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Questions and Answers
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?
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?
No, it is not an example of a reasonable assurance 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.
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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?
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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?
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What is the scope of assurance engagements beyond the audit of financial statements?
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