TEST BANK FOR Auditing: A Practical Approach 4th Canadian Edition by Robyn Moroney, Fiona Campbell, Jane Hamilton ISBN: 9781119709480 COMPLETE GUIDE ALL CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!!NEW LATEST UPDATE!!!!!

, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warr
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CHAPTER 1 x #




INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANC x# x# x# x# x# x#




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CHAPTER LEARNING OBJECTIVES x# x#




1. Define an assurance engagement. x# x# x#



An assurance engagement involves an assurance provider arriving atan opinion about so
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me information being provided by their client toa third party. A financial statement audit i
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s one type of assuranceengagement. This engagement involves an auditor arriving at an
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# opinionabout the fair presentation of the financial statements. The auditreport is address
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ed to the shareholders of the company being audited,but other users may read the finan
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cial statements. Learning aboutauditing and assurance requires an understanding of audi
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ting andassurance terminology, including terms such as audit risk, materiality,internal con
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trols, listed entity, and assertions.
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2. Explain why there is a demand for audit and assurance services.
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Financial statement users include investors (shareholders), suppliers,customers, lenders,
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employees, governments, and the general public.These groups of users demand audited
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# financial statements because oftheir remoteness from the entity, accounting complexity, t
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heirincentivescompeting with those of the entity‘s managers, and their needfor reliable inf x# x# x# x# x# x# x# x# x# x# x#



ormation on which to base decisions. The theories usedto describe the demand for audit
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and assurance services are agencytheory, the information hypothesis, and the insurance
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# hypothesis.




3. Differentiate between types of assurance services. x# x# x# x# x#



Assurance services include financial statement audits, complianceaudits, performance audi
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ts, comprehensive audits, internal audits,and assurance on corporate social responsibility
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x# (CSR) disclosures. x#




4. Explain the different levels of assurance.
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The different levels of assurance include reasonable assurance, whichis the highest level
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of assurance, limited assurance, and no assurance.Reasonable assurance is provided o
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n an audit of a company‘sfinancial statements. Limited assurance is provided in a review
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acompany‘s financial Dsotwante
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, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warr
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acompany‘s financial Dsotwante
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5. Outline different audit opinionsx# x# x#



An auditor can issue an unmodified opinion, also known as a cleanreport, or an unmodifie
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d opinion with an emphasis of matter paragraph.Alternatively, a modified opinion may be
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# issued as a qualified, anadverse, or a disclaimer of opinion.
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6. Differentiate between the roles of the preparer and the auditor, and discuss t
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he different firms that provide assurance services.
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It is the responsibility of a company‘s governing body to ensure thatits financial stateme
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nts are relevant, reliable, comparable, understandable,and true and fair. It is the responsib
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ility of the auditor to form anopinion on the fair presentation of the financial statements. I
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n doing,so 1- 2 Auditing: A Practical Approach, Fourth Canadian Edition
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the auditor must maintain professional scepticism and utilize professionaljudgement and d
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ue care. x#




The firms that provide assurance services include the Big-
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4international firms, the national firms (with international links),local and regional firms, a
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nd consulting firms that tend to specializein assurance of CSR and environmental disclo
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sures.




7. Identify the different regulators, legislation, and regulations surrounding th
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e assurance process.
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Introduction and Overview of Audit and Assurance x# x# x# x# x# x# 1- 3
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