Which of the following statements is true? a. Professional standards prohibit CPAs from performing non-assurance engagements. b. Absolute assurance is attainable owing to the fact that much of the evidence available to the CPA is persuasive rather than conclusive. c. The CPA’s conclusion provides a level of assurance about the subject matter. d. The responsible party expresses a conclusion that provides a level of assurance as to whether the subject matter conforms, in all material respects, with the identified suitable criteria

Which of the following statements is true?
a. Professional standards prohibit CPAs from
performing non-assurance engagements.
b. Absolute assurance is attainable owing to
the fact that much of the evidence
available to the CPA is persuasive rather
than conclusive.
c. The CPA’s conclusion provides a
level of assurance about the subject
matter.
d. The responsible party expresses a
conclusion that provides a level of
assurance as to whether the subject
matter conforms, in all material respects,
with the identified suitable criteria
by

1 Answer

Answer :

The CPA’s conclusion provides a
level of assurance about the subject
matter.
by

Related questions

When the professional accountant has obtained sufficient appropriate evidence to conclude that the subject matter conforms in all material respects with identified suitable criteria, he or she can provide what level of assurance? a. None b. High c. Absolute d. Moderate

Description : When the professional accountant has obtained sufficient appropriate evidence to conclude that the subject matter conforms in all material respects with identified suitable criteria, he or she can provide what level of assurance? a. None b. High c. Absolute d. Moderate

Last Answer : High

Assurance engagement include the following, except a. An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable criteria. b. An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances. c. An engagement in accordance with the Philippine Standard on Assurance Engagement(s). d. An engagement to perform agreedupon procedures

Description : Assurance engagement include the following, except a. An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable ... Philippine Standard on Assurance Engagement(s). d. An engagement to perform agreedupon procedures

Last Answer : An engagement to perform procedures.

Reducing assurance engagement risk to zero is very rarely attainable or cost beneficial as a result of the following factors, except a. The use of selective testing. b. The fact that much of the evidence available to the practitioner is persuasive rather than conclusive. c. The practitioner may not have the required assurance knowledge and skills to gather and evaluate evidence. d. The use of judgment in gathering and evaluating evidence and forming conclusions based on that evidence

Description : Reducing assurance engagement risk to zero is very rarely attainable or cost beneficial as a result of the following factors, except a. The use of selective testing. b. The fact that much ... d. The use of judgment in gathering and evaluating evidence and forming conclusions based on that evidence

Last Answer : The practitioner may not have the required assurance knowledge and skills to gather and evaluate evidence.

When performing an assurance service, professional accountants use standards or benchmarks to evaluate or measure the subject matter of an assurance engagement. This is known as: a. PFRS. b. Assertion. c. Criteria. d. Conclusion.

Description : When performing an assurance service, professional accountants use standards or benchmarks to evaluate or measure the subject matter of an assurance engagement. This is known as: a. PFRS. b. Assertion. c. Criteria. d. Conclusion.

Last Answer : Criteria.

Assurance engagements should exhibit the following elements except a. A subject matter b. Suitable criteria c. Evidence d. Appropriate professional fees

Description : Assurance engagements should exhibit the following elements except a. A subject matter b. Suitable criteria c. Evidence d. Appropriate professional fees

Last Answer : Appropriate professional fees

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

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

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

Description : 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

Last Answer : Expresses a conclusion about an assertion

Which of the following is not an element of assurance engagements? a. Subject matter b. Evidence c. Engagement process d. Suitable criteria

Description : Which of the following is not an element of assurance engagements? a. Subject matter b. Evidence c. Engagement process d. Suitable criteria

Last Answer : Engagement process

In assertion-based assurance engagements, the evaluation or measurement of the subject matter against criteria is performed by the a. Intended users b. Responsible party c. Practitioner d. AASC

Description : In assertion-based assurance engagements, the evaluation or measurement of the subject matter against criteria is performed by the a. Intended users b. Responsible party c. Practitioner d. AASC

Last Answer : Responsible party

Which of the following is not among the factors that result to limitations of audit? a. Use of testing b. Human error c. Going concern problem of the assurance client d. Evidence is basically persuasive rather than conclusive

Description : Which of the following is not among the factors that result to limitations of audit? a. Use of testing b. Human error c. Going concern problem of the assurance client d. Evidence is basically persuasive rather than conclusive

Last Answer : Going concern problem of the assurance client

In some assurance engagements, the evaluation or measurement of the subject matter is performed by the responsible party, and the subject matter information is in the form of an assertion by the responsible party that is made available to intended users. These engagements are called a. Recurring engagements b. Non-assurance engagements c. Direct reporting engagements d. Assertion-based engagements

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In some assurance engagements, the evaluation or measurement of the subject matter is performed by the responsible party, and the subject matter information is in the form of an assertion by the responsible party that is made available to intended users. These engagements are called a. Recurring engagements b. Non-assurance engagements c. Direct reporting engagements d. Assertion-based engagements

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Last Answer : Assertion-based engagements

The practitioner’s report on an assurance engagement should always include the following, except a. A description of the engagement and identification of the subject matter b. Identification of the standards under which the engagements was conducted. c. Identification of the criteria. d. Reference to the work of an expert

Description : The practitioner's report on an assurance engagement should always include the following, except a. A description of the engagement and identification of the subject matter b. Identification of the standards ... was conducted. c. Identification of the criteria. d. Reference to the work of an expert

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A review of a company's financial statements by a CPA firm: a. Is similar in scope to an audit and adds similar credibility to the statements. b. Is significantly less in scope than an audit and results in a report which provides positive assurance, although not absolute assurance. c. Concludes with the issuance of a report expressing the CPA's opinion as to the fairness of the financial statements. d. Is designed to provide only moderate assurance

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Last Answer : Is designed to provide only moderate assurance

CPAs in public practice who perform assurance engagements are governed by the following, except a. Framework for Assurance Engagements b. Philippine Standards on Quality Control c. Code of Ethics for Professional Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

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Last Answer : AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

The following statements relate to the three parties involved in an assurance engagement. Which is correct? a. The responsible party and the intended users should always be from different entities. b. A practitioner should not accept an assurance engagement when the subject matter of the engagement requires specialized skills and knowledge beyond those ordinarily possessed by the practitioner. c. A responsible party is the person who is responsible for the subject matter or the subject matter information. d. In all assurance engagements, the responsible party is the engaging party, i.e., the party that engages the practitioner

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Last Answer : A responsible party is the person who is responsible for the subject matter or the subject matter information

There are fundamental principles that the professional accountant has to observe when performing assurance engagements. The requirement of which principle is of particular importance in an assurance engagement in ensuring that the conclusion of the professional accountant has value to the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

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Which of the following is incorrect regarding the Philippine Standards on Assurance Engagements (PSAE)? a. It provides an overall framework for assurance engagements intended to provide either a high or moderate level of assurance. b. When a professional accountant is engaged to perform an assurance engagement for which specific standards exist, those standards apply. c. It provides basic principles and essential procedures for engagements intended to provide a moderate level of assurance. d. If no specific standards exist for an assurance engagement, PSAE apply

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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

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

Inherent limitations in an audit stem from the following factors except a. Use of testing. b. Incompetence of the auditor. c. Internal control limitation. d. Most audit evidence is persuasive rather than conclusive

Description : Inherent limitations in an audit stem from the following factors except a. Use of testing. b. Incompetence of the auditor. c. Internal control limitation. d. Most audit evidence is persuasive rather than conclusive

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Assurance engagement risk is the risk a. Of expressing an inappropriate conclusion when the subject matter information is not materially misstated. b. That the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated. c. Of expressing an inappropriate conclusion when the subject matter information is either materially misstated or not materially misstated. d. Through loss from litigation, adverse publicity, or other events arising in connection with a subject matter reported on

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Last Answer : That the practitioner expresses an inappropriate conclusion when the subject matter information is materially misstated.

In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Description : In an assurance engagement, this refers to the information obtained by the practitioner in arriving at the conclusions on which the conclusion is based. a. Criteria b. Assertions c. Evidence d. Generally accepted auditing standards

Last Answer : Evidence

Which of the following least likely limits the auditor’s ability to detect material misstatement? a. The inherent limitations of any accounting and internal control system. b. Most audit evidences are conclusive rather than being persuasive. c. Audit is based on testing d. Audit procedures that are effective in detecting ordinary misstatements are ineffective in detecting intentional misstatements

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Last Answer : Most audit evidences are conclusive rather than being persuasive

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.

The assurance report is often addressed to the intended users which may be: a. The party responsible for the subject matter. b. Established by agreement between the professional accountant and the responsible party. c. Both A and B d. Neither A nor B

Description : The assurance report is often addressed to the intended users which may be: a. The party responsible for the subject matter. b. Established by agreement between the professional accountant and the responsible party. c. Both A and B d. Neither A nor B

Last Answer : Both A and B

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

Description : 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 ... subject matter is identifiable and in the form that can be subjected to evidence gathering procedures

Last Answer : The responsible party and the intended user of assurance report should be from different organizations

Which one of the following is not a key attribute that is essential to perform an assurance service? a. Independence b. Accounting skills c. Established criteria or standards d. Subject matter knowledge

Description : Which one of the following is not a key attribute that is essential to perform an assurance service? a. Independence b. Accounting skills c. Established criteria or standards d. Subject matter knowledge

Last Answer : Accounting skills

A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.

Description : A CPA should not submit unaudited financial statements of a non-public entity to a client or others unless, as a minimum, the CPA complies with the provisions applicable to a. Audit engagements. b. Review engagements. c. Assurance engagements. d. Compilation engagements.

Last Answer : Compilation engagements.

What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Positive assurance engagement b. Limited assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement

Description : What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Positive assurance engagement b. Limited assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement

Last Answer : Reasonable assurance engagement

What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Positive assurance engagement b. Limited assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement

Description : What type of assurance engagement is involved when the practitioner expresses a positive form of conclusion? a. Positive assurance engagement b. Limited assurance engagement c. Reasonable assurance engagement d. Absolute assurance engagement

Last Answer : Reasonable assurance engagement

Which of the following statements is true? a. Assurance engagements do not require independence. b. The term “auditor” is broader in scope compared to the term “practitioner.” c. Assurance engagements performed by professional accountants are intended to enhance the credibility of information. d. The degree or level of assurance that may be provided by the practitioner is inversely related to the scope of procedures performed and their results

Description : Which of the following statements is true? a. Assurance engagements do not require independence. b. The term auditor is broader in scope compared to the term practitioner. c. Assurance ... be provided by the practitioner is inversely related to the scope of procedures performed and their results

Last Answer : Assurance engagements performed by professional accountants are intended to enhance the credibility of information.

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.

The Philippine Standards on Assurance Engagements (PSAEs) are to be applied in a. The audit or review of historical financial information. b. Assurance engagements dealing with historical financial information. c. Compilation engagements and agreements to apply agreed-upon procedures to information. d. Assurance engagements dealing with subject matters other than historical financial information.

Description : The Philippine Standards on Assurance Engagements (PSAEs) are to be applied in a. The audit or review of historical financial information. b. Assurance engagements dealing with ... information. d. Assurance engagements dealing with subject matters other than historical financial information.

Last Answer : Assurance engagements dealing with subject matters other than historical financial information.

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

A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its engagements. b. Adherence to generally accepted auditing standards. c. Having an appropriate a system of quality control. d. Continuing professional education.

Description : A CPA firm would be reasonably assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Maintaining an attitude of independence in its ... c. Having an appropriate a system of quality control. d. Continuing professional education.

Last Answer : Having an appropriate a system of quality contro

A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an attitude of independence in its engagements. c. Having an appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Description : A CPA firm would be reasonable assured of meeting its responsibility to provide professional services that conform with professional standards by: a. Adherence to GAAS b. Maintaining an ... appropriate a system of quality control. d. Joining professional societies that enforce ethical standards

Last Answer : Having an appropriate a system of quality control.

The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out sentences of imprisonment to CPAs who fail to present a valid system of quality control. c. Revoke the certificate of registration and professional ID of an individual CPA, firm, or partnership of CPAs who have not observed quality control measures and who has not complied with the standards of quality prescribed for the practice of public accountancy. d. All of these

Description : The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out ... with the standards of quality prescribed for the practice of public accountancy. d. All of these

Last Answer : Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review.

Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from, being subpoenaed. b. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. c. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rule. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit.

The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from being subpoenaed. b. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rulec. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit

Engagement risk is influenced by the risks associated with the following except a. Nature and form of the subject matterb. Nature and form of the criteria applied tothe subject matter.c. Unreasonably low professional fee.d. Nature and extent of the process used tocollect and evaluate evidence.

Description : Engagement risk is influenced by the risks associated with the following except a. Nature and form of the subject matter b. Nature and form of the criteria applied to the subject matter. c. Unreasonably low professional fee. d. Nature and extent of the process used to collect and evaluate evidence.

Last Answer : Unreasonably low professional fee

Non-assurance engagements include all of the following except a. Compliance audit. b. Management consulting. c. Agreed-upon procedures. d. Preparation of tax returns where no conclusion is expressed.

Description : Non-assurance engagements include all of the following except a. Compliance audit. b. Management consulting. c. Agreed-upon procedures. d. Preparation of tax returns where no conclusion is expressed.

Last Answer : Compliance audit.

A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession

Description : A CPA, while performing an audit, strives to achieve independence in appearance in order to a. Reduce risk and liability. b. Comply with the generally accepted standards of fieldwork. c. Become independent in fact. d. Maintain public confidence in the profession

Last Answer : Maintain public confidence in the profession

Which of the following forms may be the subject matter of assurance engagements? a. Behavior b. Historical financial information c. Systems and processes d. All of the above

Description : Which of the following forms may be the subject matter of assurance engagements? a. Behavior b. Historical financial information c. Systems and processes d. All of the above

Last Answer : All of the above

Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? a. The CPA’s lack of understanding of the prospective client’s internal auditor’s computer-assisted audit techniques. b. Management’s disregard of its responsibility to maintain an adequate internal control environment. c. The CPA’s inability to determine whether related-party transactions were consummated on terms equivalent to arm’s-length transactions. d. Management’s refusal to permit the CPA to perform substantive tests before the year-end.

Description : Which of the following factors would most likely cause a CPA to decide not to accept a new audit engagement? a. The CPA's lack of understanding of the prospective client's internal auditor's ... . d. Management's refusal to permit the CPA to perform substantive tests before the year-end.

Last Answer : Management’s disregard of its responsibility to maintain an adequate internal control environment

It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ensure compliance with accounting and auditing standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Description : It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ... standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review

Last Answer : Quality review

In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is issue a summons enforceable by a court order which orders the CPA to present confidential information. b. A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information. c. Confidential client information is made available as part of a quality review of the CPA's practice by a peer review team authorized by the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

Description : In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is ... the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information

Last Answer : A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information