What defines the elements and objectives of an assurance engagement?

The Philippine Framework for Assurance Engagements outlines the elements and objectives of assurance engagements, setting the foundation for how such engagements should be conducted within the context of the Philippine regulatory environment. This framework includes critical components such as the purpose of the engagement, the responsibilities of the practitioner, and the criteria against which the information is evaluated. It provides guidelines that ensure the integrity and reliability of the assurance process, making it clear how practitioners can effectively deliver assurance to stakeholders.

On the other hand, International Financial Reporting Standards and Generally Accepted Accounting Principles primarily relate to the preparation and presentation of financial statements rather than defining the assurance engagement itself. While they are vital in financial reporting, they do not dictate how assurance engagements should be structured or executed. Similarly, International Standards on Auditing, while relevant to audits specifically, do not encompass all types of assurance engagements, as they primarily focus on the auditing aspect and require adherence to distinct auditing standards rather than a broader assurance framework. Thus, the chosen answer distinctly pertains to the overall structure and objectives of various assurance engagements, making it the correct choice.