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Exam (elaborations)

CHAPTER 1 AUDITING AND ASSURANCE SERVICES QUESTION WITH CORRECT SOLUTIONS 2025.

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CHAPTER 1 AUDITING AND ASSURANCE SERVICES QUESTION WITH CORRECT SOLUTIONS 2025.

Institution
Auditing & Assurance Services
Course
Auditing & Assurance Services










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Institution
Auditing & Assurance Services
Course
Auditing & Assurance Services

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Uploaded on
November 11, 2024
Number of pages
19
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

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  • chapter 1 auditing and assurance services question

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CHAPTER 1 AUDITING AND ASSURANCE SERVICES
QUESTION WITH CORRECT SOLUTIONS 2025
AUDITfRISKfFORMULARf-fcorrectfanswersF(INHERENTfRISK,fCONTROLfR,fDETECTIONfR)



DETECTIONfRISKfDECIDE?fAUDITf-fcorrectfanswersTIMING,fNATURE,fEXTENT



WHATfFACTORSfOFfMANAGEMENTfASSERTIONSf-fcorrectfanswersC.R.A.V.E

COMPLETENESS,fCUTOFF,fCLASSIFICATION

RIGHTSf&fOBLIGATIONS

AUTHORIZATION

VALUATION

EXISTENCEforfOccurence



COMPLETENESSf(COMPLETENESSf&fCUTfOFF)

RIGHTf&fOBLIGATIONf(fRf&fO)

PRESENTATIONf&fDISCLOSUREf(CLASSIFICATIONf&fUNDERSTANDABILITY)

VALUATIONf&fALLOCATIONf(ACCURACYfANDfVALUAT.)

EXISTENCEforfOCCURENCEf(EXISTENCE,fOCCURENCE)

,AUDITINGf-
fcorrectfanswersisfafSYSTEMATICfPROCESSfoffOBJECTIVELYfOBTAININGfANDfEVALUATINGfEVIDENCEfregardingfassertionsfaboutfeconomicfactionfandfeventsftofas

certainfthefdegreefoffcorrespondencefbetweenfthefASSERIONSfandfESTABLISHEDfCRITERIAfandfCOMMUNICATINGfthefRESULTSftofINTERESTEDfUSERS



Theftwofcategoriesfoffperformancefauditsf-fcorrectfanswersarefeconomyfandfefficiencyfauditsfandfprogramfaudits.

ReferenceseBookf&fResources



ATTESTATIONfENGAGEMENTf-
fcorrectfanswersafPRACTITIONERfisfASSESSESfandfREPORTSfonfsubjectfmatterforfanfASSERTIONfaboutfthefsubjectfmatterfthatfisfthefRESPONSIBILITYfoffANOTHERf

PARTY.



financialfattestationfengagementsf(otherfthanfaudits)f-fcorrectfanswers-ffinancialfforecastsfandfprojection

-fexaminationfoffmanagement'sfdiscussionf&fanalysis

-fprofformaffinancialfinfo



non-financialfattestationfengagementsf-fcorrectfanswers-feffectivenessfoffinternalfcontrolfsystem

-fcompliancefwithfenvironmentalfregulations

-fsustainabilityfreportingfengagements



Assurancefseervicef-fcorrectfanswersarefINDEPENDENTfpreofesionalfservicesfthatfIMPROVEfthefQUALITYfOFfINFOforfitsfCONTEXTfforfdecisionfmakers

ex:

, -fXBRLfReporting

-fInfofriskfassessment

-fInternalfauditfoutsourcing



Sarbanes-oxleyfactfoff2002f-fcorrectfanswers-fMANAGEMENTfTEAMfisfresponsiblefforfthefFINANCIALfREPORTINGfprocessfandfthefFINANCIALfSTATEMENT

-fSectionf302,fkeyfofficialsfmustfcertifyfthefF/S:fCEOfandfCFOfmustfsign

+ftheyfhavefreadfthefF/S

+ftheyfnotfawarefoffanyffalseforfmisleadingfstatement

+ftheyfbelievefthatff/sfpresentfanfaccuratefpicturefoffthefco.ffinancialfcondition.



EXISTENCEfandftestf-fcorrectfanswersassertsfthatfEACHfOFfTHEfBALANCEfSHEETfI/Sfbalancesfactuallyfexist



toftest,fauditorsftypicallyfconfirmfcashfandfcountfthefphysicalfinv.,fconfirmfreceivablesfandfinsurancefpoliciesfwithfcustomers,fandfperformfotherfproceduresftofo
btainfevidence



OCCURRENCEfandftestf-fcorrectfanswersassertsfthatfEACHfOFfTHEfI/SfeventsftransactionsfactuallyfdidfOCCUR



toftest,fcompletefproceduresftofensurefthatfthefreportedfsalesftransactionsfreallyfdidfoccurfandfwerefnotfcreatedftoffraudulentlyfinflatefthefco'sfprofit



EXISTENCE/fOCCURENCEf-fcorrectfanswersI/S:fOCC
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