Audits are therefore a type of assurance service. However, audits only test the validity of the assertions in financial statements, and are subject to regulation under International Standards on Auditing. ... However, they are often loosely referred to as "assurance".
Is auditing an assurance in accounting?
Audit and assurance are processes used for the evaluation of the financial record of the company. ... The audit is the process of evaluating the accounting entries present in the financial statement of the company. Assurance is the process of analyzing and used in the assessment of accounting entries.