The criteria to be used for a particular engagement can either be established orspecifically developed. Established criteriaare thosea. Designed for the purpose of theengagement.b. Embodied in laws or regulations orissued by authorized or recognizedbodies of experts that follow atransparent due process. c. Made available to the intended users. d. Not made available to the intendedusers.

The criteria to be used for a particular engagement can either be established or
specifically developed. Established criteria
are those
a. Designed for the purpose of the
engagement.
b. Embodied in laws or regulations or
issued by authorized or recognized
bodies of experts that follow a
transparent due process.
c. Made available to the intended users.
d. Not made available to the intended
users.
by

1 Answer

Answer :

Embodied in laws or regulations or
issued by authorized or recognized
bodies of experts that follow a
transparent due process
by

Related questions

Criteria that are embodied in laws or regulations, or issued by authorized or recognized bodies of experts that follow a transparent due process are called: a. Suitable criteria b. General criteria c. Established criteria d. Specifically developed criteria

Description : Criteria that are embodied in laws or regulations, or issued by authorized or recognized bodies of experts that follow a transparent due process are called: a. Suitable criteria b. General criteria c. Established criteria d. Specifically developed criteria

Last Answer : Established criteria

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.

Which of the following has primary responsibility for the performance of an audit? a. The partner in charge of the engagement b. The senior assigned to the engagementc. The managing partner of the firmd. The manager assigned to theengagement

Description : Which of the following has primary responsibility for the performance of an audit? a. The partner in charge of the engagement b. The senior assigned to the engagement c. The managing partner of the firm d. The manager assigned to the engagement

Last Answer : The partner in charge of the engagement

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

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

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

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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Which of the following types of audit uses as its criteria laws and regulations? a. Financial statement audit b. Operational audit c. Compliance audit d. Financial audi

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Which of the following types of audit uses laws and regulations as its criteria? a. Operational audit b. Financial statement audit c. Compliance audit d. Performance audit

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Last Answer : Compliance audit

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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When management refuses to disclose in the financial statements noncompliance to laws and regulations which are identified by the independent auditor, the CPA may be charged with unethical conduct for a. Withdrawing from the engagement. b. Issuing a disclaimer of opinionc. Failure to uncover the noncompliance to laws and regulations during the prior audits. d. Reporting these activities to the audit committee..

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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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Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users

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Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. The intended user should never be established by agreement between the practitioner and the responsible party or those engaging or employing the practitioner. c. In some circumstances, the intended user may be established by law. d. The responsible party may also be one of the intended users.

Description : Which of the following statements concerning the intended user of a professional accountant's report is incorrect? a. The responsible party and the intended user may both be within the same organization. b. ... be established by law. d. The responsible party may also be one of the intended users.

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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

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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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The term “noncompliance” as used in PSA 250 refers to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to the prevailing laws or regulations. Such acts include the following except a. Transactions entered into by the entity b. Transactions entered into in the name of the entity c. Transactions entered into by the entity on its behalf by its management or employees d. Personal misconduct (unrelated to the business activities of the entity) by the entity’s management or employees

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The term used to refer to acts of omission or commission by the entity being audited, either intentional or unintentional, which are contrary to the prevailing laws and regulations is a. Misappropriation. b. Fraud. c. Illegal acts. d. Noncompliance

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Last Answer : Noncompliance

The purpose of an audit of financial statements is to a. Obtain an absolute level of assurance that the financial statements as a whole are free from material misstatement. b. Relieve management or those charged with governance of the responsibility for the preparation and presentation of the financial statements in accordance with the applicable financial reporting framework. c. Enhance the degree of confidence of intended users in the financial statements. d. Assure the future viability of the entity by expressing an opinion on the entity's financial statements.

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Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. b. After the auditor has completed an evaluation of the existing internal accounting control. c. After reviewing the client's accounting records and procedures. d. When the audit engagement letter is prepared

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Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

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

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Last Answer : Engagement process

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

A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report is calleda. Inspectionb. Documentationc. Monitoringd. Engagement quality control review:

Description : A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report is called: a. Inspection b. Documentation c. Monitoring d. Engagement quality control review

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A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report. a. Peer review b. Inspection c. Engagement quality control review d. Monitoring

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Last Answer : Engagement quality control review

While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of misstatements due to noncompliance to laws and regulations. b. Consider the complexity of the transactions involved. c. Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Description : While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of ... Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Last Answer : Consider the likelihood that the risks could result in material misstatements

The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service. b. To comply with relevant laws and regulations and avoid any action that discredits the profession. c. Not to override or compromise his professional or business judgment because of bias, conflict of interest or undue influence of others. d. To be fair and truthful.

Description : The principle professional competence and due care imposes which of the following obligations on professional accountants? a. To maintain professional knowledge and skill at the level required to ensure that a ... , conflict of interest or undue influence of others. d. To be fair and truthful.

Last Answer : To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service.

.Prior to beginning the field work on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA should a. Reduce audit risk by lowering the preliminary levels of materiality. b. Design special substantive tests to compensate for the lack of industry expertise. c. Engage financial experts familiar with the nature of the industry. d. Obtain a knowledge of matters that relates to the nature of the entity's business

Description : .Prior to beginning the field work on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA should a. Reduce audit risk by lowering ... the industry. d. Obtain a knowledge of matters that relates to the nature of the entity's business

Last Answer : Obtain a knowledge of matters that relates to the nature of the entity's business

An auditor who accepts an audit engagement and does not possess the industry expertise of the business entity, should a. Engage financial experts familiar with the nature of the business entity. b. Obtain a knowledge of matters that relates to the nature of the entity's business. c. Refer a substantial portion of the audit to another CPA who will act as the principal auditor. d. First inform management that an unqualified opinion cannot be issued

Description : An auditor who accepts an audit engagement and does not possess the industry expertise of the business entity, should a. Engage financial experts familiar with the nature of the business entity. ... as the principal auditor. d. First inform management that an unqualified opinion cannot be issued

Last Answer : Obtain a knowledge of matters that relates to the nature of the entity's business.

An auditor who accepts an audit engagement and does not possess the industry expertise of the business entity, should a. Engage, financial experts familiar with the nature of the business entity. b. Obtain a knowledge of matters that relates to the nature of the entity's business. c. Refer a substantial portion of the audit to another cpa who will act as the principal auditor. d. First inform management that an unqualified opinion cannot be issued

Description : An auditor who accepts an audit engagement and does not possess the industry expertise of the business entity, should a. Engage, financial experts familiar with the nature of the business entity. ... as the principal auditor. d. First inform management that an unqualified opinion cannot be issued

Last Answer : Obtain a knowledge of matters that relates to the nature of the entity's business.

Prior to beginning fieldwork on a new audit engagement in which a CPA does not possess industry expertise, the CPA should a. Obtain knowledge of matters that relate to the nature of the entity's business and industry. b. Reduce audit risk by lowering the preliminary levels of materiality. c. Engage financial experts who are familiar with the nature of the industry. d. Design special substantive tests to compensate for the lack of industry expertise.

Description : Prior to beginning fieldwork on a new audit engagement in which a CPA does not possess industry expertise, the CPA should a. Obtain knowledge of matters that relate to the nature of the ... of the industry. d. Design special substantive tests to compensate for the lack of industry expertise.

Last Answer : Obtain knowledge of matters that relate to the nature of the entity's business and industry

The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Description : The primary deliverable of an engagement to perform based on procedures prescribed by the intended user of the report is/are: a. The Review Report b. Report of Factual Findings c. Management Letter d. The financial statements

Last Answer : Report of Factual Findings

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

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

The criteria for evaluating quantitative information vary. For example, in the audit of historical financial statements by CPA firms, the criteria are usually: a. Generally accepted auditing standards. b. Acceptable financial reporting framework c. Regulations of the Securities and Exchange Commission d. Regulations of the Bureau of Internal Revenue

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Last Answer : Acceptable financial reporting framework

The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. Philippine Standards on Auditing b. Philippine Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Description : The criteria for evaluating quantitative information vary. For example, in the case of an independent audit of financial statements by CPA firms, the criteria are usually the: a. ... Financial Reporting Standards c. National Internal Revenue Code d. Securities and Exchange Commission Regulations

Last Answer : Philippine Financial Reporting Standards

A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Description : A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements

Last Answer : The quantity and type of evidence obtained

.A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements.

Description : .A review engagement differs in scope as compared to an audit due to a. The subject matter of the audit. b. The quantity and type of evidence obtained. c. Ethical requirements with respect to independence. d. The users of the financial statements.

Last Answer : The quantity and type of evidence obtained.

An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal control is effective. b. Be relied upon to disclose indirect-effect noncompliance with laws and regulations. c. Encompass a plan to search actively for noncompliance with laws and regulations which relate to operating aspects. d. Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Description : An audit made in accordance with Philippine Standards on Auditing generally should a. Be expected to provide assurance that noncompliance with laws and regulations will be detected if the internal ... relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Last Answer : Not be relied upon to provide assurance that all noncompliance with laws and regulations will be detected

Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter relieves the auditor of some responsibility for the exercise of due care. c. By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA andclient regarding the precise nature of the work to be performed and the type of report to be issued. d. The engagement letter should be signed by both the client and the CPA and should be used only for independent audits

Description : Which of the following best describes the purpose of the engagement letter? a. The engagement letter conveys to management the detailed steps to be applied in the audit process. b. The engagement letter ... be signed by both the client and the CPA and should be used only for independent audits

Last Answer : By clearly defining the nature of the engagement, the engagement letter helps avoid and resolve misunderstandings between CPA and client regarding the precise nature of the work to be performed and the type of report to be issued

Which of the following criteria is unique to the independent auditor's attest function? a. Independence. b. General competence. c. Due professional care. d. Familiarity with the particular industry of each client.

Description : Which of the following criteria is unique to the independent auditor's attest function? a. Independence. b. General competence. c. Due professional care. d. Familiarity with the particular industry of each client.

Last Answer : Independence.

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

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

Last Answer : Reference to the work of an expert

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.

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.

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