TEST BANK FOR AUDITING A PRACTICAL APPROACH, 4TH EDITION CANADIAN KINDLE BY ROBYN MORONEY , FIONA CAMPBELL JANE HAMILTON VALERIE WARREN

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TESTBANK FOR AUDITING A PRACTICAL APPROACH, 4
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TH CANADIAN EDITION 4TH EDITION, KINDLE EDITION BY
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ROBYN MORONEY , FIONA CAMPBELL , JANE HAMILTO
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N , VALERIE WARREN
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, TESTkBANKkforkAuditingkAkPracticalkApproach,k4thkCanadiankEditionkMoroney,kCampbell,kWarren
Stuvia.comk-kThekMarketplacektokBuykandkSellkyourkStudykMaterial
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CHAPTER 1 k




INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE
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CHAPTER LEARNING OBJECTIVES
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1. Definekankassurancekengagement.
Ankassurancekengagementkinvolveskankassurancekproviderkarrivingkatankopinionkaboutksomeki
nformationkbeingkprovidedkbyktheirkclientktoakthirdkparty.kAkfinancialkstatementkauditkiskonektyp
ekofkassuranceengagement.kThiskengagementkinvolveskankauditorkarrivingkatkankopinionabout
k thekfairkpresentationkofkthekfinancialkstatements.kThekauditreportkiskaddressedktoktheksharehol
derskofkthekcompanykbeingkaudited,butkotherkuserskmaykreadkthekfinancialkstatements.kLearni
ngkaboutauditingkandkassurancekrequireskankunderstandingkofkauditingkandassurancektermin
ology,kincludingktermsksuchkaskauditkrisk,kmateriality,internalkcontrols,klistedkentity,kandkasserti
ons.




2. Explainkwhyktherekiskakdemandkforkauditkandkassurancekservices.
Financialkstatementkuserskincludekinvestorsk(shareholders),ksuppliers,customers,klenders,ke
mployees,kgovernments,kandkthekgeneralkpublic.Thesekgroupskofkuserskdemandkauditedkfinan
cialkstatementskbecausekoftheirkremotenesskfromkthekentity,kaccountingkcomplexity,ktheirince
ntivescompetingkwithkthosekofkthekentity‘skmanagers,kandktheirkneedforkreliablekinformationkon
k whichktokbasekdecisions.kThektheorieskusedtokdescribekthekdemandkforkauditkandkassuranceks
erviceskarekagencytheory,kthekinformationkhypothesis,kandkthekinsurancekhypothesis.




3. Differentiatekbetweenktypeskofkassurancekservices.
Assurancekserviceskincludekfinancialkstatementkaudits,kcomplianceaudits,kperformancekaudits
,kcomprehensivekaudits,kinternalkaudits,andkassurancekonkcorporateksocialkresponsibilityk(CS
R)kdisclosures.




4. Explainkthekdifferentklevelskofkassurance.
Thekdifferentklevelskofkassurancekincludekreasonablekassurance,kwhichiskthekhighestklevelkofka
ssurance,klimitedkassurance,kandknokassurance.Reasonablekassurancekiskprovidedkonkankau
ditkofkakcompany‘sfinancialkstatements.kLimitedkassurancekiskprovidedkinkakreviewkof




acompany‘sk financial Dsotwante
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5. Outlinekdifferentkauditkopinions
Ankauditorkcankissuekankunmodifiedkopinion,kalsokknownkaskakcleanreport,korkankunmodifiedkop
inionkwithkankemphasiskofkmatterkparagraph.Alternatively,kakmodifiedkopinionkmaykbekissuedka
skakqualified,kanadverse,korkakdisclaimerkofkopinion.




6. Differentiatekbetweenkthekroleskofkthekpreparerkandkthekauditor,kandkdiscusskthek
differentkfirmskthatkprovidekassurancekservices.
Itkiskthekresponsibilitykofkakcompany‘skgoverningkbodyktokensurekthatitskfinancialkstatementskar
ekrelevant,kreliable,kcomparable,kunderstandable,andktruekandkfair.kItkiskthekresponsibilitykofkth
ekauditorktokformkanopinionkonkthekfairkpresentationkofkthekfinancialkstatements.kInkdoing,sok1-
k 2kAuditing:kAkPracticalkApproach,kFourthkCanadiankEdition



thekauditorkmustkmaintainkprofessionalkscepticismkandkutilizekprofessionaljudgementkandkduek
care.


ThekfirmskthatkprovidekassurancekserviceskincludekthekBig-
4internationalkfirms,ktheknationalkfirmsk(withkinternationalklinks),localkandkregionalkfirms,kandkc
onsultingkfirmskthatktendktokspecializeinkassurancekofkCSRkandkenvironmentalkdisclosures.




7. Identifykthekdifferentkregulators,klegislation,kandkregulationsksurroundingkthek
assurancekprocess.
lO M k k k k k kk k k
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IntroductionkandkOverviewkofkAuditkandkAssurance 1k-k3




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TRUE-FALSE STATEMENTS k




1. Onlykcurrentkinvestorsk(notkpotentialkinvestors)karekconsideredktokbekuserskofkthekfinancialk
statements.


Answer:kFalse


Bloomcode:kKnowledgekDiffic
ulty:kEasy
LearningkObjective:kExplainkwhyktherekiskakdemandkforkauditkandkassurancekservices.kSectio
nkReference:k1.2kDemandkforkauditkandkassurancekservices
CPAkCompetency:kAuditkandkAssurancekAACSB
:kAnalytic




2. Insurancekhypothesiskiskakmeanskwherebykthekinvestorkcankguaranteektheksuccesskofktheirki
nvestment.


Answer:kFalse


Bloomcode:kComprehensionk
Difficulty:kMedium
LearningkObjective:kExplainkwhyktherekiskakdemandkforkauditkandkassurancekservices.kSectio
nkReference:k1.2kDemandkforkauditkandkassurancekservices
CPAkCompetency:kAuditkandkAssurancekAACSB
:kAnalytic




3. Akcompliancekauditkinvolveskgatheringkevidencektokascertainkwhetherkthekpersonkorkentityk
underkreviewkhaskfollowedkthekrules,kpolicies,kprocedures,klawskandkregulationskwithkwhichkt
heykmustkconform


Answer:kTrue


Bloomcode:kComprehensionk
Difficulty:kMedium
LearningkObjective:kDifferentiatekbetweenktypeskofkassurancekservices.kSecti
onkReference:k1.3kDifferentkassurancekservices
CPAkCompetency:kAuditkandkAssurancekAACSB
:kAnalytic

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