A newly promoted chief audit executive (CAE) is faced with a backlog of assurance engagement reports to review for approval. In an attempt to attach a priority for this review, the CAE scans the opinion statement on each report. According to IIA guidance, which of the following opinions would receive the lowest review priority?
1. Graded positive opinion.
2. Negative assurance opinion.
3. Limited assurance opinion.
4. Third-party opinion.
According to IIA guidance, a graded positive opinion indicates a generally favorable outcome and does not typically require urgent attention. A limited assurance opinion signifies that the review was limited in scope and, while some level of assurance is provided, it is not as comprehensive as a positive or negative assurance opinion. Therefore, these opinions would generally receive lower review priority compared to more critical opinions such as negative assurance or third-party opinions, which might indicate higher risk or greater scrutiny requirements.
Can someone please explain that for me?
As per practice guide A “negative assurance,” sometimes referred to as “limited assurance,” opinion is a statement that nothing came to the auditor’s attention about a particular objective, such as the effectiveness of a system of internal control, adequacy of a risk management process, or on any other specific matter. The internal auditor takes no responsibility for the sufficiency of the audit scope and procedures to find all significant concerns or issues. Such an opinion is generally considered less valuable than positive assurance and therefore auditors consider their value before rendering them.
wait what!!!! can someone please explain that for me please