Module 7 Flashcards
1
Q
assurance engagement
A
aims to obtain sufficient evidence to express a conclusion
2
Q
elements of assurance engagement
A
three-party relationship
underlying subject
suitable criteria
sufficient appropriate evidence
assurance report
3
Q
commercial risks
A
financial
reputational
4
Q
professional risks
A
ethical
legal
5
Q
acceptance procedures
A
users and nature of engagement
financial stability
integrity
ability to undertake engagement
client identification
basis for performance
communicate with previous auditor (external audit only)
6
Q
example of assurance engagement
A
statutory financial statement audit
7
Q
audit process
A
acceptance
planning
systems and control analysis
substantive testing
completion
