TEST BANK FOR Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warren. All Chapters 1-14 ISBN:9781119752707 COMPLETE GUIDE All CHAPTERS COVERED 100% VERIFIED A+ GRADE ASSURED!!!!! NEW LATEST UPDATE!!!!!

TESTBANK FOR AUDITING A PRACTICAL APPROACH,
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4TH CANADIAN EDITION 4TH EDITION, KINDLE EDITION B
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Y ROBYN MORONEY , FIONA CAMPBELL , JANE HAMIL
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TON , VALERIE WARREN
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,TEST BANK for Auditing Stuvia.com
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Approach, 4th Canadian Edition Moroney, Campbell, Warren
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CHAPTER 1 + j




INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE +j +j +j +j +j +j




CHAPTER LEARNING OBJECTIVES +j +j




1. Define an assurance engagement. +j +j +j



An assurance engagement involves an assurance provider arriving atan opinion about some
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+j information being provided by their client toa third party. A financial statement audit is one
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type of assuranceengagement. This engagement involves an auditor arriving at an opinion
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about the fair presentation of the financial statements. The auditreport is addressed to the
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shareholders of the company being audited,but other users may read the financial stateme
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nts. Learning aboutauditing and assurance requires an understanding of auditing andassur
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ance terminology, including terms such as audit risk, materiality,internal controls, listed enti
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ty, 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, e
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mployees, governments, and the general public.These groups of users demand audited fin
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ancial statements because oftheir remoteness from the entity, accounting complexity, theiri
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ncentivescompeting with those of the entity‘s managers, and their needfor reliable informati +j +j +j +j +j +j +j +j +j +j +j



on on which to base decisions. The theories usedto describe the demand for audit and assur
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ance services are agencytheory, the information hypothesis, and the insurance hypothesis.
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3. Differentiate between types of assurance services. +j +j +j +j +j



Assurance services include financial statement audits, complianceaudits, performance audits
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, comprehensive audits, internal audits,and assurance on corporate social responsibility (C
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SR) disclosures. +j




4. Explain the different levels of assurance. +j +j +j +j +j



The different levels of assurance include reasonable assurance, whichis the highest level of
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assurance, limited assurance, and no assurance.Reasonable assurance is provided on an
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audit of a company‘sfinancial statements. Limited assurance is provided in a review of
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acompany‘s financial Dsotwante
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5. Outline different audit opinions +j +j +j



An auditor can issue an unmodified opinion, also known as a cleanreport, or an unmodified
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opinion with an emphasis of matter paragraph.Alternatively, a modified opinion may be issu
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ed 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 the
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j different firms that provide assurance services.
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It is the responsibility of a company‘s governing body to ensure thatits financial statements
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are relevant, reliable, comparable, understandable,and true and fair. It is the responsibility of
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the auditor to form anopinion on the fair presentation of the financial statements. In doing,s
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o 1- 2 Auditing: A Practical Approach, Fourth Canadian Edition
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the auditor must maintain professional scepticism and utilize professionaljudgement and due
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care.
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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, and
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consulting firms that tend to specializein assurance of CSR and environmental disclosures.
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7. Identify the different regulators, legislation, and regulations surrounding the
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assurance process. +j


lO M +j +j +j +j +j +j+j +j +j
o AR c P S D | 3 08 78 49 5




Introduction and Overview of Audit and Assurance +j +j +j +j +j +j 1-3
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TRUE-FALSE STATEMENTS +j




1. Only current investors (not potential investors) are considered to be users of the financial
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+j statements.


Answer: False +j




Bloomcode: Knowledge Diffic +j +j



ulty: Easy +j



Learning Objective: Explain why there is a demand for audit and assurance services. Secti
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on Reference: 1.2 Demand for audit and assurance services
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CPA Competency: Audit and Assurance AACS
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B: Analytic
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2. Insurance hypothesis is a means whereby the investor can guarantee the success of their
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+j investment.


Answer: False +j




Bloomcode: Comprehension +j +j



Difficulty: Medium +j



Learning Objective: Explain why there is a demand for audit and assurance services. Secti
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on Reference: 1.2 Demand for audit and assurance services
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CPA Competency: Audit and Assurance AACS
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B: Analytic
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3. A compliance audit involves gathering evidence to ascertain whether the person or entity
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+j under review has followed the rules, policies, procedures, laws and regulations with whic
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h they must conform
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Answer: True +j




Bloomcode: Comprehension +j +j



Difficulty: Medium +j



Learning Objective: Differentiate between types of assurance services. Secti
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on Reference: 1.3 Different assurance services
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CPA Competency: Audit and Assurance AACS
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B: Analytic
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