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

TESTBANK FOR AUDITING A PRACTICAL APPROACH,

4TH CANADIAN EDITION 4TH EDITION, KINDLE EDITION

BY ROBYN MORONEY , FIONA CAMPBELL , JANE

HAMILTON , VALERIE WARREN

, TEST48BANK48for48Auditing48A48Practical48Approach,484th48Canadian48Edition48Moroney,48Cam
Stuvia.com48-
pbell,48Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
48The48Marketplace48to48Buy48and48Sell48your48Study48Mate
rial


CHAPTER 4 8 1

INTRODUCTION48AND48OVERVIEW48OF48AUDIT48AND48ASSURA
NCE

CHAPTER48LEARNING48OBJECTIVES



1. Define48an48assurance48engagement.
An48assurance48engagement48involves48an48assurance48provider48arriving48atan48opinion48
about48some48information48being48provided48by48their48client48toa48third48party.48A48financ
ial48statement48audit48is48one48type48of48assuranceengagement.48This48engagement48invo
lves48an48auditor48arriving48at48an48opinionabout48the48fair48presentation48of48the48financia
l48statements.48The48auditreport48is48addressed48to48the48shareholders48of48the48company
48being48audited,but48other48users48may48read48the48financial48statements.48Learning48ab

outauditing48and48assurance48requires48an48understanding48of48auditing48andassurance48t
erminology,48including48terms48such48as48audit48risk,48materiality,internal48controls,48listed
48entity,48and48assertions.




2. Explain48why48there48is48a48demand48for48audit48and48assurance48services.
Financial48statement48users48include48investors48(shareholders),48suppliers,customers,48le
nders,48employees,48governments,48and48the48general48public.These48groups48of48users48
demand48audited48financial48statements48because48oftheir48remoteness48from48the48entity,
48accounting48complexity,48theirincentivescompeting48with48those48of48the48entity‘s48mana

gers,48and48their48needfor48reliable48information48on48which48to48base48decisions.48The48th
eories48usedto48describe48the48demand48for48audit48and48assurance48services48are48agenc
ytheory,48the48information48hypothesis,48and48the48insurance48hypothesis.




3. Differentiate48between48types48of48assurance48services.
Assurance48services48include48financial48statement48audits,48complianceaudits,48performan
ce48audits,48comprehensive48audits,48internal48audits,and48assurance48on48corporate48soc
ial48responsibility48(CSR)48disclosures.




4. Explain48the48different48levels48of48assurance.
The48different48levels48of48assurance48include48reasonable48assurance,48whichis48the48high
est48level48of48assurance,48limited48assurance,48and48no48assurance.Reasonable48assura
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, TEST48BANK48for48Auditing48A48Practical48Approach,484th48Canadian48Edition48Moroney,48Cam
Stuvia.com48-
pbell,48Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
48The48Marketplace48to48Buy48and48Sell48your48Study48Mate
rial
nce48is48provided48on48 an48audit48of48a48company‘sfinancial48statements.48Limited48assur
ance48is48provided48in48a48review48of




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, TEST48BANK48for48Auditing48A48Practical48Approach,484th48Canadian48Edition48Moroney,48Cam
Stuvia.com48-
pbell,48Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
48The48Marketplace48to48Buy48and48Sell48your48Study48Mate
rial


5. Outline48different48audit48opinions
An48auditor48can48issue48an48unmodified48opinion,48also48known48as48a48cleanreport,48or48
an48unmodified48opinion48with48an48emphasis48of48matter48paragraph.Alternatively,48a48m
odified48opinion48may48be48issued48as48a48qualified,48anadverse,48or48a48disclaimer48of48o
pinion.




6. Differentiate48between48the48roles48of48the48preparer48and48the48auditor,48and48
discuss48the48different48firms48that48provide48assurance48services.
It48is48the48responsibility48of48a48company‘s48governing48body48to48ensure48thatits48financi
al48statements48are48relevant,48reliable,48comparable,48understandable,and48true48and48fair
.48It48is48the48responsibility48of48the48auditor48to48form48anopinion48on48the48fair48presentati
on48of48the48financial48statements.48In48doing,so481-
48248Auditing:48A48Practical48Approach,48Fourth48Canadian48Edition




the48auditor48must48maintain48professional48scepticism48and48utilize48professionaljudgemen
t48and48due48care.


The48firms48that48provide48assurance48services48include48the48Big-
4international48firms,48the48national48firms48(with48international48links),local48and48regional4
8firms,48and48consulting48firms48that48tend48to48specializein48assurance48of48CSR48and48e

nvironmental48disclosures.




7. Identify48the48different48regulators,48legislation,48and48regulations48surround
ing48the48assurance48process.
lO M 48 48 48 4848 4848 48 48
o AR c P S D | 3 0 8 78 49 5




Introduction48and48Overview48of48Audit48and48Assurance148-483




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