Elements of an assurance engagement

Question 1

Therefore, whether the audit firm will be able to undertake this engagement, will depend
on whether the engagement will meet the requirements as stated in para 22 of the
IAASB’s Assurance Framework.

Answer 1

These are preconditions for an assurance engagement

Question 2

Key elements that must be considered by a practitioner before accepting an assurance
engagement are:

Answer 2

1. A three-party relationship must exist
2. The subject matter must be appropriate
   3.The criteria to be used must be suitable
   4.The practitioner must have access to sufficient appropriate evidence to support
   his/her conclusion
   5.Agreement will have to be reached on the level of assurance to be provided in the
   written assurance report.

Question 3

A three-party relationship must exist

Answer 3

This requirement should not pose any problem as the responsible party
would be the organizer and the intended users would be the interested members
of the public.
Practitioner , responsible party and intended user

Question 4

The subject matter must be appropriate

Answer 4

The subject matter must be appropriate: While the subject matter may take many
different forms, the only appropriate subject matter for this engagement (that is
capable of consistent evaluation or measurement against the identified criteria)
would be the process followed in electing the winner.

Question 5

.The criteria to be used must be suitable

Answer 5

These criteria will have to be agreed
upon with the client, but they must satisfy the requirements of relevance,
completeness, reliability, neutrality and understandability.

3.3.1 Suitable criteria will have to be identified, failing which it will be
impossible to perform the engagement.

3.3.2 Moreover, the criteria that the practitioner expects to be applied in the
preparation of the subject matter information must be available to the
intended users – this is not evident from the information provided, and if
there is no intention to make thes

Question 6

The practitioner must have access to sufficient appropriate evidence to support
his/her conclusion

Answer 6

The client will have to agree to provide the audit firm with
unrestricted rights of access to the process of electing the winner, or else the
engagement cannot be performed

Question 7

Agreement will have to be reached on the level of assurance to be provided in the
written assurance report.

Answer 7

In agreeing to the level of assurance to be provided in the report, the
auditor must be satisfied that this level of assurance is consistent with the
expectations of users, and that the engagement, therefore, serves a rational
purpose.