Business Assurance

The terms "assurance" and "audit" overlap each other, but assurance has got a much wider meaning. The auditors can give assurance to the clients that any of their business processes work effectively and produce expected results. Some of those business processes (e.g. inventory stocktaking or credit control policy) are reviewed and evaluated by the auditors in course of the audit to come up with the objective and justified opinion on fairness of information presented in financial reporting. But assurance can be given by auditors regarding any business process as a separate service beyond the standard audit engagement.