NEGATIVE ASSURANCE Definition

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NEGATIVE ASSURANCE, in accounting, is a statement of what the CPA does not know as opposed to what the CPA believes (positive assurance). A statement that the CPA was "not aware of material modifications that should be made to financial statements for them to conform with U.S. generally accepted accounting principles" is negative assurance used in review reports.

Learn new Accounting Terms

AFUDC is Accumulated Funds Used During Construction or Allowance for Funds Used During Construction.

IN-KIND is the value of goods or services provided for which money would have otherwise been paid.

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