6. Planning Assurance Engagements

Question 1

General assurance engagement process

Answer 1

1. Acceptance
2. Planning
3. Evidence
4. Reporting

Question 2

Does one standard cover all an other assurance engagement?

Answer 2

Yes

Question 3

Assurance on financial forecasts: What are auditor’s responsibilities?

Answer 3

Concluding whether:
1. Assumptions reasonable
2. Info prepared on basis of those assumptions

Question 4

Relevant procedures for assurance on forecasts?

Answer 4

1. Considering management competence
2. Mathematical accuracy
3. Management representations
   a. Intended use
   b. Completeness of assumptions
   c. Acceptance for responsibility
4. Compare to historic info (if available)

Question 5

Review engagement: Definition

Answer 5

Reviewing historic information

Question 6

Review engagement: Typical procedures

Answer 6

1. Inquiries (management, others)
2. APs
3. Representations

Question 7

What do Cs listed on the main market of the LSE have to disclose? (Since April 13)
(Other Cs can choose to)

Answer 7

Greenhouse emissions (GHG statement)

Question 8

OBT: Main provisions for GHG statements: Levels of assurance

Answer 8

1. Reasonable
   Prepared with acceptable criteria
2. Limited
   (Nothing that not based on acceptable criteria)

Question 9

OBT: Main provisions for GHG statements: Key difficulty

Answer 9

Complexity

(Multidisciplinary teams, estimation, measurement)

Question 10

OBT: Main prvosions for GHG statements: Other skills needed other than assurance

Answer 10

Laws, regulation, quantification, reporting