The provision of a service designed to determine the correctness and validity of the item to be reviewed. For example, assurance can be given around financial contracts and financial statements. Assurance services can also be used to determine how well a policy – such as an ethics or an environmental policy – is being adhered to by an organization. Assurance services can also be provided around risk and control frameworks.
2LoD and 3LoD functions within a bank typically provide assurance to the 1LoD.