Which of the following is NOT a governing factor of all assurance engagements?

The correct choice of not being a governing factor of all assurance engagements is the reference to International Marketing Standards. Assurance engagements are primarily governed by a framework that includes professional ethics, risk assessment, and clearly defined terms of engagement.

Professional ethics set the foundation for the conduct of assurance practitioners, ensuring that integrity, objectivity, and professional competency are upheld throughout the engagement. This adherence is crucial for maintaining public trust and the credibility of the assurance process.

Risk assessment is a critical component in assurance engagements, as it helps practitioners identify and evaluate risks that could affect the reliability of the information being assured. This process allows practitioners to tailor their procedures to address specific risks, ensuring that the engagement is both effective and efficient.

Terms of engagement outline the agreement between the practitioner and the client, specifying the scope of the engagement, responsibilities, and deliverables. Clearly defined terms are vital for setting expectations and ensuring that both parties are aligned in their objectives.

In contrast, International Marketing Standards do not pertain directly to the framework governing assurance engagements, as they focus on marketing practices rather than the principles and procedures essential for conducting assurance work.