Assurance services differ from consulting services in that they I. Focus on providing advice. II. Involve monitoring of one party by another. a. I only. b. II only. c. Both I and II. d. Neither I nor II.

Assurance services differ from consulting
services in that they
I. Focus on providing advice.
II. Involve monitoring of one party by
another.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
by

1 Answer

Answer :

II only.
by

Related questions

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Which of the following statements concerning consulting services is incorrect? a. The performance of consulting services for audit clients does not, in and of itself, impair the auditor's independence. b. Consulting services differ fundamentally from the CPA's function of attesting to the assertions of other parties. c. Consulting services ordinarily involve external reporting. d. Most CPAs, including those who provide audit and tax services, also provide consulting services to their clients

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In performing an assurance engagement, a professional accountant typically a. Provides management consulting advice. b. Supplies litigation support services. c. Assesses control risk at a low level. d. Expresses a conclusion about an assertion

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Assurance services involve all the following except: a. Improving the quality of information for decision purposes. b. Improving the quality of the decision model used. c. Improving the relevance of information. d. Implementing a system that improves the processing of information

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Which of the following is not one of the requirements before accepting an assurance engagement? a. The practitioner should be competent and independent. b. The responsible party and the intended user of assurance report should be from different organizations. c. The practitioner should accept the engagement only if the subject matter is the responsibility of another party d. The practitioner should accept the engagement only if the subject matter is identifiable and in the form that can besubjected to evidence gatheringprocedures

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Which of the following should be included in the audit plan? I. The nature, timing and extent of planned risk assessment procedures. II. The nature, timing and extent of planned further audit procedures at the assertion level. a. I only b. II only c. Both I and II d. Neither I nor II

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To be independent, the auditor: a. Must be impartial when dealing with the client. b. Cannot place any reliance on the client's verbal and written assertions. c. Is responsible only to third-party users of the financial statements. d. Cannot perform any consulting servicesfor an audit client.

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Maintaining or providing access to adequate reference libraries and other authoritative sources is a procedure that is most likely performed to comply with the policy of a. Monitoring b. Ethical requirements c. Assignment d. Consultation

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By providing high level of assurance on audit reports on financial statements, the auditor a. Guarantees the fair presentation of the financial statements. b. Confirms the accuracy of the financial statements. c. Enhances the credibility of the financial statements. d. Assures the readers that fraudulent activities of employees have been detected.

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Which of the following statements is correct? a. Sufficiency refers to the quality of evidence, while appropriateness refers to the quantity of evidence. b. The reliability of evidence is influenced not by its nature but by its source. c. The performance of consulting services for audit clients does not, in and of itself, impair the auditor’s independence. d. A belief that management and those charged with governance are honest and have integrity relieves the auditor of the need to maintain professional scepticism.

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The Framework of Philippine Standards on Auditing distinguishes audits from related services. Related services include all of the following, except a. Reviews. b. Compilations. c. Agreed-upon procedures. d. Management consulting.

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The provision of services by a firm or network firm to an audit client that involve the design and implementation of financial information technology systems that are used to generate information forming part of a client's financial statements may most likely create a. Self-interest threat. b. Self-review threat. c. Intimidation threat. d. Familiarity threat

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Contingent fees charged by CPAs engaged in tax practice are permitted under the rules of professional conduct because: a. This practice establishes fees which are commensurate with the value of the services. b. Attorneys in tax practice customarily set contingent fees. c. Determination by taxing authorities are a matter of judicial proceedings which do not involve third parties. d. The consequences are based upon findings of judicial proceedings or the findings of tax authorities

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