Assurance 1.3

Assurance 1.3

1st Grade

10 Qs

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Assurance 1.3

Assurance 1.3

Assessment

Quiz

Instructional Technology

1st Grade

Practice Problem

Medium

Created by

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which ONE of the following best describes the concept of assurance? Assurance refers to:

An assurance firm’s high level of satisfaction as to the reliability of an assertion being made by one party for the use of another party

A user’s satisfaction as to the reliability of an assertion being made by another party

An assurance firm’s satisfaction as to the reliability of an assertion being made by one party for the use of another party

An assurance firm’s limited level of satisfaction as to the reliability of an assertion being made by one party for the use of another party

2.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which THREE of the following are purposes of a letter of engagement?

Setting out the form of any report to be issued

Narrowing the expectations gap

Providing constructive suggestions to management concerning improvements in internal control

Documenting and confirming acceptance of the appointment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For each of the following statements about materiality, Which ONE of the following statement is true?

Materiality only depends on the size of the error in the context of its omission or misstatement

Materiality should be considered when planning audit procedures and when evaluating discovered misstatements

Materiality must be expressed as a proportion of asset

Materiality will not influence the audit opinion given

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When gaining an understanding of the investment operations of an audit client which ONE of the following matters would an auditor need to consider?

Products or services and markets of the client's business

Acquisitions or disposals of the client's business activities

Leasing of property, plant or equipment for use in the client's business

Accounting principles and industry specific practices relevant to the client's business

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

White Ltd’s quick ratio has fallen from 1.7:1 to 1.5:1. Which TWO of the following might help to explain this decline?

Credit control has been poor

Current liabilities have increased

The allowance for receivables has been reduced

The entity has purchased a inventory for cas

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which THREE of the following statements correctly describe the auditors' responsibilities in accordance with ISA 240 The auditor's responsibilities relating to fraud in an audit of financial statements?

The auditor is not responsible for detecting all errors and should attempt to detect fraud where information comes to light as a result of standard audit procedures

The auditor is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement whether caused by fraud or error

The auditor is not responsible for the prevention and detection of fraud and error

The auditor is not responsible for the prevention of fraud and error but is responsible for detection

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

The following are items that might be included in an auditor's report. Which TWO of the following are reported on by exception only?

Whether the financial statements are in agreement with the accounting records and returns

Whether details of directors' emoluments and other benefits have been correctly disclosed in the financial statements

Whether the financial statements give a true and fair view of the state of the company’s affairs at the end of the financial year

Information in the strategic report and the directors' report is consistent with the financial statements

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