Assurance providers will never give a certification of absolute correctness due to the limitations set out below:ġ.
The main issue for accountants is there are some certain limitations to assurance services and for that reason, there is always a risk involved that the wrong conclusion will be drawn.
Advantages of auditing Limitations/Disadvantages of Auditing Control and Operational Improvements: The independent auditor can often make suggestions to improve controls and achieve greater operating efficiencies within the client’s organization. Deterrent to Inefficiency and Fraud: When employees know that an independent audit is to be made, they take care to make fewer errors in performing the accounting function and are less likely to misappropriate company assets.Ĥ.
