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Questions and Answers
What is the purpose of an audit?
What is the purpose of an audit?
- To improve the quality of information for decision-makers
- To provide stakeholders with reliable information
- To provide assurance regarding a subject matter
- To enhance the degree of confidence in financial statements (correct)
What is the difference between audit and assurance services?
What is the difference between audit and assurance services?
- Audit services and assurance services are the same thing
- Audit services involve examining financial statements, while assurance services provide assurance regarding a subject matter that is the responsibility of someone else (correct)
- Audit services improve the quality of information for decision-makers, while assurance services examine financial statements
- Audit services are a subset of assurance services
What is the risk that an entity will fail to meet its objectives?
What is the risk that an entity will fail to meet its objectives?
- Information risk
- Process risk
- Audit risk
- Business risk (correct)
What is the probability that information circulated by a company will be false or misleading?
What is the probability that information circulated by a company will be false or misleading?
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What is the assertion that ensures transactions and balances are recorded at the appropriate amounts?
What is the assertion that ensures transactions and balances are recorded at the appropriate amounts?
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