ACA Assurance Exam Questions with Verified
Answers – Audit Planning, Controls, and Risks
Description: This document contains ACA assurance exam questions and 100%
verified answers. Topics include audit planning, audit risk types, internal controls
(CRIME model), and evidence collection procedures. The material is designed to
strengthen exam preparation with structured and reliable content.
CREST - answer✔✔Criteria (What are we testing against?) Report - Evidence
Subject Matter (Vehicle, Financial Statement). Three party relationship When do we
use MANICS - answer✔✔When we plan an assurance engagement. MANICS
Acryonym - answer✔✔Management Integrity Adequate Resources Nature of
Engagement Identification Communication Stability What is the purpose of an
Engagement Letter? - answer✔✔Define Roles Provide Written Confirmation Three
types of Audit Risk - answer✔✔Inherent Risk: Complex, Estimate, Industry Control
Risk: Internal Controls not picking an issue up. Detection Risk: Why did Auditors not
pick up error? Significant Risk - answer✔✔Risks with a high likelihood. We need to
identify these in the planning stage and allocate more work to it. What are Analytical
1
Page
Procedures? - answer✔✔A comparison of two data sets. We compare it to
Answers – Audit Planning, Controls, and Risks
Description: This document contains ACA assurance exam questions and 100%
verified answers. Topics include audit planning, audit risk types, internal controls
(CRIME model), and evidence collection procedures. The material is designed to
strengthen exam preparation with structured and reliable content.
CREST - answer✔✔Criteria (What are we testing against?) Report - Evidence
Subject Matter (Vehicle, Financial Statement). Three party relationship When do we
use MANICS - answer✔✔When we plan an assurance engagement. MANICS
Acryonym - answer✔✔Management Integrity Adequate Resources Nature of
Engagement Identification Communication Stability What is the purpose of an
Engagement Letter? - answer✔✔Define Roles Provide Written Confirmation Three
types of Audit Risk - answer✔✔Inherent Risk: Complex, Estimate, Industry Control
Risk: Internal Controls not picking an issue up. Detection Risk: Why did Auditors not
pick up error? Significant Risk - answer✔✔Risks with a high likelihood. We need to
identify these in the planning stage and allocate more work to it. What are Analytical
1
Page
Procedures? - answer✔✔A comparison of two data sets. We compare it to
