Aca assurance - Study guides, Class notes & Summaries

ACA Assurance Exam Questions and Answers 100% Pass 5 key elements of audit - Answer- 1. 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 smal...

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 - Chapter 1 (Concept of and need for assurance) well answered to pass

ICAEW ACA Assurance Certificate Level well answered to pass

What is the mnemonic for the 5 key elements of assurance engagements? - Answer-CREST What does CREST stand for? - Answer-Criteria, Report, Evidence, Subject Matter, Three Party Relationship How many levels of assurance are there? - Answer-2 What are the characteristics of a reasonable assurance? - 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? - Answer-Evidence gathered is l...

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...

5 key elements of audit - correct answer 1. 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? - correct 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 - correct answer - CA 2006 exempts small p. ltd. if 2/3: -&gt...

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 - 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 ...