assurance
1. . A positive declaration on an *audit obj ective. Assurance can cover a wide range of matters, from the *fair presentation of *financial statements to the effective operation of *internal controls. Assurance does not offer the certainty of a *guarantee; indeed, to offer absolute assurance in an auditing context is generally unfeasible, owing to the existence of *risk. It has been observed that auditors "can never be 100 per cent certain of the information on which their opinion or report is based" (Flint, 1988, 112). Auditors therefore tend to form their judgments on the results of a mixture of *sample testing of large *audit populations and *compliance testing of procedures and internal controls. Neither of these categories of *audit testing offers absolute assurance. Auditors, in consequence, tend to prefer to use the term "reasonable assurance." The term assurance has become increasingly popular following its use in the *American Institute of Certified Public Accountants’ 1997 report Serving the Public Interest: A New Conceptual Framework for Auditor Independence (AICPA, 1997). The report identified various means of improving the quality of *financial reporting and related information. 2. In the United Kingdom, a branch of the insurance industry in which policies compensate the death of the policy holder. Further reading: AICPA (1997); Gray and Gray (2000)

Auditor's dictionary. 2014.

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  • ASSURANCE — L’assurance est une opération par laquelle une partie – l’assuré – se fait promettre, moyennant un paiement – la prime ou cotisation –, une prestation par une autre partie – l’assureur – en cas de réalisation du risque. Telle est la définition… …   Encyclopédie Universelle

  • assurance — as‧sur‧ance [əˈʆʊərəns ǁ əˈʆʊr ] noun [uncountable] INSURANCE a type of insurance against something that is certain to happen, especially someone s death, as opposed to something that might happen such as an accident or a fire: • the Prudential… …   Financial and business terms

  • assurance — ASSURANCE. s. f. Certitude. On ne peut plus douter de cette nouvelle, on en a une entière assurance. Vous n avez qu à partir, avec assurance que je vous suivrai de près. Prenez cette étoffe avec assurance, en assurance, elle est fort bonne. f♛/b] …   Dictionnaire de l'Académie Française 1798

  • Assurance — As*sur ance, n. [OE. assuraunce, F. assurance, fr. assurer. See {Assure}.] 1. The act of assuring; a declaration tending to inspire full confidence; that which is designed to give confidence. [1913 Webster] Whereof he hath given assurance unto… …   The Collaborative International Dictionary of English

  • assurance — as·sur·ance n 1 a: the act of assuring b: guarantee (3) 2: the act of conveying real property; also: the document by which it is conveyed 3 chiefly Brit …   Law dictionary

  • Assurance — * Assurance (accounting)* Assurance (quality), Quality Assurance* Assurance (theology)* HMS Assurance, admiralty ship sunk off the needles in 1753 …   Wikipedia

  • assurance — late 14c., formal or solemn pledge, promise, also certainty, from O.Fr. asseurance (11c., Mod.Fr. assurance) assurance, promise; truce; certainty, safety, security, from asseurer (see ASSURE (Cf. assure)). The word had a negative tinge 18c.,… …   Etymology dictionary

  • assurance — ► NOUN 1) a positive declaration intended to give confidence. 2) confidence or certainty in one s own abilities. 3) chiefly Brit. life insurance. USAGE In the context of life insurance, a technical distinction is made between assurance and… …   English terms dictionary

  • assurance — 1 certitude, *certainty, conviction Analogous words: *belief, faith, credence, credit: *trust, confidence, reliance, dependence: positiveness, sureness, cocksureness (see corresponding adjectives at SURE) Antonyms: mistrust: dubiousness… …   New Dictionary of Synonyms

  • assurance — [n1] statement to relieve doubt affirmation, assertion, declaration, guarantee, insurance, lock*, lock on*, oath, pledge, profession, promise, rain or shine*, security, shoo in*, support, sure thing*, vow, warrant, warranty, word, word of honor;… …   New thesaurus

  • Assurance — (fr., spr. Assürangs), 1) Sicherstellung, Versicherung, s. Assecuranz; daher Assureur (spr. Assürör), so v.w. Assecurateur; 2) Zuversicht, Dreistigkeit …   Pierer's Universal-Lexikon

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