What is the definition of assurance and non assurance services

Q: What does the term is Audit risk mean?

A: Audit: It refers to the examination, analysis, evaluation, or review of the company's financial…

Q: Discuss the differences between an implicit guarantee, a specific result guarantee, and an…

A: Financial guarantee is a promise that the guarantor gives about taking responsibility of paying…

Q: What disclosure is made if a loss contingency is reasonably possible?

A: Contingent Liability: Contingent liability is one form of liability that arises based on a…

Q: Describe what is the assumed liability?

A: An assumed liability is an obligation under the terms of the agreement assumed by a party. Insurance…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: three main factors affecting acceptance audit risk.

A: Audit Risk : It is the risk that auditor may express inappropriate/un modified opinion on financial…

Q: Briefly explain the difference between an insurance and an assurancepolicy?

A: Insurance policy and Assurance policy are two different policies.  Insurance policy provides…

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: What is the function of the optional delivery commitment?

A: Delivery Option:It allows to switch a short position to a different grade or quality for a standard…

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: When can a check be a negotiable instrument

A: In finance in general and in the world of banking, trade and commerce in particular checks and…

Q: What is Materiality?

A: Audit is the examination conducted by the professional (auditor) on the financial statements and…

Q: What does an audit procedures should be applied to Required Supplementary Information?

A: Definition:   Audit report: An audit report refers to the written report issued by an auditor to…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: What is the guiding objective is that lessees and lessors provide disclosures?

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of…

Q: What are retakaful and reinsurance and how takaful products can be used for hedging purposes?

A: Retakaful and reinsurance : In simple words, The Muslim reinsurance sector is referred to as…

Q: Define certainty equivalent method

A: Certainty equivalent method: Certainty equivalent method is a risk analysis technique used in…

Q: What are the components of audit risk and how do these relate to each other?

A: Audit risk refers to the possibility that financial statements are significantly incorrect, even if…

Q: Differentiate between Current liabilities, Non-Current Liabilities and Provisions. Provide an…

A: The liabilities are the amount payable by the business to the outsiders or creditors.

Q: Which of the following is not a principle of trust services?a. Security.b. Authentication.c.…

A: Trust Services:   Trust services are assurance services that report over reliability of the…

Q: Examining the implications of expectation gaps in the context on audit and assurance on going…

A: Expectation gap: The users of the information provided in the financial statements would expect few…

Q: What makes an account significant or an assertion relevant?

A: Significant Account  An account is said to be significant when there is a chance that the account…

Q: What is liability

A: Financial accounting includes recording, collecting, summarizing and interpreting the financial data…

Q: Which of the following is the most likely to be used to document risks, responsible parties, and…

A: Risk Management -Risk management is a methodical approach to recognizing, evaluating, and reducing…

Q: What are the requirements for an instrument to be negotiable?

A: Introduction: The following are the formal requirements that an instrument must meet to be…

Q: Which of the following elements of fi nancial statements is most closely related to measurement of…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are the similarities between internal and external audit

A: Audit is an official financial inspection of an organization's account, usually by an independent…

Q: What is the difference between the 'full disclosure concept' and 'completeness' in the conceptel…

A: The "full disclosure concept" and "completeness" are two important principles in accounting that…

Q: Distinguish between: Systematic risk and Unsystematic risk

A: The risks faced by the company arises from both micro as well as macro levels. The risk arising out…

Q: State difference between sureties and security?

A: In development contracts, if a worker for hire neglects to play out the works, the business would…

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: What is information risk when it pertains to auditing?

A: Audit involves risk that the auditor expresses an inappropriate audit opinion when the financial…

Q: What standards govern Review engagements?

A: Audit means independent examination of books of accounts or financial information  so so as to…

Q: What do you understand by risk and measurement of risk? Explain the factors that affect risk.

A: Risk:There is no particular definition of what risk actually is. In the layman words, it is defined…

Q: what does audit Evidence consist?

A: