AUDITING RMU
11th Edition
ISBN: 9781260934830
Author: MESSIER
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 1, Problem 1.15MCQ
To determine
Concept Introduction:Auditing is an independent examination of financial statements where in independent auditor provided his opinion on the true and fair view of the financial statement.
Attestation is evidence of proof of something. It is declaration that something exists of the attested matter is true.
Assurances services include review of financial statement in which the reviews provides assurance over the correctness and completeness of the financial statements.
To choose: The best description of relationship amongst auditing, attest, and assurance services.
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Students have asked these similar questions
Explain the relationships among audit services, attestation services,and assurance services, and give examples of each.
The subject matter of auditing services
can take many forms, including
prospective information and analyses.
O True
O False
Select the best answer for each of the follwing items and give reasons for your choice.
a. Which of the following best describes the relationship between assurance services and attest services?
(1) While attest services involved financial data, assurance services involve nonfinancial data
(2) While attest services require objectivity, assurance services do not require objectivity
(3) All attest services require independence.
(4) Attest and assurance services are different terms referring to the same types of services
Chapter 1 Solutions
AUDITING RMU
Ch. 1 - Prob. 1.1RQCh. 1 - Prob. 1.2RQCh. 1 - Prob. 1.3RQCh. 1 - Prob. 1.4RQCh. 1 - Prob. 1.5RQCh. 1 - Prob. 1.6RQCh. 1 - Prob. 1.7RQCh. 1 - Prob. 1.8RQCh. 1 - Prob. 1.9RQCh. 1 - Prob. 1.10RQ
Ch. 1 - Prob. 1.11RQCh. 1 - Prob. 1.12RQCh. 1 - Prob. 1.13MCQCh. 1 - Prob. 1.14MCQCh. 1 - Prob. 1.15MCQCh. 1 - Prob. 1.16MCQCh. 1 - Prob. 1.17MCQCh. 1 - Prob. 1.18MCQCh. 1 - Prob. 1.19MCQCh. 1 - Prob. 1.20MCQCh. 1 - Prob. 1.21MCQCh. 1 - Prob. 1.22MCQCh. 1 - Prob. 1.23MCQCh. 1 - Prob. 1.24PCh. 1 - Prob. 1.25PCh. 1 - Prob. 1.26PCh. 1 - Prob. 1.28P
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Similar questions
- Which of the following is NOT an element of an assurance engagement? A. Audit assertion B. Responsible party C. Suitable criteria D. Independent auditorarrow_forwardther types of assurance services provided by CPAs have developed as a natural extension of the audit function. Required: a. Explain what is meant by the term assurance services. b. Describe the forces that have caused a demand for other types of assurance services. c. Describe the subset of assurance services governed by the Statements of Standards for Attestation Engagements.arrow_forwardAuditing and Assurance Services Can you help me identify which of the performance principles of GAAS apply to each of these? I am not sure what I am missing. Thanks!arrow_forward
- What is the definition of assurance and non assurance servicesarrow_forwardWhich of the following best describes the relationship between auditing and attestation engagements Select one: a. Auditing is a subset of attestation engagements that focuses on providing clients with advice and decision support. b. Attestation is a subset of auditing that provides lower assurance than that provided by an audit engagement. c. Auditing is a subset of attestation engagements that focuses on the certification of financial statements. d. Attestation is a subset of auditing that improves the quality of information or its context for decision makersarrow_forwardContinuous assurance auditing will send signals or messages deviated from an audit limit or parameter to internal auditors. What auditing standards and methods are necessary to ensure the effectiveness and efficiency of continuous auditing services?arrow_forward
- Which of the following best describes the relationship between auditing and attestationengagements?a. Auditing is a subset of attestation engagements that focuses on the certification of financial statements.b. Attestation is a subset of auditing that provides lower assurance than that provided by anaudit engagement.c. Auditing is a subset of attestation engagements that focuses on providing clients withadvice and decision support.d. Attestation is a subset of auditing that improves the quality of information or its contextfor decision makersarrow_forwardIs internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to explainarrow_forwardInternal documentation and external documentation are two sorts of audit evidence that should be distinguished from one another. Give two examples of each. Which kind is regarded to be the most dependable?arrow_forward
- define non assurance servicesarrow_forwardDistinguish between internal documentation and external documentation as types of audit evidence. Give two examples of each. Which type is considered more reliable?arrow_forwardDiscuss the concepts of independence and objectivity and relate them to the external audit process. This is an auditing assignment. Thanksarrow_forward
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