ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers

ACA Assurance - Chapter 1 - Concept and Need for Assurance Exam Questions With Verified Answers Definition: Assurance - answerAn assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - answer1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report Explain: Difference between the 2 levels of assurance - answer1. Reasonable assurance - (Highest level) Sufficient & appropriate evidence, positive opinion i.e. FS show a true and fair view... 2. Limited assurance - (Lowest level) Sufficient & appropriate evidence - not as much needed, negative conclusions i.e. nothing has come