Which of the following is not an element of an assurance engagement Appropriate subject matter Sufficient inappropriate evidence. Suitable criteria A three party relationship involving a practitioner, a responsible party, and intended users.

Which of the following is not an element of an assurance engagement Appropriate subject matter Sufficient inappropriate evidence. Suitable criteria A three party relationship involving a practitioner, a responsible party, and intended users.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 16MCQ

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The assessment of materiality and the relative importance of quantitative andqualitative factors in a particular engagement are matters for the practitioner’s judgement. True or False? and Explain your answer.
The following are elements of an assurance engagement , except: Group of answer choices: Sufficient Appropriate audit evidence A written assurance report that may contain reasonable assurance, limited assurance, or no assurance. Appropriate subject matter, such as financial statements, or balloting of contests Three party relationship involving practitioner, responsible party, intended users
What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.
What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Limited assurance engagement b. Positive assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement explain why
In an attest engagement, the CPA can issue a report on the a. Subject Matter Client’s assertion on the subject matter Yes Yes b. Subject Matter Client’s assertion on the subject matter No No c. Subject Matter Client’s assertion on the subject matter Yes No d. Subject Matter Client’s assertion on the subject matter No Yes
Which of the following statements is true regarding the sufficiency of evidence needed to test an account? a. Evidence sufficiency is a measure of evidence quality. b. Evidence sufficiency is affected by the quality of evidence. c. A relationship does not exist between evidence sufficiency and evidence quality. d. For a specific client, evidence sufficiency will be the same across all accounts.
Which of the following is least likely to be included in an agreed-upon procedures attestation engagement report? Group of answer choices The specified party takes responsibility for the sufficiency of procedures. Use of the report is restricted. Limited assurance on the information presented. A summary of procedures performed.
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Which of the following is true of “professional judgement”? A. It plays an especially important role in ASPE and IFRS B. It is important where standards are based primarily on general principles rather than specific rules. C. All of the other alternatives are correct. D. It is used in conjunction with the conceptual framework in the absence of specific standards.
What role does assurance boundary definition play in attestation? a) Standard limits work always b) Boundaries never matter c) All areas need equal coverage d) Engagement scope limits determine verification responsibilities. Want answer to this accounting mcq