LECTURE 01 isa 200

Question 1

DIFFERENCE BETWEEN ASSUTRANCE ENAGEMENT AND AUDIT

Answer 1

ASSURANCE MEANS FINANCIAL STATEMENTS AND OTHER INFORMATION HOWEVER AUDIT IS RELATED TO AUDIT OF F/S

Question 2

TYPE OF FRAME WORKS

Answer 2

1. GEN,
2. SPECIAL
3. FAIR PRESENTATION
4. COMPLIANCE FREAMEWORK

Question 3

general
purpose financial statements and special puppose

Answer 3

GPFRF stand for the serve the purpose of wide range of users however the

Question 4

special purpose financial statments stands for

Answer 4

1. 4 type of users
   a. tax
2. regulatory authority
3. contarctual basis
4. cash basis

Question 5

what are the consequences on audit report on special purpose financial statments

Answer 5

EOM must hoever include OTher matter for the restricition on distribution of financial statements

Question 6

fair presentation and compliance framework

Answer 6

fair presentation state inclusion of additional discloures and departure from existing disclosers

Question 7

what is frame work

Answer 7

certieria used to prepar the subsject matter (financial statements)

Question 8

what is AFRF

Answer 8

adopted by managment for the prepration of financial statements.

Question 9

fair presentation frame work

Answer 9

require compliance with frame work and words acknowledging that information required is disclosed and opinion state thet fs give true and fair view

Question 11

compliance framework

Answer 11

state that prepared in accordance with requirement of compliance frame work. and opinion main hum yeh kehty hyn f.s are prepared in accordance with all material respects of frame work

Question 12

AFRF

Answer 12

certeria used for prep of f/s and include discloser that f/s are prepared with AFRF , hoever no partial compliance is not a compliance

Question 13

inherent limitation of audit

Answer 13

1. time and cost limitation
2. nature of financial statements (estimated and judgements involved)
3. managment do not provide complete information
   4, other matters (RP transactions)

Question 14

what is SAAE

Answer 14

sufficiency and appropriateness of audit evidence