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Questions and Answers
Define the three parties involved in an assurance engagement.
Define the three parties involved in an assurance engagement.
Practitioner, responsible party, intended users
What is the difference between an auditor and a practitioner in terms of the type of information they provide assurance on?
What is the difference between an auditor and a practitioner in terms of the type of information they provide assurance on?
An auditor is related to historical information, whereas a practitioner may provide assurance not necessarily related to historical financial information.
If a Chartered Accountant is specifically asked to check for the existence of fraud in accounts, is it an example of a reasonable assurance engagement?
If a Chartered Accountant is specifically asked to check for the existence of fraud in accounts, is it an example of a reasonable assurance engagement?
No, it is not an example of a reasonable assurance engagement.
What is the objective of a review engagement?
What is the objective of a review engagement?
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Give an example of a Standard on Auditing related to audit documentation.
Give an example of a Standard on Auditing related to audit documentation.
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Which Standard on Auditing deals with identifying and assessing the risks of material misstatement?
Which Standard on Auditing deals with identifying and assessing the risks of material misstatement?
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What is the Standard on Review Engagements related to the review of historical financial statements?
What is the Standard on Review Engagements related to the review of historical financial statements?
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What is the main difference between a review engagement and an audit engagement?
What is the main difference between a review engagement and an audit engagement?
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In what type of engagement can Raja & Co provide a report as requested by the management of the company?
In what type of engagement can Raja & Co provide a report as requested by the management of the company?
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What is the scope of assurance engagements beyond the audit of financial statements?
What is the scope of assurance engagements beyond the audit of financial statements?
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