100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Auditing and Assurance Services in Australia Grant Gay 7th Edition - Test Bank £20.49   Add to cart

Exam (elaborations)

Auditing and Assurance Services in Australia Grant Gay 7th Edition - Test Bank

 1 view  0 purchase

Auditing and Assurance Services in Australia Grant Gay 7th Edition - Test Bank

Preview 4 out of 665  pages

  • January 10, 2024
  • 665
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
All documents for this subject (64)
avatar-seller
evileye251
, Chapter 01 Testbank
Student: ___________________________________________________________________________
1. Which of the following is not an element of an assurance engagement?



A. Three-party
relationship.
B. Approved assurance
standards.
C. Sufficient appropriate
evidence.
D. A written assurance
report.

2. An audit establishes the conformity of assertions with specified criteria. In an audit of a financial report, the criteria by
which financial report assertions are judged are:



A. the ethical rules of
conduct.
B. Australian Auditing
Standards.
C. listing rules of the Australian Securities and Investments
Commission.
D. applicable accounting
standards.

3. Who is the responsible party for the adequacy of the disclosure in the financial report and accompanying notes?



A. Auditor in charge of
fieldwork.
B. The entity's board of
directors.
C. Auditor who signs the auditor's
report.
D. The Australian Securities and Investments
Commission.




1-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill
Education.

,4. At what levels can assurance be provided under the assurance services framework?



A. Reasonable assurance and limited
assurance.
B. High assurance and reasonable
assurance.
C. Assurance can be provided on a continuum from 0% to
100%.
D. Assurance can be provided on a continuum from absolute to
limited.

5. Independent auditors are referred to as ‘independent' because:



A. their offices are not at the entity's place of
business.
B. they are not employees of the entity being
audited.
C. they are paid by parties outside of the audited
entity.
D. they report to users outside of the audited
entity.

6. The highest level of assurance is provided by:



A. compiling financial
reports.
B. agreed-upon
procedures.
C. review
.
D. audit
.

7. Which of the following can be the underlying subject matter of the audit?



A. The financial report of a
company.
B. The Australian accounting
standards.
C. The Australian auditing
standards.
D. The auditor's
report.


1-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill
Education.

, 8. To which assurance engagements does the Framework for Assurance Engagements apply?



A. Audits of historical financial
information.
B. Reviews of historical financial
information.
C. Assurance engagements other than audits or reviews of historical financial
information.
D. All of the given answers are
correct.

9. What is a direct engagement?



A. The assurance provider is directly appointed by the
responsible party.
B. The auditor directly measures or evaluates the underlying subject matter against
the criteria.
C. Shareholders directly appoint the auditor, rather than the
company.
D. The assurance engagement contains both financial report and performance
engagement elements.

10. The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations
and cash flows is applied within the framework of:



A. Australian auditing standards that include the concept of
materiality.
B. quality
control.
C. the agreed reporting
framework.
D. the auditor's assessment of the audited entity's level of
control risk.




1-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill
Education.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

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 evileye251. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £20.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75057 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now

Start selling
£20.49
  • (0)
  Add to cart