negative assurance
1. . A weak form of external *audit opinion in circumstances when an auditor does not follow *Generally Accepted Auditing Standards (GAAS). Negative assurance is offered by external auditors to support specific transactions like *flotations, and in circumstances when standard audit opinions are inappropriate or impractical. The thrust of negative assurance is a statement that the auditor is unaware of any problems with *financial statements or transaction under consideration. Negative assurance does not carry the authority and weight of a standard audit opinion issued in line with GAAS. 2. A means of obtaining *audit evidence by sending written requests to *third parties to confirm the existence and accuracy of items in *financial statements. With negative assurance, a third party is requested to reply only if a stated *balance is incorrect or disputed. The technique is often used in *circularizations.

Auditor's dictionary. 2014.

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