I. In the context of assurance engagements, “practitioner” is necessarily a CPA. II. CPAs may also perform non-assurance engagements. Group of answer choices Statement I is true; Statement II is false. Both statements are true. Statement I is false; Statement II is true. Both statements are false.

I. In the context of assurance engagements, “practitioner” is necessarily a CPA. II. CPAs may also perform non-assurance engagements. Group of answer choices Statement I is true; Statement II is false. Both statements are true. Statement I is false; Statement II is true. Both statements are false.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 28MCQ: Which of the following factors is an example of a risk relevant to the client continuance decision?...

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What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Limited assurance engagement b. Positive assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement explain why
1. The levels of assurance are (a) Reasonable, (b) negative, and (c) agreed-upon procedure.Select one:TrueFalse
Which of the following is not an element of an assurance engagement Appropriate subject matter Sufficient inappropriate evidence. Suitable criteria A three party relationship involving a practitioner, a responsible party, and intended users.
TRUE OR FALSE The practitioner plans and performs an assurance engagement using his professional judgment to obtain sufficient appropriate evidence about whether the subject matter information is free from material misstatement.
Which one of the following will not be included in Assurance engagements? A type of report to be produced at the beginning of the engagement A type of report to be produced at the end of the engagement A decision on methods to gather and evaluate evidence to support a conclusion An engagement letter agreeing terms
Evidence that will be needed by a practitioner which will assist in forming an opinion with regards to any material misstatements that are presented in financial statements is known as a report in which assurance is written. Select one: O True False
The following are elements of an assurance engagement , except: Group of answer choices: Sufficient Appropriate audit evidence A written assurance report that may contain reasonable assurance, limited assurance, or no assurance. Appropriate subject matter, such as financial statements, or balloting of contests Three party relationship involving practitioner, responsible party, intended users
Which of the following concepts is least related to the standard of due care?a. Independence in fact.b. Professional skepticism.c. Prudent auditor.d. Reasonable assurance.
Which of the following about materiality is NOT true? A. Information is material if, in determining a choice of action, a reasonable person would attach importance to it. B. A fact is only material if a reasonable person actually was influenced by the information. C. A fact that, if it have been correctly stated or disclosed, would have influenced the decision of the average prudent investor is material. D. Information about which an average prudent investor ought reasonably to be informed is material.
In a compilation engagement, the practitioner does not need to consider materiality since itdoes not constitute an assurance engagement that requires conveyance of opinion orconclusion. True or False?
Which of the following services provides the lowest level of assurance on a financial statement Select one: a. Neither service provides assurance on financial statements b. review c. Each service provides the same level of assurance on financial statements d. audit
13. An engagement is classified as a limited assurance engagement if: A. The objective is a reduction in assurance engagement risk to an acceptably low level as the basis for a positive form of expression of the practitioner's conclusion. B. The objective is a reduction in assurance engagement risk to a level that is acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable assurance engagement, as the basis for a negative form of expression of the practitioner's conclusion. C. The evaluation or measurement of the subject matter is performed by the responsible party, and the subject matter information is in the form of assertion by the responsible party that is made available to the intended users. D. The practitioner either directly performs the evaluation or measurement of the subject matter, or obtains a representation from the responsible party that has performed the evaluation or measurement that is not available to the intended users.…