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As the name suggests, the above pronouncement of the Institute lays down the foundation of the Statements on Standard Auditing Practices (now known as the Auditing and Assurance Standards) and the Guidance Notes on Related Services. It lays down the framework for auditing and related services, viz., review engagements, agree-upon procedures and compilations, the level of assurance provided by each of these services and the type of report issued in respect of each of the said services. The Framework also explains as to the meaning of assurance in context of audit and related services and also the implications of the association of the auditor’s association with the financial information.
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