Audit is the process and Assurance is the product.
Audit is the process and Assurance is the product.
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Audit and Assurance Class Notes
- Class notes • 213 pages • 2024
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THE CONCEPT OF AUDIT AND ASSURANCE 
Audit is the process and Assurance is the product. We auditors go through the 
process of testing our client’s financial reports (audit) in order to give our client the 
confidence that their report is what it seems to be (assurance). 
The above is based on a business concept often referred to as “agency theory”. The 
secondary agent (auditor) delivers assurance to the principal (shareholder) that the 
report (financial statements) provided by the p...
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