https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
TESTBANK FOR AUDITING A PRACTICAL APPROACH, 4
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TH CANADIAN EDITION 4TH EDITION, KINDLE EDITIONB
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Y ROBYN MORONEY , FIONA CAMPBELL , JANE HAMILT
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ON , VALERIE WARREN
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Stuvia.comp-
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
CHAPTER 1 p
INTRODUCTION AND OVERVIEW OF AUDIT ANDASSURANCE
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CHAPTER LEARNING OBJECTIVES
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1. Definepanpassurancepengagement.
Anpassurancepengagementpinvolvespanpassurancepproviderparrivingpatanpopinionpaboutpsomepi
nformationpbeingpprovidedpbyptheirpclientptoapthirdpparty.pApfinancialpstatementpauditpisponeptyp
epofpassuranceengagement.pThispengagementpinvolvespanpauditorparrivingpatpanpopinionabout
p thepfairppresentationpofpthepfinancialpstatements.pThepauditreportpispaddressedptopthepshareho
lderspofpthepcompanypbeingpaudited,butpotherpuserspmaypreadpthepfinancialpstatements.pLearni
ngpaboutauditingpandpassuranceprequirespanpunderstandingpofpauditingpandassuranceptermin
ology,pincludingptermspsuchpaspauditprisk,pmateriality,internalpcontrols,plistedpentity,pandpassert
ions.p
2. Explainpwhyptherepispapdemandpforpauditpandpassurancepservices.
Financialpstatementpuserspincludepinvestorsp(shareholders),psuppliers,customers,plenders,pe
mployees,pgovernments,pandpthepgeneralppublic.Thesepgroupspofpuserspdemandpauditedpfina
ncialpstatementspbecausepoftheirpremotenesspfrompthepentity,paccountingpcomplexity,ptheirinc
entivescompetingpwithpthosepofpthepentity‘spmanagers,pandptheirpneedforpreliablepinformationp
onpwhichptopbasepdecisions.pTheptheoriespusedtopdescribepthepdemandpforpauditpandpassuranc
epservicesparepagencytheory,pthepinformationphypothesis,pandpthepinsurancephypothesis.p
3. Differentiatepbetweenptypespofpassurancepservices.
Assurancepservicespincludepfinancialpstatementpaudits,pcomplianceaudits,pperformancepaudits
,pcomprehensivepaudits,pinternalpaudits,andpassuranceponpcorporatepsocialpresponsibilityp(CS
R)pdisclosures.p
4. Explainpthepdifferentplevelspofpassurance.
Thepdifferentplevelspofpassurancepincludepreasonablepassurance,pwhichispthephighestplevelpofpa
ssurance,plimitedpassurance,pandpnopassurance.Reasonablepassurancepispprovidedponpanpau
ditpofpapcompany‘sfinancialpstatements.pLimitedpassurancepispprovidedpinpapreviewpofp
acompany‘spfinancial Dsotwante
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https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
5. Outlinepdifferentpauditpopinions
Anpauditorpcanpissuepanpunmodifiedpopinion,palsopknownpaspapcleanreport,porpanpunmodifiedpo
pinionpwithpanpemphasispofpmatterpparagraph.Alternatively,papmodifiedpopinionpmaypbepissued
p aspapqualified,panadverse,porpapdisclaimerpofpopinion.p
6. Differentiatepbetweenptheprolespofptheppreparerpandpthepauditor,pandpdiscusspthep
differentpfirmspthatpprovidepassurancepservices.
Itpispthepresponsibilitypofpapcompany‘spgoverningpbodyptopensurepthatitspfinancialpstatementspar
eprelevant,preliable,pcomparable,punderstandable,andptruepandpfair.pItpispthepresponsibilitypofpth
epauditorptopformpanopinionponpthepfairppresentationpofpthepfinancialpstatements.pInpdoing,sop1-
p 2pAuditing:pApPracticalpApproach,pFourthp CanadianpEdition
thepauditorpmustpmaintainpprofessionalpscepticismpandputilizepprofessionaljudgementpandpduep
care.p
ThepfirmspthatpprovidepassurancepservicespincludepthepBig-
4internationalpfirms,pthepnationalpfirmsp(withpinternationalplinks),localpandpregionalpfirms,pandpc
onsultingpfirmspthatptendptopspecializeinpassurancepofpCSRpandpenvironmentalpdisclosures.p
7. Identifypthepdifferentpregulators,plegislation,pandpregulationspsurroundingpthep
assurancepprocess.
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IntroductionpandpOverviewpofpAuditpandpAssurance 1p-p3
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A+ Distributionpofpthispdocumentpispillegal extrapperpyear?
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, TESTpBANKpforpAuditingpApPracticalpApproach,p4thpCanadianpEditionpMoroney,pCampbell,pWarrenp
Stuvia.comp-
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
TRUE-FALSE STATEMENTS p
1. Onlypcurrentpinvestorsp(notppotentialpinvestors)parepconsideredptopbepuserspofpthepfinancialp
statements.p
Answer:pFalsep
Bloomcode:pKnowledgepDiffic
ulty:pEasyp
LearningpObjective:pExplainpwhyptherepispapdemandpforpauditpandpassurancepservices.pSe
ctionpReference:p1.2pDemandpforpauditpandpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
B:pAnalyticp
2. Insurancephypothesispispapmeanspwherebypthepinvestorpcanpguaranteepthepsuccesspofptheirpi
nvestment.p
Answer:pFalsep
Bloomcode:pComprehensionp
Difficulty:pMediump
LearningpObjective:pExplainpwhyptherepispapdemandpforpauditpandpassurancepservices.pSe
ctionpReference:p1.2pDemandpforpauditpandpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
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3. Apcompliancepauditpinvolvespgatheringpevidenceptopascertainpwhetherptheppersonporpentityp
underpreviewphaspfollowedptheprules,ppolicies,pprocedures,plawspandpregulationspwithpwhichpt
heypmustpconformp
Answer:pTruep
Bloomcode:pComprehensionp
Difficulty:pMediump
LearningpObjective:pDifferentiatepbetweenptypespofpassurancepservices.pSecti
onpReference:p1.3pDifferentpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
B:pAnalyticp
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p
m 6
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4
TESTBANK FOR AUDITING A PRACTICAL APPROACH, 4
p p p p p p
TH CANADIAN EDITION 4TH EDITION, KINDLE EDITIONB
p p p p p p p
Y ROBYN MORONEY , FIONA CAMPBELL , JANE HAMILT
p p p p p p p p
ON , VALERIE WARREN
p p p
, TESTpBANKpforpAuditingpApPracticalpApproach,p4thpCanadianpEditionpMoroney,pCampbell,pWarrenp
Stuvia.comp-
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
CHAPTER 1 p
INTRODUCTION AND OVERVIEW OF AUDIT ANDASSURANCE
p p p p p p
CHAPTER LEARNING OBJECTIVES
p p
1. Definepanpassurancepengagement.
Anpassurancepengagementpinvolvespanpassurancepproviderparrivingpatanpopinionpaboutpsomepi
nformationpbeingpprovidedpbyptheirpclientptoapthirdpparty.pApfinancialpstatementpauditpisponeptyp
epofpassuranceengagement.pThispengagementpinvolvespanpauditorparrivingpatpanpopinionabout
p thepfairppresentationpofpthepfinancialpstatements.pThepauditreportpispaddressedptopthepshareho
lderspofpthepcompanypbeingpaudited,butpotherpuserspmaypreadpthepfinancialpstatements.pLearni
ngpaboutauditingpandpassuranceprequirespanpunderstandingpofpauditingpandassuranceptermin
ology,pincludingptermspsuchpaspauditprisk,pmateriality,internalpcontrols,plistedpentity,pandpassert
ions.p
2. Explainpwhyptherepispapdemandpforpauditpandpassurancepservices.
Financialpstatementpuserspincludepinvestorsp(shareholders),psuppliers,customers,plenders,pe
mployees,pgovernments,pandpthepgeneralppublic.Thesepgroupspofpuserspdemandpauditedpfina
ncialpstatementspbecausepoftheirpremotenesspfrompthepentity,paccountingpcomplexity,ptheirinc
entivescompetingpwithpthosepofpthepentity‘spmanagers,pandptheirpneedforpreliablepinformationp
onpwhichptopbasepdecisions.pTheptheoriespusedtopdescribepthepdemandpforpauditpandpassuranc
epservicesparepagencytheory,pthepinformationphypothesis,pandpthepinsurancephypothesis.p
3. Differentiatepbetweenptypespofpassurancepservices.
Assurancepservicespincludepfinancialpstatementpaudits,pcomplianceaudits,pperformancepaudits
,pcomprehensivepaudits,pinternalpaudits,andpassuranceponpcorporatepsocialpresponsibilityp(CS
R)pdisclosures.p
4. Explainpthepdifferentplevelspofpassurance.
Thepdifferentplevelspofpassurancepincludepreasonablepassurance,pwhichispthephighestplevelpofpa
ssurance,plimitedpassurance,pandpnopassurance.Reasonablepassurancepispprovidedponpanpau
ditpofpapcompany‘sfinancialpstatements.pLimitedpassurancepispprovidedpinpapreviewpofp
acompany‘spfinancial Dsotwante
lom
ade
ednbts
y:.BN
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HT nDcIeESis|pjp
TU roohvriadbehd
am in70a@cgm
asa omail.p
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l
2
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Stuvia.comp-
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
5. Outlinepdifferentpauditpopinions
Anpauditorpcanpissuepanpunmodifiedpopinion,palsopknownpaspapcleanreport,porpanpunmodifiedpo
pinionpwithpanpemphasispofpmatterpparagraph.Alternatively,papmodifiedpopinionpmaypbepissued
p aspapqualified,panadverse,porpapdisclaimerpofpopinion.p
6. Differentiatepbetweenptheprolespofptheppreparerpandpthepauditor,pandpdiscusspthep
differentpfirmspthatpprovidepassurancepservices.
Itpispthepresponsibilitypofpapcompany‘spgoverningpbodyptopensurepthatitspfinancialpstatementspar
eprelevant,preliable,pcomparable,punderstandable,andptruepandpfair.pItpispthepresponsibilitypofpth
epauditorptopformpanopinionponpthepfairppresentationpofpthepfinancialpstatements.pInpdoing,sop1-
p 2pAuditing:pApPracticalpApproach,pFourthp CanadianpEdition
thepauditorpmustpmaintainpprofessionalpscepticismpandputilizepprofessionaljudgementpandpduep
care.p
ThepfirmspthatpprovidepassurancepservicespincludepthepBig-
4internationalpfirms,pthepnationalpfirmsp(withpinternationalplinks),localpandpregionalpfirms,pandpc
onsultingpfirmspthatptendptopspecializeinpassurancepofpCSRpandpenvironmentalpdisclosures.p
7. Identifypthepdifferentpregulators,plegislation,pandpregulationspsurroundingpthep
assurancepprocess.
lOM p p p p p p p p p pp
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IntroductionpandpOverviewpofpAuditpandpAssurance 1p-p3
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m 6
A+ Distributionpofpthispdocumentpispillegal extrapperpyear?
3
, TESTpBANKpforpAuditingpApPracticalpApproach,p4thpCanadianpEditionpMoroney,pCampbell,pWarrenp
Stuvia.comp-
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
p p p p p p p p p
TRUE-FALSE STATEMENTS p
1. Onlypcurrentpinvestorsp(notppotentialpinvestors)parepconsideredptopbepuserspofpthepfinancialp
statements.p
Answer:pFalsep
Bloomcode:pKnowledgepDiffic
ulty:pEasyp
LearningpObjective:pExplainpwhyptherepispapdemandpforpauditpandpassurancepservices.pSe
ctionpReference:p1.2pDemandpforpauditpandpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
B:pAnalyticp
2. Insurancephypothesispispapmeanspwherebypthepinvestorpcanpguaranteepthepsuccesspofptheirpi
nvestment.p
Answer:pFalsep
Bloomcode:pComprehensionp
Difficulty:pMediump
LearningpObjective:pExplainpwhyptherepispapdemandpforpauditpandpassurancepservices.pSe
ctionpReference:p1.2pDemandpforpauditpandpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
B:pAnalyticp
3. Apcompliancepauditpinvolvespgatheringpevidenceptopascertainpwhetherptheppersonporpentityp
underpreviewphaspfollowedptheprules,ppolicies,pprocedures,plawspandpregulationspwithpwhichpt
heypmustpconformp
Answer:pTruep
Bloomcode:pComprehensionp
Difficulty:pMediump
LearningpObjective:pDifferentiatepbetweenptypespofpassurancepservices.pSecti
onpReference:p1.3pDifferentpassurancepservicesp
CPApCompetency:pAuditpandpAssurancepAACS
B:pAnalyticp
Downloadedpby:pBRIGHTERSTUDIESp| Wantptopearnp$1.23
p
m 6
A+ Distributionpofpthispdocumentpispillegal extrapperpyear?
4
