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ICAEW ACA Assurance Certificate Level well answered to pass
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ICAEW ACA Assurance Certificate Level well answered to pass
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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
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