance. Sufficient appropriate evidence is obtained as part of a systematic assurance engagement process that includes: obtaining an understanding of the assurance engagement circumstances. assessing risks. responding to assessed risks.