The highest level of assurance is provided for in which one of the following engagements?
A) review
B) compilation
C) audit
D) preparation service

Question

Quizplus · Accepted Answer

The highest level of assurance is provided in an audit engagement, where the auditor provides an opinion on whether the financial statements are fairly presented in all material respects in accordance with the applicable financial reporting framework. In a review engagement, the auditor provides limited assurance, while in a compilation engagement, no assurance is provided. A preparation service does not involve any form of assurance.

The Highest Level of Assurance Is Provided for in Which