ACCA F8 Ch 1 Flashcards
1
Q
A
- C. confidentiality
- I. integrity
- P. professional competency and due diligence
- P. professional behaviour
- O. objectivity
2
Q
A
- 3 parties
- Subject matter
- Criteria
- Sufficient appropriate evidence
- Appropriate audit report
3
Q
A
- Financial statements contain subjective estimates
- Internal controls
- Representations from directors
- Evidence is often persuasive not substansive
- Samples
4
Q
What are the differences between Limited and Reasonable assurance?
A
- Negative / Positive level of assurance given
- Sufficient appropriate evidence for Plausibility / Conform materially with FR framework
- True & Fair / Nothing has come…
- Future / Past
- Enquiry & analyitical / Test of controls +
