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

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
by

1 Answer

Answer :

Reference to the work of an expert
by

Related questions

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.

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.

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

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

Description : 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 ... to whether the subject matter conforms, in all material respects, with the identified suitable criteria

Last Answer : The CPA’s conclusion provides a level of assurance about the subject matter.

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

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.

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

Description : 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 ... , the responsible party is the engaging party, i.e., the party that engages the practitioner

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

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

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

Description : 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 ... Accountants in the Philippines d. AASC's Engagement Standards (PSAs, PSREs, PSAEs, and PSRSs

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

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

The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Description : The Philippine Standards on Quality Control (PSQCs) are to be applied to a. Assurance engagements only. b. Review engagements only. c. Compilation and review engagements only. d. All services that fall under the AASC's engagement standards.

Last Answer : All services that fall under the AASC's engagement standards.

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

Description : 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 ... level of assurance. d. If no specific standards exist for an assurance engagement, PSAE apply

Last Answer : It provides basic principles and essential procedures for engagements intended to provide a moderate level of assurance.

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

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.

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

The subject matter of an assurance engagement may include I. Historical or prospective financial information II. Internal controls III. Compliance with regulation a. I and II only b. I and III only c. II and III only d. I, II, and II

Description : The subject matter of an assurance engagement may include I. Historical or prospective financial information II. Internal controls III. Compliance with regulation a. I and II only b. I and III only c. II and III only d. I, II, and II

Last Answer : I, II, and II

The subject matter of an assurance engagement can take the following forms except a. The entity’s internal control. b. Historical or prospective financial statementsc. Evaluation of a capital investment proposal. d. Performance of an entity that could indicate efficiency and effectiveness.

Description : The subject matter of an assurance engagement can take the following forms except a. The entity’s internal control. b. Historical or prospective financial statements. c. Evaluation of a capital investment proposal. d. Performance of an entity that could indicate efficiency and effectiveness

Last Answer : Evaluation of a capital investment proposal.

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

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

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

Description : 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 ... Recurring engagements b. Non-assurance engagements c. Direct reporting engagements d. Assertion-based engagements

Last Answer : Assertion-based engagements

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

Description : 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 ... Recurring engagements b. Non-assurance engagements c. Direct reporting engagements d. Assertion-based engagements

Last Answer : Assertion-based engagements

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

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"

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

Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

Description : Engagements frequently performed by professional accountants that are not assurance engagements include the following except a. Compilation b. Agreed-upon procedures. c. Compliance audit d. Management consulting

Last Answer : Compliance audit

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.

Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. Benchmarks to be used on all audits, reviews, and compilations. c. Maximum standards which denote excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Description : Generally Accepted Auditing Standards (GAAS) and Philippine Standards on Auditing (PSA) should be looked upon by practitioners as a. Ideals to work towards, but which are not achievable. b. ... excellent work. d. Minimum standards of performance which must be achieved on each audit engagement.

Last Answer : Minimum standards of performance which must be achieved on each audit engagement.

The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Are interpretations of generally accepted auditing standards b. Are the equivalent of laws for audit practitioners. c. Must be followed in all situations. d. Are optional guidelines which an auditor may choose to follow or not follow when conducting an audit

Description : The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Are interpretations of generally accepted auditing standards b. Are the equivalent of laws for ... optional guidelines which an auditor may choose to follow or not follow when conducting an audit

Last Answer : Are interpretations of generally accepted auditing standards

The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Must be followed in all situations. b. Are interpretations of generally accepted auditing standards c. Are optional guidelines which an auditor may choose to follow or not follow when conducting an audit. d. Are the equivalent of laws for audit practitioners

Description : The Philippine Standards on Auditing issued by the Auditing and Assurance Standards Council (AASC) a. Must be followed in all situations. b. Are interpretations of generally accepted auditing standards c. ... not follow when conducting an audit. d. Are the equivalent of laws for audit practitioners

Last Answer : Are interpretations of generally accepted auditing standards

A process comprising an ongoing consideration and evaluation of the firm's system of quality control, including a periodic inspection of a selection of completed engagements, designed to enable the firm to obtain reasonable assurance that its system of quality control is operating effectively. a. Inspection b. Monitoring c. Peer review d. Engagement quality control review

Description : A process comprising an ongoing consideration and evaluation of the firm's system of quality control, including a periodic inspection of a selection of completed engagements, designed to enable the firm ... effectively. a. Inspection b. Monitoring c. Peer review d. Engagement quality control review

Last Answer : Monitoring

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

Description : 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 ... the intended user? a. Integrity b. Confidentiality c. Professional competence d. Objectivity

Last Answer : Objectivity

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 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

Description : 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 ... , adverse publicity, or other events arising in connection with a subject matter reported on

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

A director, an officer or an employee of the assurance client in a position to exert direct and significant influence over the subject matter of the assurance engagement has been a member of the assurance team or partner of the firm. This situation least likely create a. Self-interest threat. b. Advocacy threat. c. Intimidation threat. d. Familiarity threat

Description : A director, an officer or an employee of the assurance client in a position to exert direct and significant influence over the subject matter of the assurance engagement has been a member of the ... create a. Self-interest threat. b. Advocacy threat. c. Intimidation threat. d. Familiarity threat

Last Answer : Advocacy threat.

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, when the assurance report is expressly restricted for use by identified users. d. All of the above

Description : The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, ... the assurance report is expressly restricted for use by identified users. d. All of the above

Last Answer : For assurance engagements provided to an audit client

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, when the assurance report is expressly restricted for use by identified users. d. All of the above

Description : The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, ... the assurance report is expressly restricted for use by identified users. d. All of the above

Last Answer : For assurance engagements provided to an audit client

The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, when the report is not expressly restricted for use by identified users. c. For assurance engagements provided to clients that are not audit clients, whenthe assurance report is expresslyrestricted for use by identified users.d. All of the above

Description : The network firms are required to be independent of the client a. For assurance engagements provided to an audit client. b. For assurance engagements provided to clients that are not audit clients, ... whenthe assurance report is expressly restricted for use by identified users. d. All of the above

Last Answer : For assurance engagements provided to an audit client.

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

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

Examples of circumstances that may create self-interest threat include: a. Contingent fees relating to assurance engagements. b. A direct financial interest or material indirect financial interest in an assurance client. c. A loan or guarantee to or from an assurance client or any of its directors or officers. d. All of the above

Description : Examples of circumstances that may create self-interest threat include: a. Contingent fees relating to assurance engagements. b. A direct financial interest or material indirect financial interest in an assurance ... an assurance client or any of its directors or officers. d. All of the above

Last Answer : All of the above

Examples of circumstances that may create self-interest threat include: a. Contingent fees relating to assurance engagements. b. A direct financial interest or material indirect financial interest in an assurance client. c. A loan or guarantee to or from an assurance client or any of its directors or officers. d. All of the above

Description : Examples of circumstances that may create self-interest threat include: a. Contingent fees relating to assurance engagements. b. A direct financial interest or material indirect financial interest in an assurance ... an assurance client or any of its directors or officers. d. All of the above

Last Answer : All of the above

An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list the procedures performed. b. The auditor is also the entity's continuing auditor. c. The financial statements are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Description : An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list ... are prepared in accordance with a special purpose framework. d. Use of the report is restricted

Last Answer : Use of the report is restricted

An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of financial statements of listed entitiesd. For all types of audits, regardless of the subject matter of the engagement..

Description : An engagement quality control review is required to be performed: a. Immediately after the re-assessment of control risk. b. At engagement completion after the report is issued. c. For all audits of ... listed entities. d. For all types of audits, regardless of the subject matter of the engagement.

Last Answer : For all audits of financial statements of listed entities

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.

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