Assurance engagements often involve an in depth review of all key risks, activities and controls in a certain area or affecting a specific organizational objective. These projects are the most time consuming and offer negative (moderate level) or positive (high level) assurance.
By contrast, specified audit procedure reports provide low or no assurance over certain risks and controls. As the name suggests, the extent of procedures performed is not sufficient to constitute an audit, and therefore the reports will not provide an audit opinion.
Special Projects and Consulting Engagements are advisory or client service activities, the nature and scope of which are agreed with management, intended to add value and improve an organization’s governance, risk management, control and operational processes. Examples include counsel, analysis, advice, facilitation, and training.