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Solutions for AT-01: Fundamentals of Auditing and Assurance 15th Canadian Edition Arens $10.49   Add to cart

Exam (elaborations)

Solutions for AT-01: Fundamentals of Auditing and Assurance 15th Canadian Edition Arens

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Solutions for AT-01: Fundamentals of Auditing and Assurance 15th Canadian Edition Arens

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  • August 22, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • auditing
  • Auditing
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Solutions for AT-01: Fundamentals of
Auditing and Assurance 15th Canadian
Edition Arens

Assurance - ANSreliability of an assertion being made by one party (management) for the use
of other parties (stakeholders)

Assurance Services - ANSthree-party contracts in which assures reports on the quality of
information

True - ANSAssurance Services can involve 2 parties only

Three Party Relationship
Appropriate Subject MAtter
Suitable Criteria
Sufficient Appropriate Evidence
Assurance Report that is written - ANSElements of Assurance Engagements (TASSA)

Practitioner - ANSbroader term than "auditor", can also refer to experts

True - ANSA practitioner should accept an engagement if preliminary knowledge of the
engagement circumstances indicates that ethical requirements regarding professional
competence will not be satisfied.

Responsible Party - ANSresponsible for subject matter of the subject matter information

True - ANSThe responsible party may or may not be the party who engages the practitioner.

Intended Users - ANSfor whom the practitioners prepare the assurance report

True - ANSIntended users may be identified by agreement between the practitioner and the
responsible party or engaging party, or by law

False - ANSThe practitioner is not responsible for determining the nature, timing, and extent of
procedures to be performed in the engagement.

True - ANSThe practitioner is required to purse any matter which may lead to a material
adjustment to the subject matter info.

, Appropriate Subject Matter - ANSis identifiable and capable of consistent evaluation against an
identified criteria, and capable of being subjected to procedures for gathering sufficient evidence

Forms of Subject Matter - ANSFinancial Performance or Conditions, Non-financial Performance
or Conditions, Physical Characteristics, Systems and Processes, Behavior

Suitable Criteria - ANSrequired for reasonably consistent evaluation or measurement of a
subject matter within the context of professional judgment

False - ANSSuitable Criteria is not context-sensitive.

Completeness
Relevance
Reliability
Understandability
Neutrality - ANSCharacteristics of Suitable Criteria (CRRUN)

Publicly
Included in a clear manner in the assurance report
Included in a clear manner in the subject matter info.
General Understanding - ANSCriteria should be made available

True - ANSWhen identified criteria are available only to specific intended users, or are relevant
to only to a specific purpose, use of the assurance report is restricted to those users or for that
purpose.

Professional Skepticism - ANSrecognizing that circumstances may exist that cause the subject
matter information to be materially misstated

True - ANSAn assurance engagement rarely involves the authentication of documentation, nor
is the practitioner trained as or expected to be an expert in such authentication.

Sufficiency - ANSquantity of evidence

Appropriateness - ANSquality of evidence

Documented > Oral
Directly > Indirectly
External > Internal
Effective ICS > Ineffective ICS
Original > Photocopies - ANSReliability of Evidence

True - ANSIt is generally more difficult to obtain assurance about subject matter info. covering a
period than about subject matter info. at a point in time.

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