- A guarantee refers to a financial cover that provides a reward for an event that is bound to happen.
- Unlike insurance, which covers risks for a certain period of the policy, insurance is a permanent cover for long periods, often up to the death of the insured, for example, with life insurance.
- Audit may also refer to professional services provided by accountants, lawyers and other professionals, collectively known as audit services.
- Assurance services can help companies mitigate risk and identify problem areas.
- Negative confidence implies accuracy in the absence of negative results.