Which of the following is incorrect? A. Non-assurance engagement include agree-upon procedures, compilation of financial or other information and tax consulting B. Assurance service report on the quality of information C. All engagements perform by the professional accountant are assurance engagement D. Assurance engagement encompass attestation engagement

Which of the following is incorrect? A. Non-assurance engagement include agree-upon procedures, compilation of financial or other information and tax consulting B. Assurance service report on the quality of information C. All engagements perform by the professional accountant are assurance engagement D. Assurance engagement encompass attestation engagement

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

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 93RSCQ

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Similar questions

What is the primary objective of assurance services? To provide expert advice and recommendations for improving business processes. To assist in the preparation and filing of tax returns. O To evaluate and provide an opinion on the reliability of information. O To ensure compliance with legal and regulatory requirements.
Which of the following engagement is covered by the Framework for Assurance Engagements?* Consulting engagements. Preparation of tax returns External financial statements audit Internal financial statements audit
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
The performance of an attestation engagement on prospective financial information does not require which of the following?a. If the basis of the prospective financial information is different from the financial statements, a reconciliation of the two must be provided.b. Management must disclose all significant assumptions used in generating the prospective financial information.c. Management must disclose significant accounting policies and procedures used in generating the prospective financial information.d. Management must disclose the probability of obtaining the results included in the prospective financial information.
Characteristics of auditing do not include: O a. Independent Examination O b. Objective of Expressing an Opinion on financial information O c. Applies to all types of entities O d. Done by the accountant of the entity
TRUE OR FALSE. AUDITING 1. Financial statement users need to have an understanding of both the accounting and audit functions in order to better appreciate the assurance provided by an independent auditor on the fairness of the financial statements 2. The practitioner can accept an engagement if preliminary knowledge of the engagement circumstances indicate that ethical requirements regarding professional competence may not be satisfied 3. Professional competence can be satisfied by the practitioner using the work of persons from other professional disciplines referred to as experts 4. 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 is NOT the function of an auditor? a. To give a true and fair view b. To ensure compliance to statutory acts applicable c. To do independent examination of books of accounts d. To prepare financial statements
It has been suggested the most important matteraffecting creditability of the adutior is that of 'independence' a) discuss ,giving examples , matters other than independence , which might be relevant in relation to creditability of an auditor and the steps that accounting profession has taken or might take in relation to them
What is meant by the term adequate disclosure, and howdo accountants fulfill this requirement in the preparation offinancial statements?
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
In most cases, which of the following materiality the practitioner in a review engagement should determine in planning the engagement? *A. Materiality for the financial statements as a whole.B. Materiality for particular financial statements items.C. Performance materialityD. All of the above
What are some examples of assurance services performed on nonfinancial information?What are some of the major areas of public accounting services?