The Concept of 'Reasonable Assurance' in Auditing

The Concept of 'Reasonable Assurance' in Auditing Student Name
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The Concept Of "Reasonable Assurance"
As an independent auditor, one of my responsibilities is to plan and conduct an audit to obtain reasonable assurance that the financial statements are free of any material misstatement (Salem, 2012). Another responsibility is to provide my opinion on the financial statements. Also, I may make suggestions about the content or form of the given financial statements based on information obtained from management during the audit (Salem, 2012). However, my role is primarily limited to providing an opinion on the financial statements.
The first step to planning an audit that reaches a level of reasonable assurance is understanding the client's business (Boynton & Johnson, 2005). Understanding the client's business also means taking time to study the industry in which it operates. The second step is assessing the client's business risk. The third step is performing primary analytical procedures. The fourth step is setting materiality, asses...