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What is assurance and business risk advisory?

Tanash Chakraborty (KPMG) (292 Points)

28 March 2012

What is the difference if any between auditing , business risk advisory and assurance services??? do they all mean the same and if not what is the job profile of each of them and what exactly is done in them... and are all of them related to the field of auditning?

Thanks in advance...

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Nirav Shihora (Assignment base work) (70 Points)
Replied 04 April 2012

auditing is assurance that the financial record is verifed and found true and fair. For this you should know AAS and relevant laws.

business risk advisory is the analysis of business activity and suggest any changes to make it buasiness activity more efficient. for this you should know how trading cycle is flowing and in which business can be made more secure and efficient, in short you need analytical skill.

assurance services is performed with reference to the engagement letter, and normally includes for example --- compilation of audit financial information. Here you should know accounting type of knowledge