The expression of an independent audit opinion on the financial statements and other financials (forecasts and projections) or any specific item(s) of the financials in accordance with International Standards on Auditing (ISA).
This involves inquiry and analytical procedures that provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the financial statements of financials in order for them to be in conformity with International Financial Reporting Standards (IFRS).
These are presentations in the form of financial statements or other financials, information that are the representations of management without undertaking to express any assurance on the said financial statements or other financials.
AGREED UPON PROCEDURES:
These are special reports where the accountant performs specified procedures to enable the expression of an opinion on specific elements, accounts or items in accordance with the agreement of all parties who are entitled to receive the report. As an illustration, an auditor may be requested to provide a compliance report in conjunction with an audit of the financial statements, as required by a bond indenture, loan agreement or regulatory agencies to give assurance about the compliance with loan covenants, payments into sinking funds and dividend restrictions inter alia.