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Assurance > Week 1 - What is Assurance > Flashcards

Week 1 - What is Assurance Flashcards

1
Q

Define assurance

A

An assurance engagement is one in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation of measurements of a subject matter criteria

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2
Q

What is the first bit of the definition?

A

An assurance engagement is one in which a practitioner expresses a conclusion

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3
Q

What is the second bit of the definition?

A

designed to enhance the degree of confidence of the intended users other than the responsible party

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4
Q

What is the third bit of the definition?

A

about the outcome of the evaluation of measurements of a subject matter criteria

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5
Q

Who is the practitioner?

A

You, the auditor

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6
Q

Who are the intended users?

A

Usually shareholders

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7
Q

Who is the responsible party?

A

Mangement/senior directors

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8
Q

What is the subject matter?

A

The financial statements

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Assurance (81 decks)

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