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Category: US History
Date Submitted: 05/10/2016 12:39 AM
{Topic 1} Assurance and auditing: an overview
Question 1: 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:
(Learning objective 1: Understanding the assurance framework)
A: The Ethical Rules of the Audit Profession.
B: Australian Auditing Standards.
C: Listing Rules of the Australian Securities and Investments Commission.
D*: Applicable accounting standards.
Question 2: Which of the following is not an element of an assurance engagement?
(Learning objective 1: Understanding the assurance framework)
A: Three-party relationship
B*: Approved assurance standards
C: Suitable criteria
D: A written assurance report
Question 3: 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:
(Learning objective 1: Understanding the assurance framework)
A: Australian Auditing Standards which include the concept of materiality.
B: Quality control.
C*: The identified reporting framework.
D: The auditor's assessment of the audited entity's level of control risk.
Question 4: To which assurance engagements does the Framework for Assurance Engagement apply?
(Learning objective 2: Understanding the structure of assurance standards and pronouncements)
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 above.
Question 5: To which type of assurance engagement does the umbrella standard AUS 110 (ISAE 3000) “Assurance Engagements other than Audits and Reviews of Historical Financial Information”, not apply?
(Learning objective 2: Understanding the structure of assurance standards and pronouncements)
A: A performance audit on a government department
B*: A...