Aca assurance exam - Study guides, Class notes & Summaries

ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers Definition: Assurance - answerAn assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - answer1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report ...

ACA Assurance Exam Questions With 100% Correct Answers 5 key elements of audit - answer1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report ISA 200 - what are the objectives of auditors? - answer- obtain reasonable assurance f/s are free from material misstatement (fraud or error) - express opinion whether f/s prepared in accordance w/ financial reporting framework Exemption from statutory audit - answer- CA 2006 exempts small ...

ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers Definition: Assurance - answerAn assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - answer1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report ...

ACA Accounting and Assurance Exam Questions With Verified Answers Reasonable Assurance engagement 1. Evidence Sought 2. Opinion Given 3. Example - answer1. Sufficient and Appropriate 2. Positive Opinion 3. The financial statements show a true and fair view in all material respects Limited Assurance engagement 1. Evidence Sought 2. Opinion Given 3. Example - answer1. Sufficient and appropriate (less intrusive) 2. negative conclusion 3. Nothing has come to our attention that makes us ...

ACA Assurance Exam Questions With 100% Correct Answers What's in an audit strategy - answer- broad scope - understand the entity - understand the accounting systems and internal control systems - identifying risk and setting materiality - nature, timing and extent of resources necessary - mgmt, direction and supervision of audit team Audit plan - answer- more detailed - nature, timing and extent of the specific audit PROCEDURES required for material issues - ensure appropriate attenti...

ACA – Assurance Exam Questions and Answers 100% Pass What are the five elements of an assurnace engagement? - Answer- Criteria, Report, Evidence, Subject matter, Thrid Patry Relationship Who is a practitioner? - Answer- The person or party carrying out the assurance engagement. What are the two types of assurnace engagement identified under the international framework for assurnace engagement? - Answer- 1. Resaonable Assurance 2. Limited Assurance What constitues a reasonable assuranc...

ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers Definition: Assurance - answerAn assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - answer1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report ...

ACA - Assurance Exam Questions With 100% Correct Answers what are audit documentations? - answerRECORD of procedures performed, relevant evidence obtained and conclusions reached why should assurance providers record their work? - answer- assist audit team to plan and perform audit - assist relevant members to direct and supervise work - enable audit team to be accountable (prove adherence to ISA) - retain record of matters to future audits - enable experienced auditor to carry out qual...

ACA - Assurance Exam Questions With 100% Correct Answers what are audit documentations? - answerRECORD of procedures performed, relevant evidence obtained and conclusions reached why should assurance providers record their work? - answer- assist audit team to plan and perform audit - assist relevant members to direct and supervise work - enable audit team to be accountable (prove adherence to ISA) - retain record of matters to future audits - enable experienced auditor to carry out qual...