Overview of Auditing & Other Assurance Services Flashcards

1
Q

Important roles of professional accountants in economic development

A

Serve to underpin transparency, accountability, and the rule of law.

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2
Q

Services that professional accountant may engage in.

A

Assurance engagements

Non-assurance engagements

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3
Q

Activities under an assurance engagements

A
  1. Audit of FS
  2. Review of FS
  3. Other assurance services
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4
Q

Activities under a non-assurance engagements

A

1 Compilation procedure

2 Agreed-upon Procedure

3 Tax

4 Management

5 Consultancy/Advisory Services

6 Accounting and data processing

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5
Q

Is an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users

A

Assurance Engagement

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6
Q

Elements of Assurance Engagements

A
  1. Three-party relationship
  2. Appropriate subject matter
  3. Suitable criteria
  4. Sufficient appropriate evidence
  5. written assurance report in the form appropriate to a reasonable engagement or a limited assurance engagements
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6
Q

Elements of Assurance Engagements

A
  1. Three-party relationship
  2. Appropriate subject matter
  3. Suitable criteria
  4. Sufficient appropriate evidence
  5. written assurance report in the form appropriate to a reasonable engagement or a limited assurance engagements
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7
Q

who are the three-party relationship

A

a. Practitioner
b. Responsible party
c. Intended users

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8
Q

Independent and professional accountant who provides assurance services.

A

Practitioner

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9
Q

Responsible for the subject matter information, and may be responsible for the subject matter.

A

Responsible Party

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10
Q

Peron/s whom the practitioner prepares the assurance report.

A

Intended Users

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11
Q

It is what the users interested at.

A

Audited Financial Statement

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12
Q

Underling matter of interest to intended users.

A

Subject Matter

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13
Q

Information that results from evaluating or measuring the subject matter.

A

Subject Matter Information

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14
Q

The subject matter may be the recognition, measurement, & disclosure presented in FS.

A

Financial Performance/Condition

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15
Q

The subject matter may be the key indications of efficiency & effectiveness.

A

Non-financial Performance’conditions

16
Q

The subject matter information may be a specification of document.

A

Physical Characteristics

17
Q

The subject matter of information may be an assertion about effectiveness.

A

Systems and Processes

18
Q

The subject matter may be a statement of compliance or a document of effectiveness

19
Q

These are the standards or benchmarks used to evaluate or measure the subject matter of an assurance engagements.

A

Suitable Citeria

20
Q

These are requires for reasonably consistent evaluation or measurement of subject matter within the context of professional judgment.

A

Suitable Criteria

21
Q

TRUE OR FALSE

Without the frame of reference of suitable criteria, any conclusion is open to individual interpretation and misunderstanding.

22
Q

Contributes to conclusions that assist decision making by intended users of the assurance reports.

23
Q

Criteria are sufficiently complete when relevant facts that could affect the conclusions are not omitted.

A

Completeness

24
It allows reasonably consistent evaluation or measurement of the subject matter of the subject matter including, where relevant, presentation and disclosure, when used in similar circumstances by similarly qualified practitioner.
Reliability
25
Criteria contributions free from bias.
Neutrality
26
Criteria contributes to conclusions that are clear, comprehensive, and not subject to significantly different interpretations.
Understandability
27
A practitioner must have a questioning mind.
Professional Skepticism