Exam (elaborations)
ACA Assurance(questions with verified answers)
- Module
- Institution
ACA Assurance(questions with verified answers)
[Show more]
Seller
Follow
Sakayobako30
Reviews received
Content preview
ACA AssuranceContents of a letter of engagement (MUST) - correct answer ✔✔MC SOOAR
Management's responsibility
Confirmation of reports
Scope of audit
Objective
Opinion (positive)
Auditor's responsibility
Reporting framework
What is in the audit strategy - correct answer ✔✔MR BICEP
Materiality and risk - basis, calculation and results
Resources - hours, timings, fees
Business understanding - locations, structure, experience,...
Internal - e.g. accounting policy choices
Control - e.g. reliability of client's systems
Environment - economic and industry conditions
People - the team involved
Audit Procedures - correct answer ✔✔AEIOU
, Analytical procedures - ratios, benchmarks, peers, etc.
Enquiry - ask relevant person for information
Inspection - of a document, e.g. an invoice
Observation - of a process, e.g. inventory count
RecalcUlation - check mathematical accuracy of documents or records
Reperformance - the auditor's independent execution of procedures or controls which were originally
performed as part of the entity's internal control
Confirmation - of external 3rd parties only
SoPL Assertions - correct answer ✔✔3Cs + AOP
Completeness - transactions that should have been recorded have been recorded
Cut off - recorded in correct period
Classification - recorded in the proper accounts
Accuracy - recorded appropriately and accurately described
Occurrence - those recorded have happened
Presentation - appropriately (dis)/aggregated, understandable and in line with IFRS
SoFP Assertions - correct answer ✔✔2Cs + PERV
Completeness - all that should have been recorded is
Classification - recorded in proper accounts
Presentation - appropriately (dis)/aggregated, understandable and in line with IFRS
Existence - assets, liabilities and equity interests exist
Rights & obligations - entity holds or controls the assets and is obliged with the liabilities
Valuation, accuracy and allocation - included in the FSs at appropriate amounts
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 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 £10.57. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75323 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