What is meant by the term level of assurance?
1) Levels of assurance represent an attestation service designed to provide reasonable assurance that a company's computer system complies with Trust Services principles and criteria.
2) Levels of assurance represent a type of assurance service in which the CPA firm issues a report about the reliability of subject matter or of an assertion that is the responsibility of another party.
3) Levels of assurance represent a review of unaudited financial statements designed to provide limited assurance that no material modifications need be made to the statements in order for them to be in conformity with accounting standards or, if applicable, with another comprehensive basis of accounting.
4) Levels of assurance represent the degree of certainty the practitioner has attained, and wishes to convey, that the conclusions stated in his or her report are correct.