What Regulators Say…

The combination of independent third party reviews and third party (stakeholder) commentaries serve a dual purpose.  This is how a regulator compares the two.

“You can make a life jacket, for example, with a quality of standard, but if the life jackets are made with cement and you assure they are all made with cement, how does that contribute to the basic purpose that life jackets are supposed to help people float instead of sink?”

In other words, the external assurance checks the correctness of the material (the indicators), but does not check if the material is appropriate (or indicators show acceptable performance).