Exam (elaborations)
ICAEW ACA Assurance Certificate Level well answered to pass
- Course
- Institution
ICAEW ACA Assurance Certificate Level well answered to pass
[Show more]
Content preview
ICAEW ACA Assurance Certificate LevelWhat is the mnemonic for the 5 key elements of assurance engagements? - correct answer ✔✔CREST
What does CREST stand for? - correct answer ✔✔Criteria, Report, Evidence, Subject Matter, Three Party
Relationship
How many levels of assurance are there? - correct answer ✔✔2
What are the characteristics of a reasonable assurance? - correct answer ✔✔More detailed evidence,
only used for statutory audits, gives a true and fair view, positive expression
What are the characteristics of a Limited assurance? - correct answer ✔✔Evidence gathered is limited,
negative expression
What do we mean by 'true' in audits? - correct answer ✔✔factual and conforms to reality
What do we mean by 'fair view' in audits? - correct answer ✔✔free from discrimination and bias
Who cannot do an audit? - correct answer ✔✔employee or partner of employee, partner in partnership
and being the auditor in a directly related company
Name the benefits of assurance? - correct answer ✔✔credibility of info, deterrent of fraud, draws
attention to deficiency, lead to effective economic markets
Name the limitations of assurance? - correct answer ✔✔Sampling, Accounting systems have limitations,
human factor, evidence is persuasive, some info is based on estimates
What is the expectation gap? - correct answer ✔✔the difference between what the public thinks the
auditor is doing and what the auditor is doing
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76800 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now