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Assurance ACA questions well answered to pass(updated)
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Assurance ACA questions well answered to pass(updated)
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Assurance ACA questionswhat are examples of possible subject matter which may be evaluated for the purposes of an assurance
engagement? - correct answer ✔✔data, systems or processes, corporate governance
what are the roles of the responsible party in any assurance engagement? - correct answer ✔✔set the
criteria of the engagement and prepare subject matter
What describes the assurance provided and conclusion given in a reasonable assurance engagement? -
correct answer ✔✔high and positive
What statements form part of the generally accepted definition of 'fair', in the context of 'a true and fair
view'? - correct answer ✔✔1. information is free from discrimination and bias
2. information complies with generally accepted accounting practise
3. accounts reflect the commercial substance of the companys underlying transactions
true or false: issuing a management letter describing the deficiencies in internal controls will help close
the expectation gap - correct answer ✔✔false
what are two ways the expectation gap can be closed? - correct answer ✔✔issuing an engagement letter
setting out the work to be carried out and its limitations
setting out responsibilities in an assurance report
Is sampling a limitation in the audit process? - correct answer ✔✔yes
is it a limitation that assurance is a subjective process? - correct answer ✔✔yes
is inherent risk higher or lower when a company is planning to list on the local stock exchange within the
next year? - correct answer ✔✔higher risk
, is inherent risk higher or lower when a company has made one third of its finance department
redundant as part of an efficiency drive? - correct answer ✔✔higher risk
What three circumstances must a firm decline, or should normally decline, an appointment as auditor to
a company? - correct answer ✔✔1. prospective client refuses to grant permission to contract previous
auditor
2. prospective client refuses to grant permission to previous auditor to contact
3. the client is one for which your firm is ethically barred from acting
In order to comply with the Money Laundering Regulations, which one of the following is the number of
years for which assurance firms should keep records of the identification of their clients? - correct
answer ✔✔For a minimum of five years and for five years after the relationship with the client has
ceased
What is not a right that an auditor has under the Companies Act 2006? - correct answer ✔✔The right to
disclose confidential information in every circumstance without the permission of the client
is inherent risk high or low when a company wants to increase its overdraft? - correct answer ✔✔high
risk
is inherent risk high or low when the client has had 3 different auditors in the last 5 years? - correct
answer ✔✔high risk
What best describes professional skepticism? - correct answer ✔✔applying a questioning mind to
evidence obtained
What would indicate the client could be high risk? - correct answer ✔✔1. company is cash based
2. trades with foreign governments
is the client high risk if the director is up for re electron next year? - correct answer ✔✔yes
is it high risk if the client has very few employees? - correct answer ✔✔yes
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