Test Bank for Auditing: A Practical Approach, 4th Canadian Edition |All Chapters included|LATEST

https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c


TESTBANK FOR AUDITING A PRACTICAL APPROACH
x@ x@ x@ x@ x@




, 4TH CANADIAN EDITION 4TH EDITION, KINDLE EDITIO
x@ x@ x@ x@ x@ x@ x@




N BY ROBYN MORONEY , FIONA CAMPBELL , JANE H
x@ x@ x@ x@ x@ x@ x@ x@ x@




AMILTON , VALERIE WARREN
x@ x@ x@

, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell,
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@
Stuvia.com -
Warren
x@

https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material



CHAPTER 1 x @




INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURAN x@ x@ x@ x@ x@ x@




CE

CHAPTER LEARNING OBJECTIVES x@ x@




1. Define an assurance engagement.x@ x@ x@



An assurance engagement involves an assurance provider arriving atan opinion about
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x



@ some information being provided by their client toa third party. A financial statement
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



x@ audit is one type of assuranceengagement. This engagement involves an auditor ar
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



riving at an opinionabout the fair presentation of the financial statements. The auditr
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



eport is addressed to the shareholders of the company being audited,but other user
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



s may read the financial statements. Learning aboutauditing and assurance requires
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



an understanding of auditing andassurance terminology, including terms such as audi
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



t risk, materiality,internal controls, listed entity, and assertions.
x@ x@ x@ x@ x@ x@ x@




2. Explain why there is a demand for audit and assurance services.
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



Financial statement users include investors (shareholders), suppliers,customers, lender
x@ x@ x@ x@ x@ x@ x@



s, employees, governments, and the general public.These groups of users demand a
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



udited financial statements because oftheir remoteness from the entity, accounting co
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



mplexity, theirincentivescompeting with those of the entity‘s managers, and their nee
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



dfor reliable information on which to base decisions. The theories usedto describe the
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



x@ demand for audit and assurance services are agencytheory, the information hypothe
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



sis, and the insurance hypothesis.
x@ x@ x@ x@




3. Differentiate between types of assurance services. x@ x@ x@ x@ x@



Assurance services include financial statement audits, complianceaudits, performance a
x@ x@ x@ x@ x@ x@ x@ x@



udits, comprehensive audits, internal audits,and assurance on corporate social respon
x@ x@ x@ x@ x@ x@ x@ x@ x@



sibility (CSR) disclosures.
x@ x@




4. Explain the different levels of assurance.
x@ x@ x@ x@ x@



The different levels of assurance include reasonable assurance, whichis the highest le
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



vel of assurance, limited assurance, and no assurance.Reasonable assurance is prov
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



ided on an audit of a company‘sfinancial statements. Limited assurance is provided i
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@




acompany‘s f na x @ Dsotw
ante
l om ednbtsy:.BNRo
ade aTsEsRuSrTaUnDcIeESs|x @ jp
I GH amroohvradbehd
asan
70a
@c om
gm ail.p
com nengagem
Weannttt.o x @ earnx @ $
1.236
extrax@ pePrx@ayega
A+ Distributionx@ofx@thisx@documentx@isx@il
legal
2

, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell,
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@
Stuvia.com -
Warren
x@

https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material
n a review of
x@ x@ x@




acompany‘s f na
x @ Dsotw
ante
l om ednbtsy:.BNRo
ade aTsEsRuSrTaUnDcIeESs|x @ jp
I GH amroohvradbehd
asan
70a
@c om
gm ail.p
com nengagem
Weannttt.o x @ earnx @ $
1.236
extrax@ pePrx@ayega
A+ Distributionx@ofx@thisx@documentx@isx@il
legal
2

, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell,
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@
Stuvia.com -
Warren
x@

https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
The Marketplace to Buy and Sell your Study Material



5. Outline different audit opinionsx@ x@ x@



An auditor can issue an unmodified opinion, also known as a cleanreport, or an unm
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



odified opinion with an emphasis of matter paragraph.Alternatively, a modified opinio
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



n may be issued as a qualified, anadverse, or a disclaimer of opinion.
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@




6. Differentiate between the roles of the preparer and the auditor, and discu
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



ss the different firms that provide assurance services.
x@ x@ x@ x@ x@ x@ x@



It is the responsibility of a company‘s governing body to ensure thatits financial stat
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



ements are relevant, reliable, comparable, understandable,and true and fair. It is the r
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



esponsibility of the auditor to form anopinion on the fair presentation of the financial
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x



@ statements. In doing,so 1- 2 Auditing: A Practical Approach, Fourth Canadian Edition
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@




the auditor must maintain professional scepticism and utilize professionaljudgement an
x@ x@ x@ x@ x@ x@ x@ x@ x@



d due care.
x@ x@




The firms that provide assurance services include the Big-
x@ x@ x@ x@ x@ x@ x@ x@



4international firms, the national firms (with international links),local and regional firms
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@



, and consulting firms that tend to specializein assurance of CSR and environmental
x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x@ x



@ disclosures.




7. Identify the different regulators, legislation, and regulations surrounding
x@ x@ x@ x@ x@ x@ x@ x



@ the assurance process.
x@ x@


lO M x@ x@ x@ x@ x@ x@ x@ x@ x@
o AR c P S D | 3 08 78 49 5




Introduction and Overview of Audit and Assurance
x@ x@ x@ x@ x@ x@ 1 - 3
x@ x@




Downloadedx@by:x@BRIGHTERSTUDIESx@|x@jamohrabhasa70@gmail.c Wantx@tox@earnx@$1.
om 236
A+ Distribution of this document is illegal extrax@ pe rx@ ye a
3