Test Bank For Auditing and Assurance Services in Australia Grant Gay 7 ed
13 views 0 purchase
Course
Auditing and Assurance Services - Test Bank
Institution
Auditing And Assurance Services - Test Bank
1.
Chapter 04 Test Bank
Student: ___________________________________________________________________________
Who is responsible for the preparation of the financial report?
A. Auditor .
B. Manageme nt.
C. Both auditor and management.
D. None of the answers given are correct.
Original accoun...
, Chapter 01 Testbank
Student: ___________________________________________________________________________
1. Which of the following is not an element of an assurance engagement?
A. Three-party
relationship.
B. Approved assurance
standards.
C. Sufficient appropriate
evidence.
D. A written assurance
report.
2. An audit establishes the conformity of assertions with specified criteria. In an audit of a financial report, the criteria by
which financial report assertions are judged are:
A. the ethical rules of
conduct.
B. Australian Auditing
Standards.
C. listing rules of the Australian Securities and Investments
Commission.
D. applicable accounting
standards.
3. Who is the responsible party for the adequacy of the disclosure in the financial report and accompanying notes?
A. Auditor in charge of
fieldwork.
B. The entity's board of
directors.
C. Auditor who signs the auditor's
report.
D. The Australian Securities and Investments
Commission.
,4. At what levels can assurance be provided under the assurance services framework?
A. Reasonable assurance and limited
assurance.
B. High assurance and reasonable
assurance.
C. Assurance can be provided on a continuum from 0% to
100%.
D. Assurance can be provided on a continuum from absolute to
limited.
5. Independent auditors are referred to as ‘independent' because:
A. their offices are not at the entity's place of
business.
B. they are not employees of the entity being
audited.
C. they are paid by parties outside of the audited
entity.
D. they report to users outside of the audited
entity.
6. The highest level of assurance is provided by:
A. compiling financial
reports.
B. agreed-upon
procedures.
C. review
.
D. audit
.
7. Which of the following can be the underlying subject matter of the audit?
A. The financial report of a
company.
B. The Australian accounting
standards.
C. The Australian auditing
standards.
D. The auditor's
report.
, 8. To which assurance engagements does the Framework for Assurance Engagements apply?
A. Audits of historical financial
information.
B. Reviews of historical financial
information.
C. Assurance engagements other than audits or reviews of historical financial
information.
D. All of the given answers are
correct.
9. What is a direct engagement?
A. The assurance provider is directly appointed by the
responsible party.
B. The auditor directly measures or evaluates the underlying subject matter against
the criteria.
C. Shareholders directly appoint the auditor, rather than the
company.
D. The assurance engagement contains both financial report and performance
engagement elements.
10. The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations
and cash flows is applied within the framework of:
A. Australian auditing standards that include the concept of
materiality.
B. quality
control.
C. the agreed reporting
framework.
D. the auditor's assessment of the audited entity's level of
control risk.
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 EFT, credit card or Stuvia-credit 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R610,01. You're not tied to anything after your purchase.
