Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 1, Problem 29AOQ
To determine
Identify the statement which best describes the relationship between assurance services and attest services.
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Reliability means that data are reasonably complete and accurate. Accuracy refers to the extent that recorded data reflect the actual underlying
information. In this regard which of the following is the suitable example of reliability of the data?
O a. Information may be more reliable when it is obtained from dependent sources outside the entity
O b. Information may be more reliable when it is obtained from independent sources outside the entity
O c Information may be more reliable when it is obtained from the management of the entity
O d. Information may be more reliable when it is obtained from engagement team members
Which of the following is not a factor involved in communicating useful information?
a) Process by which the information is analyzed
b) Attributes of the users
c) Purpose for which the information will be used
d) All of the other answers are factors.
Match the qualitative characteristics below with the following statements.
1. Timeliness
2. Completeness
3. Free from error
4. Understandability
5. Faithful representation
6. Relevance
7. Neutrality
8. Confirmatory value
a. Quality of information that assures users that information represents the economic phenomena that it purports to represent.
b. Information about an economic phenomenon that corrects past or present expectations based on previous evaluations.
c. The extent to which information is accurate in representing the economic substance of a transaction.
d. Includes all the information that is necessary for a faithful representation of the economic phenomena that it purports to represent.
e. Quality of information that allows users to comprehend its meaning.
Chapter 1 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Describe briefly the function of the GAO.Ch. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - What characteristics make an accounting...Ch. 1 - Prob. 24RQCh. 1 - Prob. 25QRACh. 1 - A corporation is contemplating issuing debenture...Ch. 1 - Prob. 27QRACh. 1 - Prob. 28QRACh. 1 - Prob. 29AOQCh. 1 - Prob. 29BOQCh. 1 - Prob. 29COQCh. 1 - Prob. 29DOQCh. 1 - Prob. 29EOQCh. 1 - Prob. 29FOQCh. 1 - Prob. 29GOQCh. 1 - Which of the following did not precipitate the...Ch. 1 - Prob. 29IOQCh. 1 - Prob. 29JOQCh. 1 - Prob. 29KOQCh. 1 - Prob. 29LOQCh. 1 - Prob. 30OQCh. 1 - Prob. 31OQCh. 1 - Prob. 32OQCh. 1 - Prob. 33OQCh. 1 - Prob. 34OQCh. 1 - Prob. 35OQCh. 1 - Prob. 36OQCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Will Williams, a college senior, has begun the...Ch. 1 - Smith Co., a local Dallas public accounting firm,...
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Similar questions
- Compare consulting and assurance services.arrow_forward1. Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is: a. relevance. b. reliability. c. understandability. d. materiality. 2. Which of the following is not a major challenge facing the accounting profession: a. Nonfinancial measurements b. Accounting for hard assets. c. Timeliness. d. Forward-looking information.arrow_forwardWhat is assurance and non assurance services?arrow_forward
- When information about two different enterprises have been prepared presented in a similar manner the information exhibits the characteristic of:(a) Verifiability(b) Relevance(c) Reliability(d) None of the abovearrow_forwardComparing relevance and reliability, which information quality is most important? Support your answer with examples. Discuss fully.arrow_forwardWithin the context of valuation methodology and disclosure, discuss the concepts of “Relevance” and “Representational Faithfulness”. In what circumstances might you have one, but not the other, or both? Could one have neither? Provide and discuss some examples of each scenario, as well as the risk and ramificationsarrow_forward
- Identify the factor that affects the faithful representation. a. Efficiency of computer systems b. The condition in the economy c. Level of measurement uncertainty d. Level of incompletenessarrow_forwardDon't use AI.arrow_forwardWhich one of the following qualities is most concerned with influencing users' decisions concerning the prediction of future events and the confirmation of past events? O A. Faithful representation OB. Understandability OC. Verifiability OD. Relevance (...)arrow_forward
- Which of the following statements regarding the balanced scorecard is not correct? a. It seeks to address the problems associated with traditional financial measures used to assess performance. b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard. c. It relies on the perception of the users with regard to service provided. d. It is directly derived from scientific management theories.arrow_forwardUnder Qualitative Characteristics of Useful Financial Information, the abilitythrough consensus of measures to ensure that information represents what itpurports to represent is an example of the concept of:a. Relevanceb. Verifiabilityc. Faithful representationd. Feedback valuearrow_forwardSome people believe that when making decisions, the more information one has, the better. Discuss how to determine the value of information sources and content. Identify an information source that's trustworthy and explain whyarrow_forward
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