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Homework answers / question archive / University of Tasmania BFA 713 CHAPTER 13 1)To which assurance engagements does the Framework for Assurance Engagements apply? Audits of historical financial information

University of Tasmania BFA 713 CHAPTER 13 1)To which assurance engagements does the Framework for Assurance Engagements apply? Audits of historical financial information

Accounting

University of Tasmania

BFA 713

CHAPTER 13

1)To which assurance engagements does the Framework for Assurance Engagements apply?

    1. Audits of historical financial information.
    2. Reviews of historical financial information.
    3. Assurance engagements of sustainability information.
    4. All of the given answers are correct.
  1. Which of the following is not an assurance engagement?
  2. Reasonable assurance is provided by:
  3. A review engagement provides:
  4. In performing an assurance service, an auditor typically:
  5. The objective of assurance services is best described as:
  6. Assurance services are best described as:
  7. To which type of assurance engagement does the umbrella standard ASAE 3000 (ISAE 3000) ‘Assurance Engagements other than Audits and Reviews of Historical Financial Information’ not apply?
  8. Which of the following best describes an auditor’s report on a supplementary financial report prepared in accordance with a price-level basis of accounting that has substantial support?
  9. Which of the following statements with respect to the auditor’s report providing an opinion on a specific item on a financial report is correct?
  10. Which of the following must accompany an unaudited financial report which is prepared by an auditor?
  11. A compiled financial report should be accompanied by a report stating all of the following except:
  12. Whenever special reports, filed on a printed form designed by authorities, call upon the independent auditor to make an assertion that the auditor believes is not justified, the auditor should:
  13. Negative assurance is permissible in: Enquiry of the entity’s personnel and analytical procedures are the primary bases for the issuance of a(n):
  14. The assurance report in a limited assurance engagement contains:
  15. The statement that ‘nothing came to our attention which would indicate that these statements are not fairly presented’ expresses which of the following?
  16. When an auditor performs a review of an interim financial report, which of the following steps would not normally be part of the review?
  17. An assurance provider who reviews the financial report of a non-reporting entity should issue a report containing the statement that a review:
  18. Enquiry and analytical procedures ordinarily performed during a review of an entity’s half-yearly financial report include:
  19. Which of the following procedures is usually included in a limited assurance engagement?
  20. While undertaking a review of the half-yearly financial report of Benji Ltd, a company listed on the Australian Securities Exchange, you as assurance provider become aware of a lack of adequate disclosure that is material and pervasive to the financial report and results in it being misleading. If management refuses to correct the financial report presentations, you should:
  21. Following is a list of engagements that an assurance provider may undertake:
  1. compiling financial reports
  2. agreed-upon procedures
  3. review of interim financial information.

For which of these engagements is assurance not provided?

  1. Which one of the following is generally more important in a review than in an agreed upon procedures engagement?
  2. The responsible party for assumptions identified in the preparation of prospective financial statements is usually:
  3. Responding to a question such as ‘what would happen if …’ is an attribute of which of the following types of engagements?
  4. Given one or more hypothetical assumptions, a responsible party may prepare, to the best of its knowledge and belief, an entity’s expected financial position, results of operations and changes in cash flows. Such prospective financial statements are known as:
  5. When an auditor is associated with the preparation of forecasts, all of the following should be disclosed except the:
  6. Which of the following are suitable criteria for providing assurance on a report of the effectiveness of internal controls?
  7. An auditor’s study and evaluation of the internal accounting control system made in connection with an annual audit is usually not sufficient to express an opinion on an entity’s system because:
  8. An assurance report on internal control structures is least likely to be issued as a result of a:
  9. An engagement to express an opinion on a system of internal accounting control will generally:
  10. Which of the following is a necessary precondition for a practitioner to undertake an assurance engagement to examine and report on an entity’s internal control over financial reporting?

 

  1. Which of the following would be suitable criteria when undertaking an assurance engagement on an environmental and sustainability report?

 

  1. Which of the following is not a major difference between integrated reporting and existing reporting frameworks? B. The emphasis on internal control.
  2. Which of the following areas has been identified as a concern with regards to whether current assurance standards provide sufficient guidance for assuring an Integrated Report?
  3. ISAE 3410 ‘Assurance of Greenhouse Gas Statements’ is based on which approach to assurance?
  4. An emission that is associated with the consumption, rather than the production, of electricity by an assurance client should be classed as a(n):
  5. You have been appointed to provide assurance on a general purpose water report for one of your clients. Which assurance standard provides requirements and application material regarding your responsibilities for this engagement?
  6. Which of the following statements is true regarding the performance of an assurance service on an information system's reliability by an auditor?
  7. Which of the following statements is true with regards the auditor’s likelihood of relying on controls in electronic commerce environments?
  8. In which of the following scenarios is it more likely that the information provided will be continuously assured?
  9. Using XBRL, an audit client decides to make their general purpose financial reports continuously available and up to date and to have continuous assurance from the auditor. What would be the suitable criteria by which the auditor would judge whether or not there had been a material misstatement?
  10. What is the general character of the work conducted in performing a forensic audit?
  11. Forensic audits include all of the following except:

 

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