2.6 International Standard on Assurance Engagement-ISAE 3000

International Standard on Assurance Engagements (ISAE) 3000 is a globally recognized assurance standard that provides guidance to assurance practitioners on the performance of assurance engagements, including audits and reviews, of historical financial information. The objective of ISAE 3000 is to provide a common framework for assurance practitioners to follow when conducting assurance engagements, which enhances the quality and consistency of assurance services globally. The standard provides guidance on the following key areas:

• Engagement acceptance and continuance: provides guidance on the process of accepting and continuing an assurance engagement, including the assessment of the risks and the suitability of the engagement.
• Planning and risk assessment: provides guidance on the process of planning an assurance engagement, including the identification and assessment of risks that may impact the engagement.
• Evidence: provides guidance on the gathering of evidence to support the conclusions reached in an assurance engagement, including the nature, timing, and extent of evidence to be gathered.
• Conclusions and reporting: provides guidance on the process of forming conclusions and the content of the assurance report, including the expression of opinions or findings.