Supreme Negative Assurance Opinion
Negative assurance would be for Review where an opinion is.
Negative assurance opinion. This type of assurance is normally given to investment bankers and the SEC when the financial data are being used for stock and bond issuance. In the real world negative assurances occur most often when one auditor is asked to review another auditors work for a company. Such negative assurance is not an opinion in the traditional sense.
A representation that particular facts are believed to be accurate since no contrary evidence has been found. In the process of an audit the auditor pores over financial records to determine whether they are accurate and complete. When the CPA is asked to render an opinion regarding financial statements that have already received an audit opinion usually in an earlier period.
What is a negative assurance letter. Also known as a disclosure letter or negative assurance letter. On the other hand negative assurance is simply an opinion expressed in negative wordings.
In Limited assurance engagements the opinion is provided in negative form of expression. This does not necessarily mean that there is no problem with the accounts only that no issues were discovered. Auditors or professional accountants do not give an opinion on financial statements or subject matters.
Legal Opinions and Negative Assurance Letters. Negative assurance is normally used by auditors in situations where it may not be possible to positively confirm the accuracy of financial reports. Positive assurance is a positive assertion or in other words when opinion is stated in positive form.
Auditors give an opinion on financial statements. This assurance is most commonly given under the following circumstances. Negative assurance opinions are also issued when an accountant is asked to review statements associated with the issuance of securities.