Which one of the following is NOT a benefit of an assurance report on Financial information? An assurance report

Attests to the correctness of the information being reported upon

Enhances the credibility of the information being reported upon

Reduces the risk of management bias in the information being reported upon

Draws the attention of the user to deficiencies in the information being reported upon

Which three of the following describe aspects of the expectations gap with respect to the external audit

Users do not understand the meaning of the audit opinion

Users are not aware of the limitations of the audit process

Users do not understand what the audit process involves

Users do not appreciate that reasonable assurance is a low level of assurance

Which of the following is the most appropriate definition of the external audit?

The external audit is an exercise carried out by auditors in order to give an opinion on whether the financial statements of a company are materially misstated.

The external audit is an exercise carried out in order to give an opinion on the effectiveness of a company's internal control system.

The external audit is performed by management to identify areas of deficiency within a company and to make recommendations to mitigate those deficiencies.

The external audit provides negative assurance on the truth and fairness of a company's financial statements

Which two of the following are elements of an assurance engagement?

(3) Determination of materiality

Which of the following is NOT the element of assurance service?

A three party relationship consisting of the responsible party, users, and subject matter

Sufficient appropriate audit evidence

A written report in the appropriate form

The following conclusions have been reported on two engagements: “The insurance claim presents a true and fair estimate of the amount of inventory lost in the warehouse fire" “The cash flow forecast contains no assumptions that appear unreasonable" Which of the following describes the level of assurance expressed in these conclusions:

(1) Positive assurance; (2) Negative assurance

(1) negative assurance; (2) No assurance

(1) Positive assurance; (2) No assurance

(1) negative assurance; (2) Negative assurance

Which of the following is the correct definition of an audit?

The independent examination of and expression of opinion on the financial statements of an entity by a duly appointed auditor in pursuit of that appointment

The process by which the director can state that the FS show a true and fair view.

The examination and certification of opinion on the FS of an entity by a duly appointed auditor in pursuit of that appointment

The process that produces a report stating that nothing has been found wrong in the financial statements.

"Based on our review, nothing has come to our attention that causes us to believe that the accompanying financial statements do not present fairly, in all material respects... in accordance with International Financial Reporting Standards." Which of the following BEST describes the type of assurance provided by this statement?

Limited level of assurance expressed negatively

Positive assurance expressed negatively

Negative assurance expressed positively

High level of assurance expressed negatively

Which of the following best describes professional skepticism?

To apply a questioning mind to information and evidence

To disbelieve management professional scepticisms = questioning

To not believe anything that management asserts, without obtaining supporting evidence

To be prudent and always assume the worst outcome in the case of uncertainty

What is the objective of an audit of financial statements of a company?

To provide assurance on credibility of the financial statements

To protect the interests of minority shareholders

To detect fraud and other irregularities

To assess the effectiveness of the company's performance

Which of the following is the most appropriate definition of the external audit?

The external audit is an exercise carried out by auditors in order to give an opinion on whether the financial statements of a company are materially misstated.

The external audit is an exercise carried out in order to give an opinion on the effectiveness of a company's internal control system.

The external audit is performed by management to identify areas of deficiency within a company and to make recommendations to mitigate those deficiencies.

The external audit provides negative assurance on the truth and fairness of a company's financial statements

Which THREE of the following are key elements of a general assurance engagement?

Sufficient appropriate evidence

Which of the following could cause ADVOCACY?

Firm to represent Stark in a dispute with the tax authorities

Audit team to be offered a balloon flight entertainment

Tax fee to be based on a percentage of tax saved

You are an audit manager of Ali & Co and have just been assigned the audit of Stark Co (Stark). In an initial meeting with the finance director of Stark, you learn that the audit team will not be entertained on Stark's yacht this year, instead, he has arranged a balloon flight costing less than one-tenth of the expense of using the yacht and hopes this will be acceptable. Which of the following actions should be taken to ensure the firm complies with ACCA’s Code of Ethics and Conduct?

The gift should only be accepted if its value is trivial and inconsequential to the recipients.

The gift may be accepted as Stark has taken appropriate measures to reduce the value of the gift compared to previous years.

The value of the gift should be assessed to determine whether it is of material value to the financial statements.

Only the audit partner and audit manager should accept the gift.

The audit team being offered a 10% discount on mobile phones of the client. Which of the following statements is true in accordance with ACCA's Code of Ethics and Conduct?

Unless the value of the discount is trivial and inconsequential to the audit team members, the offer should be declined

The audit team can accept the discount as it is on the same terms as that offered to staff

Junior members of the audit team are allowed to accept the discount, but the audit manager and audit partner should not

The audit team is only allowed to accept a discount of up to 5%

Which of the following principles of ACCA’s code of ethics does this statement mention? “Auditor should not allow bias, conflicts of interest or undue influence of others to override professional or business judgements”

Professional competence and due care

Audit and Assurance Quiz

Authored by Trang Nguyễn Huyền

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There are two types of assurance engagement: reasonable assurance engagements and limited assurance engagements, There are two types of assurance conclusion: Positive and Negative.
For limited assurance engagement, select the appropriate conclusion given?

Positive

Negative

MULTIPLE SELECT QUESTION

30 sec • 1 pt

In the context of a statutory audit which THREE of the following are examples of the expectation gap? The belief that:

The auditor's report certifies the financial statements as correct

The auditor's principal duty is to detect fraud

The auditor is employed by the directors

The auditor checks all transactions

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For reasonable assurance engagement, select the appropriate conclusion given?

Positive

Negative

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For each of the following statements select whether they are true or false. A negative assurance conclusion gives a limited level of assurance

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following best describes the concept of assurance?

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

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

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which two of the following are limitations of the provision of assurance?

Assurance work is carried out by people independent of the entity

Sampling is used in assurance work

Client systems have inherent limitations

Unqualified staff may be used on assurance engagements

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The statement: "Suitable criteria can only be identified for assurance engagements relating to financial statements" is true or false?

True

False

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Audit and Assurance Quiz

There are two types of assurance engagement: reasonable assurance engagements and limited assurance engagements, There are two types of assurance conclusion: Positive and Negative.
For limited assurance engagement, select the appropriate conclusion given?

In the context of a statutory audit which THREE of the following are examples of the expectation gap? The belief that:

For reasonable assurance engagement, select the appropriate conclusion given?

For each of the following statements select whether they are true or false. A negative assurance conclusion gives a limited level of assurance

Which one of the following best describes the concept of assurance?

Which two of the following are limitations of the provision of assurance?

The statement: "Suitable criteria can only be identified for assurance engagements relating to financial statements" is true or false?

For each of the following statements select whether they are true or false. Reasonable assurance is absolute assurance of the correctness of the subject matter

For Report on profit and cash flow forecasts, select what level of assurance you would expect to be given:

For Review of financial information, select what level of assurance you would expect to be given:

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Audit and Assurance Quiz

There are two types of assurance engagement: reasonable assurance engagements and limited assurance engagements, There are two types of assurance conclusion: Positive and Negative.For limited assurance engagement, select the appropriate conclusion given?

In the context of a statutory audit which THREE of the following are examples of the expectation gap? The belief that:

For reasonable assurance engagement, select the appropriate conclusion given?

For each of the following statements select whether they are true or false. A negative assurance conclusion gives a limited level of assurance

Which one of the following best describes the concept of assurance?

Which two of the following are limitations of the provision of assurance?

The statement: "Suitable criteria can only be identified for assurance engagements relating to financial statements" is true or false?

For each of the following statements select whether they are true or false. Reasonable assurance is absolute assurance of the correctness of the subject matter

For Report on profit and cash flow forecasts, select what level of assurance you would expect to be given:

For Review of financial information, select what level of assurance you would expect to be given:

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Other

There are two types of assurance engagement: reasonable assurance engagements and limited assurance engagements, There are two types of assurance conclusion: Positive and Negative.
For limited assurance engagement, select the appropriate conclusion given?