This part of the textbook introduces the concepts of auditing and assurance
services and explains the relationship between them. It outlines recent
developments arising from the assurance framework adopted by the
International Auditing and Assurance Standards Board (IAASB) and the
Australian Auditing and Assurance Standards Board (AUASB), with particular
emphasis given to recent developments relating to the auditing and reviewing
of financial reports. While such audits are only one type of assurance
engagement, there is no doubt that they are extremely important, since they
are the primary service on which the profession has developed its reputation.
This part of the textbook also outlines the major influences in society that give
rise to a demand for auditing and assurance services. It also considers other