ICAEW Assurance questions with correct answers

Reasonable Assurance - Answer Positive opinion, intrusive, high audit risk as providing more definite opinion Limited Assurance - Answer Negative opinion, less intrusive low audit risk Required Assurance by Regulators - Answer Statutory audit, bank audits, pension scheme audits, charity audits, solicitor audits Voluntary Assurance - Answer Environmental audit, Due diligence, Internal audit, Fraud investigations, Internal control reports Companies Act 2006 requires auditors be a member of what? - Answer Recognised Supervisory Body (e.g ICAEW) What are RSB responsibilities? - Answer Ensure individuals hold appropriate qualification in order to conduct audit, and that those individuals and firms are monitored regularly What does the Financial Reporting Council do? - Answer Monitors accounting profession, issues audit standards which it does through its Codes and Standards Committee which has adopted international standards on auditing, and issuing Ethical Standards Ethical Standards relate to what about the auditors? - Answer Integrity, objectivity ISA 200 - Answer Obtain assurance about whether F/S is fr