Professional Documents
Culture Documents
ASSERTION BASED
– Each company measures its reserves and provides an
assertion to the firm and to intended users.
– An entity other than the companies measures the
reserves and provides an assertion to the firm and to
intended users
DIRECT REPORTING
– Each company measures its reserves and provides the firm
with a written representation and measures its reserves against the established criteria for measuring
proven reserves. The representation is not available to the intended users.
– The firm directly measures the reserves of some of the companies
Assurance
o Three party contracts in which an assurer reports on (or improves) the quality of
information
Attestation
Type of assurance service in which an attestor (an independent accountant) offers
assurance about a subject matter (e.g. compliance with debt
covenants) that is the responsibility of another
party.
Audit