ACA Assurance Exam Prep – ISA Standards, Audit
Evidence, and Professional Ethics
Description: This study document provides ACA assurance exam questions with
accurate answers. It covers ISA audit standards, sources of audit evidence, and
auditor responsibilities. Additional focus is placed on ethics, independence, and
professional skepticism, aligning with ICAEW assurance exam requirements.
Definition: Assurance - answer✔✔An assurance firm's satisfaction as to the
reliability of an assertion being made by one party for the use of another party.
Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows
Eating Raisins) - answer✔✔1. Three party relationship (user, responsible party &
practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report
Explain: Difference between the 2 levels of assurance - answer✔✔1. Reasonable
assurance - (Highest level) Sufficient & appropriate evidence, positive opinion i.e. FS
show a true and fair view... 2. Limited assurance - (Lowest level) Sufficient &
appropriate evidence - not as much needed, negative conclusions i.e. nothing has
1
Page
come to our attention... Identify: Assurance Engagements Required by Regulators -
Evidence, and Professional Ethics
Description: This study document provides ACA assurance exam questions with
accurate answers. It covers ISA audit standards, sources of audit evidence, and
auditor responsibilities. Additional focus is placed on ethics, independence, and
professional skepticism, aligning with ICAEW assurance exam requirements.
Definition: Assurance - answer✔✔An assurance firm's satisfaction as to the
reliability of an assertion being made by one party for the use of another party.
Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows
Eating Raisins) - answer✔✔1. Three party relationship (user, responsible party &
practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report
Explain: Difference between the 2 levels of assurance - answer✔✔1. Reasonable
assurance - (Highest level) Sufficient & appropriate evidence, positive opinion i.e. FS
show a true and fair view... 2. Limited assurance - (Lowest level) Sufficient &
appropriate evidence - not as much needed, negative conclusions i.e. nothing has
1
Page
come to our attention... Identify: Assurance Engagements Required by Regulators -
