Podcast
Questions and Answers
In an assurance engagement, how would you classify the management of an audit client and the auditor?
In an assurance engagement, how would you classify the management of an audit client and the auditor?
- Both are responsible parties (correct)
- Both are intended users
- Intended user, practitioner
- Responsible party, practitioner
When considering potential subject matters in an assurance engagement, how would you classify the cash flows of an entity and the effectiveness of an online payment system?
When considering potential subject matters in an assurance engagement, how would you classify the cash flows of an entity and the effectiveness of an online payment system?
- Systems and processes, financial
- Both are financial
- Both are systems and processes
- Financial, systems and processes (correct)
Which classification best describes zero customer complaints and product recall in terms of subject matter information?
Which classification best describes zero customer complaints and product recall in terms of subject matter information?
- SM, SMI
- Both are subject matter information (SMI) (correct)
- Both are subject matters (SM)
- SMI, SM
How would you categorize adherence to SEC regulations and a report on an entity's observance of SEC regulations in terms of subject matters?
How would you categorize adherence to SEC regulations and a report on an entity's observance of SEC regulations in terms of subject matters?
Are the following statements true or false: Evidential matters are benchmarks used to evaluate subject matters, and criteria refer to the information obtained by the practitioner?
Are the following statements true or false: Evidential matters are benchmarks used to evaluate subject matters, and criteria refer to the information obtained by the practitioner?
In assurance engagements, what does a relevant criterion primarily relate to?
In assurance engagements, what does a relevant criterion primarily relate to?
What is one of the suitable criteria for an assurance engagement?
What is one of the suitable criteria for an assurance engagement?
How can the practitioner reduce engagement risk in an assurance engagement?
How can the practitioner reduce engagement risk in an assurance engagement?
What does sufficiency of evidence measure in an assurance engagement?
What does sufficiency of evidence measure in an assurance engagement?
Which risk relates to expressing an inappropriate conclusion in an assurance engagement?
Which risk relates to expressing an inappropriate conclusion in an assurance engagement?
What is a characteristic of suitable criteria for an assurance engagement?
What is a characteristic of suitable criteria for an assurance engagement?
How are the quality and quantity of evidence affected in an assurance engagement?
How are the quality and quantity of evidence affected in an assurance engagement?
Which type of evidence is more reliable when obtained from independent sources outside the entity?
Which type of evidence is more reliable when obtained from independent sources outside the entity?
What makes evidence obtained directly by the practitioner more reliable?
What makes evidence obtained directly by the practitioner more reliable?
In what form is evidence more reliable according to the text?
In what form is evidence more reliable according to the text?
Which of the following statements is true about non-assurance services?
Which of the following statements is true about non-assurance services?
Which type of evidence is considered more reliable by the practitioner?
Which type of evidence is considered more reliable by the practitioner?
In an engagement to perform agreed-upon procedures, what is the auditor engaged to do?
In an engagement to perform agreed-upon procedures, what is the auditor engaged to do?
What should the practitioner consider regarding Evidence-Gathering Procedures?
What should the practitioner consider regarding Evidence-Gathering Procedures?
Can a practitioner change an assurance engagement to a non-assurance engagement if requested by the client?
Can a practitioner change an assurance engagement to a non-assurance engagement if requested by the client?
What type of service lacks one or more elements of an assurance engagement?
What type of service lacks one or more elements of an assurance engagement?
In what form is a written assurance report provided by the practitioner?
In what form is a written assurance report provided by the practitioner?
Which service provides a moderate level of assurance about financial information?
Which service provides a moderate level of assurance about financial information?
What level of assurance does a practitioner provide in agreed-upon procedures engagements?
What level of assurance does a practitioner provide in agreed-upon procedures engagements?
What is a key characteristic of criteria that are sufficiently complete?
What is a key characteristic of criteria that are sufficiently complete?
Why is obtaining a perfect level of assurance not possible according to the text?
Why is obtaining a perfect level of assurance not possible according to the text?
What do complete criteria allow for when used in similar circumstances by qualified practitioners?
What do complete criteria allow for when used in similar circumstances by qualified practitioners?
From the text, what can be said about the possibility of obtaining different levels of assurance?
From the text, what can be said about the possibility of obtaining different levels of assurance?
What should conclusions derived from the criteria contribute to according to the text?
What should conclusions derived from the criteria contribute to according to the text?
Why should relevant factors not be omitted according to the text?
Why should relevant factors not be omitted according to the text?
