9 Questions
What does an auditor use to determine the sufficiency of information regarding interpretation of a contract?
Logical relationships between information and issues
At which levels are planning activities carried out in an audit?
Design tests of details of balances
In an assurance engagement, who performs the evaluation or measurement of the subject matter?
The responsible party
In an assertion-based engagement, which statement is true?
The practitioner directly performs the evaluation or measurement of the subject matter
Who are the major beneficiaries of an internal audit?
Both management and third-party users of the financial statements
When planning an audit, what should an auditor consider?
Make preliminary judgments about materiality levels for audit purposes
Once a client has been accepted, what should the firm consider regarding the engagement?
The subject matter is inappropriate
What is required when performing a compilation engagement?
Assess internal controls
What is the primary use of the audit risk model?
For planning purposes in determining how much evidence to accumulate
Test your knowledge of auditing and assurance principles with this evaluation exam. Determine the sufficiency of information for contract interpretation and understand planning activities at different audit levels.
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