Podcast
Questions and Answers
In an assurance engagement, what kind of relationship does it involve?
In an assurance engagement, what kind of relationship does it involve?
- A relationship between the auditor and the intended users only
- A relationship between the auditor and the responsible party only
- A two-party relationship between the auditor and the responsible party
- A three-party relationship involving a practitioner, a responsible party, and intended users (correct)
Which of the following is NOT a common example of non-assurance engagement?
Which of the following is NOT a common example of non-assurance engagement?
- Audit (correct)
- Compilation
- Agreed-Upon Procedures
- Preparation of Tax Returns
What is the main focus of an assurance engagement?
What is the main focus of an assurance engagement?
- Output assurance in the form of an opinion
- Providing comments, suggestions, or recommendations on how to use the information
- Improving the quality or enhancing credibility of the subject matter (correct)
- Output recommendation on how to use the information
What does independence requirement mean in an assurance engagement?
What does independence requirement mean in an assurance engagement?
What is the main difference between assurance and non-assurance engagements?
What is the main difference between assurance and non-assurance engagements?
What are the common examples of assurance engagements?
What are the common examples of assurance engagements?
Who is responsible for determining the nature, timing or extent of procedures required by the engagement in an assurance engagement?
Who is responsible for determining the nature, timing or extent of procedures required by the engagement in an assurance engagement?
What does the subject matter information pertain to in an assurance engagement?
What does the subject matter information pertain to in an assurance engagement?
What are the characteristics of an appropriate subject matter in an assurance engagement?
What are the characteristics of an appropriate subject matter in an assurance engagement?
In an assurance engagement, which party/s are responsible to the subject matter, the subject matter information, or both?
In an assurance engagement, which party/s are responsible to the subject matter, the subject matter information, or both?
Who are the intended users in an assurance engagement?
Who are the intended users in an assurance engagement?
Which type of subject matter information can be represented in financial statements in an assurance engagement?
Which type of subject matter information can be represented in financial statements in an assurance engagement?
What does the practitioner gather sufficient evidence for in relation to subject matter information in an assurance engagement?
What does the practitioner gather sufficient evidence for in relation to subject matter information in an assurance engagement?
What pertains to the outcome of the evaluation or measurement of the subject matter in an assurance engagement?
What pertains to the outcome of the evaluation or measurement of the subject matter in an assurance engagement?
What can take many forms in an assurance engagement?
What can take many forms in an assurance engagement?
What is responsible for representing measurement, presentation, and disclosure in financial statements in an assurance engagement?
What is responsible for representing measurement, presentation, and disclosure in financial statements in an assurance engagement?
