Assurance services involve which of the following? a. Relevance as well as reliability. b. Nonfinancial information as well as traditional financial statementc. Electronic databases as well as printed reports. d. All of the aboves

Assurance services involve which of the
following?
a. Relevance as well as reliability.
b. Nonfinancial information as well as
traditional financial statements
c. Electronic databases as well as printed
reports.
d. All of the above
by

1 Answer

Answer :

All of the above
by

Related questions

Assurance services involve which of the following? a. Relevance as well as reliability. b. Nonfinancial information as well as traditional financial statements. c. Electronic databases as well as printed reports. d. All of the above

Description : Assurance services involve which of the following? a. Relevance as well as reliability. b. Nonfinancial information as well as traditional financial statements. c. Electronic databases as well as printed reports. d. All of the above

Last Answer : All of the above

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

Description : 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

Last Answer : Implementing a system that improves the processing of information

The following are assurance engagements except a. Tax consulting b. Financial statements audit c. Review of financial statements d. Information system reliability services

Description : The following are assurance engagements except a. Tax consulting b. Financial statements audit c. Review of financial statements d. Information system reliability services

Last Answer : Tax consulting

Audits of financial statements include an expression of a conclusion about which of the following financial statement characteristics? a. Governance. b. Reliability. c. Relevance. d. Timeliness

Description : Audits of financial statements include an expression of a conclusion about which of the following financial statement characteristics? a. Governance. b. Reliability. c. Relevance. d. Timeliness

Last Answer : Reliability

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

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.

Description : 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. d. Assures the readers that fraudulent activities of employees have been detected.

Last Answer : Enhances the credibility of the financial statements.

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.

Description : 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.

Last Answer : II only.

Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by attesting to the fairness of the client's assertions. d. A review provides positive assurance by attesting the reliability of the client's assertions

Description : Identify the correct statement. a. Accounting services do not provide attestation. b. Management consulting services provide attestation in all cases. c. An audit provides limited assurance by ... d. A review provides positive assurance by attesting the reliability of the client's assertions

Last Answer : Accounting services do not provide attestation

Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An audit is designed to provide limited assurance that the financial statements taken as a whole are free from material misstatement. c. The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conductedthe affairs of the entity.d. The procedures required to conduct anaudit in accordance with PSAs shouldbe determined by the client whoengaged the services of the auditor

Description : Which of the following statements about independent financial statement audit is correct? a. The audit of financial statements relieves management of its responsibilities for die financial statements. b. An ... with PSAs should be determined by the client who engaged the services of the auditor

Last Answer : The auditor's opinion is not an assurance as to the future viability of the entity as well as the effectiveness and efficiency withwhich management has conducted the affairs of the entity.

Which of the following characteristics is not considered necessary in determining whether the criteria are suitable? a. Reliability b. Relevance c. Neutrality d. Sufficiency

Description : Which of the following characteristics is not considered necessary in determining whether the criteria are suitable? a. Reliability b. Relevance c. Neutrality d. Sufficiency

Last Answer : Sufficiency

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

Description : 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 ... Self-interest threat. b. Self-review threat. c. Intimidation threat. d. Familiarity threat

Last Answer : Self-review threat

Non-assurance engagements include all of the following services, except: a. Agreed-upon procedures engagements. b. Compilations of financial or other information. c. Management and tax consulting. d. Examination of prospective financial information

Description : Non-assurance engagements include all of the following services, except: a. Agreed-upon procedures engagements. b. Compilations of financial or other information. c. Management and tax consulting. d. Examination of prospective financial information

Last Answer : Examination of prospective financial information

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Description : Which of the following is an example of an assurance engagement? a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.

The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance of interests of the preparer and the user of the financial statements. d. Most users today have access to the system that generates the financial statements they use

Description : The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance ... . d. Most users today have access to the system that generates the financial statements they use

Last Answer : There is a potential bias in providing information

Which of the following is not an assurance engagement? a. Risk Assessment Service b. Information System Reliability Service c. Business Performance Measurement d. Management Consulting Service

Description : Which of the following is not an assurance engagement? a. Risk Assessment Service b. Information System Reliability Service c. Business Performance Measurement d. Management Consulting Service

Last Answer : Management Consulting Service

Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Description : Assurance engagements encompass the following types of services, except: a. Audit of historical financial statements. b. Review engagements. c. Management consulting. d. Attestation services

Last Answer : Management consulting.

Unlike consulting services, in assurance services: a. There is confirmation that financial statement assertions are accurate. b. Misstated account balances are generally corrected by an independent audit. c. Ineffective internal controls may exist. d. Competing interests may exist between management and the users of statements

Description : Unlike consulting services, in assurance services: a. There is confirmation that financial statement assertions are accurate. b. Misstated account balances are generally corrected by an independent audit. ... may exist. d. Competing interests may exist between management and the users of statements

Last Answer : Competing interests may exist between management and the users of statements

Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Description : Which of the following services provides the highest level of assurance to third parties about a company's financial statements? a. Audit. b. Review. c. Compilation. d. Each of the above provides the same level of assurance.

Last Answer : Audit

Assurance services may include which of the following? a. Attesting to financial statements b. Examination of the economy and efficiency of governmental operations c. Evaluation of a division's performance for management d. All of the given choices

Description : Assurance services may include which of the following? a. Attesting to financial statements b. Examination of the economy and efficiency of governmental operations c. Evaluation of a division's performance for management d. All of the given choices

Last Answer : All of the given choices

Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Description : Which of the following is the broadest and most inclusive concept? a. Audits of financial statements. b. Internal control audit. c. Assurance services. d. Compilation services

Last Answer : Assurance services

Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Description : Which of the following services provides a moderate level of assurance about the client's financial statements? a. Forecasts and projections b. Compliance with contractual agreement c. Review d. Compilation

Last Answer : Review

Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus on providing assurance on the assertions contained in the financial statements of a public company. c. Review engagements focus on providing advice in a three-party contract. d. Review engagements focus on providing limited assurance on financial statements of a private company

Description : Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus ... d. Review engagements focus on providing limited assurance on financial statements of a private company

Last Answer : Review engagements focus on providing limited assurance on financial statements of a private company

Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Description : Of the following, which is the broadest concept? a. Internal control audit. b. Audit of financial statements. c. Attestation services. d. Assurance services.

Last Answer : Assurance services.

The market for auditing services is driven by a. The regulatory authority of the Securities and Exchange Commission. b. A demand by external users of financial statements. c. Pronouncements issued by the Auditing and Assurance Standards Council. d. Congress.

Description : The market for auditing services is driven by a. The regulatory authority of the Securities and Exchange Commission. b. A demand by external users of financial statements. c. Pronouncements issued by the Auditing and Assurance Standards Council. d. Congress.

Last Answer : A demand by external users of financial statements.

Assurance engagements involve: a. Two separate parties: a professional accountant and intended users. b. Two separate parties: a professional accountant and a responsible partyc. Three separate parties: apractitioner, a responsible party andintended users.d. Three separate parties: a professionalaccountant, a responsible party, andintended users

Description : Assurance engagements involve: a. Two separate parties: a professional accountant and intended users. b. Two separate parties: a professional accountant and a responsible party c. Three separate ... . d. Three separate parties: a professional accountant, a responsible party, and intended users

Last Answer : Three separate parties: a practitioner, a responsible party and intended users

Assurance engagements involve: a. Two separate parties: a professional accountant and intended users. b. Two separate parties: a professional accountant and a responsible partyc. Three separate parties: apractitioner, a responsible party andintended users.d. Three separate parties: a professionalaccountant, a responsible party, andintended users

Description : Assurance engagements involve: a. Two separate parties: a professional accountant and intended users. b. Two separate parties: a professional accountant and a responsible party c. Three separate ... . d. Three separate parties: a professional accountant, a responsible party, and intended users

Last Answer : Three separate parties: a practitioner, a responsible party and intended users.

Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, whereas internal auditors report directly to management. b. Internal auditors are employees of the auditee, whereas independent auditors are independent contractors. c. The internal auditor's span of coverage goes beyond financial auditing to encompass operational and performance auditing. d. Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Description : Which of the following statements is not a distinction between independent auditing and internal auditing? a. Independent auditors represent third party users external to the auditee entity, ... validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

Last Answer : Although independent auditors strive for both validity and relevance of evidence, internal auditors are concerned almost exclusively with validity.

The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Description : The firm should establish a system of quality control designed to provide it with reasonable assurance regarding: a. Compliance with professional standards b. Compliance with regulatory and legal requirements c. Appropriateness of reports issued by the firm or engagement partners d. All of the above

Last Answer : All of the above

It refers to the level of auditor’s satisfaction as to the reliability of an assertion being made by one party for use by another party. a. Confidence level b. Assurance level c. Reasonableness level d. Tolerable leve

Description : It refers to the level of auditor’s satisfaction as to the reliability of an assertion being made by one party for use by another party. a. Confidence level b. Assurance level c. Reasonableness level d. Tolerable leve

Last Answer : Assurance level

Which of the following statements is true concerning evidence in an assurance engagement? a. The reliability of evidence is influenced not by its nature but by its source. b. Sufficiency is the measure of the quantity of evidence. c. Obtaining more evidence may compensate for its poor quality. d. Appropriateness is the measure of the quality of evidence, that is, its reliability and persuasiveness.

Description : Which of the following statements is true concerning evidence in an assurance engagement? a. The reliability of evidence is influenced not by its nature but by its source. b. Sufficiency is ... Appropriateness is the measure of the quality of evidence, that is, its reliability and persuasiveness.

Last Answer : Sufficiency is the measure of the quantity of evidence.

When considering fraud risk factors relating to management’s characteristics, which of the following is least likely to indicate a risk of possible misstatement due to fraud? a. Failure to correct known reportable conditions on a timely basis. b. Use of unusually conservative accounting practices. c. Nonfinancial management’s preoccupation with the selection of accounting principles. d. Significant portion of management’s compensation represented by bonuses based upon achieving unduly aggressive operating results.

Description : When considering fraud risk factors relating to management's characteristics, which of the following is least likely to indicate a risk of possible misstatement due to fraud? a. ... portion of management's compensation represented by bonuses based upon achieving unduly aggressive operating results.

Last Answer : Use of unusually conservative accounting practices.

When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increased professional skepticism. b. Decline to accept or perform the audit. c. Review the client’s financial reports. d. Obtain information about the client’s business and the industry where it operates

Description : When an auditor believes that an understanding with the client has not been established, he or she should ordinarily a. Perform the audit with increased professional skepticism. b. Decline to accept ... reports. d. Obtain information about the client's business and the industry where it operates

Last Answer : Decline to accept or perform the audit.

An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management's financial statements c. Reports on the accuracy of information in the financial statements d. Measures and communicates the financial data included in financial statements

Description : An independent audit is important to readers of financial statements because it a. Provides a measure of management's stewardship function b. Objectively examines and reports on management' ... the financial statements d. Measures and communicates the financial data included in financial statements

Last Answer : Objectively examines and reports on management's financial statements

As used in auditing, which of the following statements best describes "assertions”? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are found only in the notes to the financial statements. c. Assertions are the representations of management as to the reliability of the information system. d. Assertions are the representations of management as to the fairness of presentation of the financial statements

Description : As used in auditing, which of the following statements best describes "assertions ? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are ... Assertions are the representations of management as to the fairness of presentation of the financial statements

Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements

For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements

Description : For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements

Last Answer : Audit engagements

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance.

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... . d. The procedures performed do not enable the accountant to express any form of assurance.

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information

For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements.

Description : For assurance engagements regarding historical financial information, reasonable assurance engagements are called: a. Review engagements. b. Audit engagements. c. Compilation engagements. d. Agreed-upon procedures engagements.

Last Answer : Audit engagements.

Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due care. c. The engagement ordinarily entails reducing detailed data to a manageable and understandable form. d. The procedures performed do not enable the accountant to express any form of assurance

Description : Which of the following is incorrect regarding a compilation engagement? a. The CPA uses his auditing expertise to collect, classify and summarize financial information. b. The CPA should exercise due ... form. d. The procedures performed do not enable the accountant to express any form of assurance

Last Answer : The CPA uses his auditing expertise to collect, classify and summarize financial information.

A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended users or the practitioner. c. The subject matter is in the form of financial information. d. The criteria to be used are not available to the intended users

Description : A practitioner should accept an assurance engagement only if a. The practitioner's conclusion is to be contained in a written report. b. The subject matter is the responsibility of either the intended ... of financial information. d. The criteria to be used are not available to the intended users

Last Answer : The practitioner's conclusion is to be contained in a written report.

For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Description : For assurance engagements which are neither audits nor reviews of historical financial information, the following standard applies: a. PSAs b. PSAEs c. PSREs d. PSRSs

Last Answer : PSAEs

Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA provides the recipients of the report limited assurance as to reasonableness of the assertion(s) presented in the financial information. c. The report states that the auditor has not recognized any basis that requires revision of financial statements. d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Description : Which of the following is true of the report based on agreed-upon-procedures? a. The report is restricted to those parties who have agreed to the procedures to be performed. b. The CPA ... . d. The report should state that the procedures performed are limited to analytical procedures and inquiry

Last Answer : The report is restricted to those parties who have agreed to the procedures to be performed

The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements. c. Establishes standards and provides procedural requirements for the performance of assurance engagements. d. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Description : The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. ... of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Last Answer : Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply

Each page of the financial information compiled by the accountant should include the following reference, except a. "Unaudited" b. "Compiled, Negative Assurance Expressed" c. "Compiled without Audit or Review" d. "Refer to Compilation Report

Description : Each page of the financial information compiled by the accountant should include the following reference, except a. "Unaudited" b. "Compiled, Negative Assurance Expressed" c. "Compiled without Audit or Review" d. "Refer to Compilation Report

Last Answer : "Compiled, Negative Assurance Expressed"

The Philippine Standards on Review Engagements (PSREs) are to be applied in a. The audit of historical financial informationb. Assurance engagements dealing with subject matters other than historical financial information. c. The review of both historical and prospective financial information. d. The review of historical financial information..

Description : The Philippine Standards on Review Engagements (PSREs) are to be applied in a. The audit of historical financial information. b. Assurance engagements dealing with subject matters other ... of both historical and prospective financial information. d. The review of historical financial information.

Last Answer : The review of historical financial information.