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 engagements do not have this requirement.
d) Both assurance and non-assurance engagements provide some assurance on the subject matter being examined.
The correct statement is:-
c) Assurance engagements require the practitioner to obtain sufficient appropriate evidence to confirm whether the subject matter is free from material misstatement; non-assurance engagements do not have this requirement.
In comparing and contrasting assurance and non-assurance engagements, which of the following statements is true? a)...
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...