Which of the following are assurance engagements?
Which of the following are assurance engagements?
Homework Answers
Reviewing financial statements by publishing a review agreement report is an example of a review agreement (a guarantee agreement).
A report is required to assess the effectiveness of the provincial penal institution’s oversight of safety activities. This is an example of the review of internal controls
A. Reviewing the processing of sales invoices to evaluate the efficiency of the process is the revenue review process.
B. Preparation of financial statements and notification to readers are related procedures.
C. Preparation of tax returns is not a guaranteed activity, and practitioners only provide other services.
D. Providing management consulting services and publishing a list of suggestions for improvement is regarded as providing suggestions.
F. The Workers’ Compensation Board reviews the entity’s wages and remittances to ensure that the required remittances are carried out correctly and are not eligible because there is no tripartite relationship.
the answer is E and G
In comparing and contrasting assurance and non-assurance engagements, which of the following statements is true? a)...
In comparing and contrasting assurance and non-assurance engagements, which of the following statements is true? a) Assurance engagements are performed by public accountants; non-assurance engagements are performed by public accountants in the role of an auditor practitioner. b) Both assurance and non-assurance engagements involve reporting factual findings, leaving recipients of the report to derive their own conclusions. c) Assurance engagements require the practitioner to obtain sufficient appropriate evidence to confirm whether the subject matter is free from material misstatement; non-assurance...
DISCUSSION QUESTIONS AND PRO 1-16 (Objective i-5) The list helow indicates various audit, attestation, and assurance...
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Which of the following are true statements? A. An auditor is responsible for detecting fraud. B....
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"Positive" assurance is associated with which one of the following professional service? A. An examination engagement...
"Positive" assurance is associated with which one of the following professional service? A. An examination engagement of a private company's cash flow forecast. B. A review engagement of a public company's quarterly financial statements. C. A compilation engagement of a small business entity's annual financial statements. D. An agreed-upon procedures engagement for a not-for-profit organization.
6. Attestation risk is limited to a low level in which of the following engagements? a...
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Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
In each of the following, identify which of the elements of the fundamental principles (responsibilities, performance,...
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Can you answer these questions? Thank you 30. Which one of the following is not one...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
auditing 7. An auditor has accounted for a sequeno information on a representative number assertion does...
auditing
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1. Which of the following is false regarding common and federal securities laws? a. The securities...
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DISCUSSION QUESTIONS AND PRO 1-16 (Objective i-5) The list helow indicates various audit, attestation, and assurance engagements involving auditors. ss of internal control over financial reporting as required by Section 404 of the Sarbanes-Oxley Act. 2. A n auditor's report on whether the financial statements are fairly presented in accordance with International Financial Reporting Standard . A report stating whether the company has complied with restrictive covenants related to officer compensation and payment of dividends contained in a bank loan...
6. Attestation risk is limited to a low level in which of the following engagements? a Both examinations and reviews. b. Examinations, but not reviews. C Reviews, but not examination d. Neither examinations nor reviews. a b 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements Management and the auditors have responsibility for the preparation of financial...
Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...
In each of the following, identify which of the elements of the fundamental principles (responsibilities, performance, or reporting) is most applicable. An entity has contacted you about performing its audit engagement. You have not previously served a a. client in the entity's industry, which has many industry-specific accounting issues that are both technical and complex. An entity has entered into a number of lease agreements. Based on the requirements of GAAP. you believe that these obligations meet the criteria for...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
auditing
7. An auditor has accounted for a sequeno information on a representative number assertion does this procedure relate to most directly A) Completeness. B) Existence. C) Legality. D) Valuation. a sequence of inventory tags and is now going to trace e number of tags to the inventory summary sheets. Which o. Which of the following is not a procedure that typically is used by the auditors in tica 8. Which of the follow examination of a client's goods held...
1. Which of the following is false regarding common and federal securities laws? a. The securities act of 1933 deals only with the reporting requirements for companies issuing new securities. b. -Rule 10-5b of the securities exchange act of 1934 is also known as the antifraud provision. C. -Ultramares doctrine states that ordinary negligence is insufficient for liability to third parties because of the lack of privity of contracts. d. A scienter is a specialist used in Rule 10-5b investigations....
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