Worlds of Assurance — Where We Are and Where We Are Headed: A Review of the Literature

Synopsis The Research Problem Concerns about how organizations are governed and how they account for their stewardship and operational impacts on society, the environment, and the broader economy have given rise to stakeholder expectations about the veracity of their public disclosures. Extending accountability beyond organizational financial performance, while still important and relevant, is no longer enough to address stakeholder expectations. Thus, in recent years, the notion of assurance has expanded to include other nonfinancial organizational practices and disclosures, with a concomitant rise in scholarly research into the world of assurance, motivating us to explore developments in this regard. Motivation In this context, we respond to calls for more research into the world of assurance by reviewing 218 articles on assurance and assurance practices to document developments in this field. Target Population This includes accountants, auditors, assurance providers, finance analysts, shareholders of companies, stakeholders interested in company activities, finance managers, independent auditors, and shareholders. Adopted Methodology We used a guided (narrative and systematic) literature review process. Analyses We attempt to establish what we already know about the world of assurance and to understand where we are headed. We identify the different types of assurance and assurance practices as well as the general main themes of the studies under the assurance categories, the extent to which they have been researched, and identify areas requiring further research. We also identified the development of appropriate standards and regulations and the contribution of policymakers, practitioners, standard setters, and regulators in ensuring the integrity of corporate governance practices and the veracity of organizational disclosures. Findings In summary, among other findings, we note that the different kinds of financial and nonfinancial assurance have mostly been discussed under three broad categories: assurance practices, assurance reports, and auditor/provider role/activities. Among these three, assurance practices appear to have the most research convergence compared with assurance reports and auditor/provider role/activities.