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Test Bank for Auditing A Practical Approach 3e (Australia) Robyn Moroney, Fiona Campbell, Jane Hamilton (All Chapters Download link at the end of this file) Stuvia.com - The Marketplace to Buy and Sell your Study Material
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Stuvia.com - The Marketplace to Buy and Sell your Study MaterialChapter 1: Introduction and overview of audit and assurance
True/False
- The nature of audit procedures refers to the reliance on evidence provided by the
client and its management.
*a. True
- False
Correct answer: a
Learning Objective 1.2 ~ Discriminate between different types of assurance services
- A compliance audit involves gathering evidence to ascertain whether the person or
entity under review has followed the rules, policies, procedures, laws and regulations with which they must conform.
*a. True
- False
Correct answer: a
Learning Objective 1.2 ~ Discriminate between different types of assurance services
- An operational audit is an example of a compliance audit.
- True
*b. False
Correct answer: b
Learning Objective 1.2 ~ Discriminate between different types of assurance services
- The most common types of assurance engagements are financial report audits,
confirmation audits, performance audits, comprehensive audits and assurance on corporate social responsibility (CSR) disclosures.
- True
*b. False
Correct answer: b
Learning Objective 1.2 ~ Discriminate between different types of assurance services
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Stuvia.com - The Marketplace to Buy and Sell your Study MaterialChapter 1: Introduction and overview of audit and assurance
- An assurance engagement is performed by an auditor or consultant to enhance the
reliability of the subject matter.
*a. True
- False
Correct answer: a
Learning Objective 1.2 ~ Discriminate between different types of assurance services
- An audit of a financial report by the contracted auditors will give absolute assurance
that the financial reports give a true and fair view of the financial performance of the entity.
- True
*b. False
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
- An audit engagement is performed by an Auditor to provide a reasonable assurance
that the financial report gives a true and fair view of the business activities for the period.
*a. True
- False
Correct answer: a
Learning Objective 1.3 ~ Discriminate between different levels of assurance
- A no assurance engagement is of little use as no assurance is given to the client.
- True
*b. False
Correct answer: b
Learning Objective 1.3 ~ Discriminate between different levels of assurance
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