Assurance service is new concept developed to serve as the foundation for new opportunities the accountancy profession. Broadly explain its nature.

An assurance engagement is one in which a practitioner express a conclusion designed to enhance the degree of confidence of the users other than responsible party about the outcome of the evaluation of the measurement of a subject matter against criteria. According to ISA100 an assurance engagement is "one where a professional accountant evaluate or measure a subject matter that is the responsibility of another party against suitable criteria and express an opinion which provides the intended user with a level of assurance about the subject matter. The two general types of assurance engagements are: -An assertion based engagement -A direct reporting engagement