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  11. Which is not an element of assurance engagements?  A. Evidence B. Assurance ReportC. Criteria 0. Two art! Relationship 1 . #n the element responsi$le part!% what engagement is the responsi$le part! is responsi$le for the su$&ect matter onl!? A.  Assertion '$ased engagement C. (irect reporting engagementB. ositive assurance engagement0. )egative assurance engagement 1*. #n the element responsi$le part!% what engagement is the responsi$le part! is responsi$le for the su$&ect 1 matter information% and ma! $e responsi$le for the su$&ect matter?  A.  Assertion '$ased engagement C. (irect reporting engagementB.ositive assurance engagement(. )egative assurance engagement 1+. Which of the following is not a characteristic of suita$le criteria?  A. Completeness C. ,nderstanda$ilit! B. -erifia$ilit! (. )eutralit! 1. /u$&ect matter% and su$&ect matter information% of an assurance engagement can tae man! form such as A. financial and )on 2financial erformance C. h!sical Characteristics B. Behavior  (. All of the A$ove13. #n Evidence% is the measure of the 4ualit! of evidence5 that is% its relevance and relia$ilit!. A. /ufficienc!B. Appropriateness  C. /oundness 0. ,seiulness16. #n Evidence% is the measure of 4uantit!. +. /ufficienc!B. Appropriateness C. /oundness(. ,sefulness 17.is relevant in determining the nature%%timing and e8tent of evidence 'gathering procedures.  A. 9aterialit! B. Engagement Ris C. /u$&ect 9atter #nformation(. /u$&ect 9atter   A,(iTi): T;E<R= >9ultiple Choice lease write !our answer $efore the num$er  1. The AA ''@%C was created $! rofessional Regulation Conicai%sion up ,le recorenendation of    to assist the B<A in the esta$lishment and promulgatiou of auditing standards in %A A B. ###/C C... B<A 0@ RC E. )o of the a$ove . hilippine /tandards on ualit! Control >/Cs are to $e applied for services falling under what standards? A. /As B. /REs C. /AEs 0. /R/s E. All of the a$ove *. are to $e applied in assurance engagements dealing with su$&ect matters other than historical financial information.  A. /As B. /REs C. /AEs (. /D#/s  +. #ssuance of e8posure drafts re4uires approval $! >a  @ of the mem$ers of the council.  A.  At least 10 B. 9a&orit!C. at least 7 (. not mem$er% $ut chairman#ssuance of final hilippine /tandards and ractice /tatements% as well as interpretations% re4uires approval   of    mem$ers  A.  At least 10 B. 9a&orit! C.. at least 7 ( not mem$er% $ut chairman #. Reasona$le. Assurance Engagements >audits ill. 1.irnited Assurance Engagements >review ii. Compilation Engagements #-. Agreed 2 upon rocedures 3.  Assurance Engagements regarding hiAoricol financial informatiou which 5gactitioner is permitted to perform is >are?  A. <nl! # B. Both #  #ll C. #% ##  #,(. #% ###  #-Which engagement provides no assurance report? A  A. <nl! #- B. Both ##  #- C. ##% ,t  #- (. )one 7. The o$&ective is a reduction in assurance engagement ris to an accepta$l! low level in the circumstances of the engagement% as the $asis of a positive form of e8pression of the practitionerFs conclusionF  A. # B. #t C. ### (. #-  G. The o$&ective is a reduction in assurance engagement ris to a level that is accepta$le in thecircumstances of the engagement $ut where the ris is greater than for a reasona$le assurance engagement% asthe $asis for a negative form of e8pression of practitionerFs conclusion.  A. # B. ## C. ###(. #- 10. Whii..h #s not a fundamental ethical princlphn set out in art A of Code of Ethics?  A.. #ntegrit! B. Confidentialit! C. <$&ectivit!(. #ndependence6. The preliminar! &udgement i!.ent a$out materialit! and the amount of  audit e.+.Hidence accumulated are related. a. (irect% $. le% orectl! inversel! g. #n developing   Fverall audit plan for a new client% factor not to $e considered is a.9ate ot! levels T e elientFs $usiness% including the structure of the organiIation and accounting s!stem usedThe amount of estimated audit feeThe audit riss of procedures to $e performed to achieve audit o$&ectives G.   Tne au0.teleam gathers information a$out a new clientFs $usiness and industr! in order to  An understanding of the clientFs internal control s!stem for financial reporting An understanding of how economic events and transactions affect the compan!Fs financialstatements C. #nformation a$out engagement ris d. #nformation regarding whether the compan! is engaging in financial statement fraud

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Jul 23, 2017

054_CRST_2011

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