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What can assurance cover?

Information on the variety of assurance options open to organisations - ranging from those exempt from mandatory audit requirements to those seeking assurance on non-financial business information.

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Where businesses or stakeholders identify a particular need to build confidence in information and reinforce relationships of trust, assurance can play a valuable role. Statutory audit is by far the best known and most widely practiced of this kind of service, but it is far from being the only option. Find out here what options are available.

External assurance services by subject matter

Occupational pension schemes: assurance about internal controls
  • Helpsheets and support
  • 26 Mar 2019
This ICAEW guidance aims to address any expectation gaps around assurance in the pension schemes sector. In particular, it looks at how internal and external audit can play a part in the governance of UK pension arrangements.
FINANCIAL SERVICES FACULTY Banking regulatory ratios: ICAEW assurance framework
  • Technical release
  • 04 Dec 2019
ICAEW’s guidance provides a flexible framework for both internal and external assurance on banking regulatory ratios.
Unaudited financial statements
  • Listing
  • 10 Jan 2017
Many organisations that are exempt from mandatory audits seek independent assurance of their financial statements. There are a range of services available including: accounts preparation; agreed-upon procedures and assurance reviews.
Information services
  • Technical release
  • 10 Jan 2017
  • PDF (110kb)
This guidance, Technical Release ITF 01/07: Assurance reports on the outsourced provision of information services and information processing service, was issued by the Information Technology Faculty of the ICAEW.
AUDIT AND ASSURANCE FACULTY Assurance reports on internal controls of service organisations made available to third parties (TECH 01/20 AAF)
  • Technical release
  • 01 Jan 2020
Assurance reports on internal controls of service organisations available to third parties (TECH 01/20 AAF) is a Technical Release published by ICAEW’s Audit and Assurance Faculty.
AUDIT AND ASSURANCE FACULTY Investigative services
  • Helpsheets and support
  • 01 Mar 2018
Investigative services are not assurance within the meaning of the Assurance Framework and should not result in provision of a formal assurance conclusion in accordance with assurance standards.
AUDIT AND ASSURANCE FACULTY Non-financial information
  • Listing
  • 09 Jan 2017
Assurance can be provided on information that is entirely non-financial and ICAEW provides practical guidance on the opportunities and challenges offered by such engagements.
AUDIT AND ASSURANCE FACULTY Assurance reporting on Master Trusts (TECH 05/20 AAF)
  • Technical release
  • 03 Apr 2020
Guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts.

Sustainability assurance
  • Article
  • 13 Jun 2014
What are the key issues around the assurance of sustainability information?

Internal audit

Internal audits offer organisations the opportunity to examine a wide range of business activities, both financial and non-financial, such as information security, corporate governance and social responsibility. Internal audits require many of the same skills and knowledge of external audits, but are also subject to unique pressures reflective of working within the organisation being examined.

The Audit and Assurance Faculty and ICAEW's Internal Audit Panel has collated a range of resources to support the provision of effective internal audits, including links to professional standards and guidance, and a series of insightful discussions on the challenges and opportunities internal auditors face.

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Further support

The nine stages of an assurance engagement Assurance engagements can be typically broken up into nine stages. Not all stages will be clearly separated and identifiable in every engagement. Some stages, such as the engagement letter, may not be required during internal assurance, while others, such as the problem-solving phase, may not be necessary in some external engagements.
Standards and guidance
A comprehensive list of standards and guidance covering external assurance engagements. Find out which standards apply for engagements by subject area, as well as information on individual standards and the practical application of guidance to assurance engagements.
Best practice
Examples of assurance engagements that demonstrate developments in the sector, including work to support EDF's communications about low-carbon tariffs and Indian steel producer Jindal Stainless Limited's reporting on its human rights activities.
Assurance glossary Definitions of the key words, acronyms and concepts used in relation to assurance engagements, compiled by ICAEW members working in the assurance sector.
ICAEW training films
ICAEW training films provoke discussions and challenge mindsets about how to deal with difficult decisions and topical issues in business situations. Develop skills to identify risk, technical competence and professional scepticism.