Connect Access Card for Principles of Auditing & Other Assurance Services
21st Edition
ISBN: 9781260299366
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 20, Problem 28QRA
a.
To determine
Explain the reason behind using the criteria in the attestation services.
b.
To determine
Explain the features of suitable criteria for an attestation engagement.
c.
To determine
Explain the process of availability of the criteria information to the user.
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Students have asked these similar questions
When is a subject matter considered appropriate?
a. Identifiable, and capable of consistent evaluation or measurement against the identified criteria.
b. The information about it can be subjected to procedures and for gathering of sufficient appropriate evidence to support a conclusion.
c. Either a or b.
d. Both a and b.
explain why
Select the best answer for each of the follwing items and give reasons for your choice.
a. Which of the following best describes the relationship between assurance services and attest services?
(1) While attest services involved financial data, assurance services involve nonfinancial data
(2) While attest services require objectivity, assurance services do not require objectivity
(3) All attest services require independence.
(4) Attest and assurance services are different terms referring to the same types of services
Which of the following is a valid reason for testing the operating effectiveness:
Review the results for periodic reconciliation
Authorization based on the information provided by internal source
Communicate findings and recommendations
Authorization based on information provided by the management observations
Chapter 20 Solutions
Connect Access Card for Principles of Auditing & Other Assurance Services
Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - Prob. 6RQCh. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - Prob. 9RQCh. 20 - Prob. 10RQ
Ch. 20 - Prob. 11RQCh. 20 - Prob. 12RQCh. 20 - Prob. 13RQCh. 20 - Prob. 14RQCh. 20 - Prob. 15RQCh. 20 - Prob. 16RQCh. 20 - Prob. 17RQCh. 20 - Prob. 18RQCh. 20 - Prob. 19RQCh. 20 - Prob. 20RQCh. 20 - Prob. 21RQCh. 20 - Prob. 22RQCh. 20 - Prob. 23RQCh. 20 - Prob. 24QRACh. 20 - Prob. 25QRACh. 20 - Prob. 26QRACh. 20 - Prob. 27QRACh. 20 - Prob. 28QRACh. 20 - Prob. 29AOQCh. 20 - Prob. 29BOQCh. 20 - Prob. 29COQCh. 20 - Prob. 29DOQCh. 20 - Prob. 29EOQCh. 20 - Prob. 29FOQCh. 20 - Prob. 29GOQCh. 20 - Prob. 29HOQCh. 20 - Prob. 29IOQCh. 20 - Prob. 29JOQCh. 20 - Prob. 29KOQCh. 20 - The assurance services that address user and...Ch. 20 - Prob. 30OQCh. 20 - Prob. 31OQCh. 20 - Prob. 32OQCh. 20 - Prob. 33OQCh. 20 - Prob. 34PCh. 20 - Prob. 35PCh. 20 - Prob. 36ITCCh. 20 - Prob. 37RDC
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Similar questions
- The assessment of materiality and the relative importance of quantitative andqualitative factors in a particular engagement are matters for the practitioner’s judgement. True or False? and Explain your answer.arrow_forwardWhat type of assurance is given in a Review engagement?arrow_forwardexplain the roles of integratedreporting in the following aspects:a. Providing information that is relevant to stakeholders;b. Comparability of reporting.c. Quality of reporting; andd. Usefulness of reporting;arrow_forward
- Which is the first step within the hierarchy of guidance when selectingaccounting policies? A. Apply a standard from PFRS if it specifically relates to the transaction B. Apply the requirements in PFRS dealing with similar and related issue C. Consider the applicability of the definitions, recognition criteria and measurement concepts in the Conceptual Framework D. Consider the most recent pronouncements of other standard setting bodiesarrow_forwardDiscuss the impact of different measurement choices on relevance, faithful representation, understandability and comparability. Your answer must include a comparison of three measurement bases.arrow_forwardWhat is meant by each of the following potential characteristics of information: relevant, accurate, and timely? Is objective information always relevant? Accurate?arrow_forward
- Define what is meant by an audit trail and explain how it can beaffected by the client’s integration of IT.arrow_forwardDiscuss the differences between the attest function and advisory services.arrow_forwardPlease study and complete the following table by stating whether the characteristics of the information supporting these decision-making types: (a) are ill-defined or well-defined; (b) use internal or external information; (c) use internal or external information sources; (d) use future-oriented or historical information; (e) are frequent or infrequent; (f) use more or less accurate information. In the final column of the table, please provide one (1) example for each type of decision-making that illustrates and confirms your assessment of the information characteristics for each decision type.arrow_forward
- Performance Principle. Identify how each of the following statements relates to the performance principle by considering which element(s) of the principle are related to that statement. (A statement may be related to more than one element.) Use the following elements inproviding your response:∙ Reasonable assurance∙ Planning and supervision∙ Materiality∙ Risk assessment∙ Audit evidencea. Evaluating the effectiveness of the client’s internal control in preventing or detectingmisstatements.b. Obtaining an understanding of the client’s business and industry.c. Acknowledging that the risk of failing to detect a material misstatement cannot bereduced to zero.d. Obtaining confirmations from the client’s customers as to the ending balances inaccounts receivable.e. Preparing a written audit plan.f. Designing audit procedures to identify misstatements that would have a significanteffect on financial statement users’ decisions.g. Considering the likelihood that the account balance contains a…arrow_forwardWhat is the audit team’s goal in performing them in an attributessampling application?arrow_forward
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