TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warren. All Chapters 1-14

TESTBANKFOR AUDITINGAPRACTICALAPPROACH,
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p4TH pCANADIAN pEDITION p4TH pEDITION, pKINDLE

pEDITION pBY

pROBYNMORONEY,FIONA CAMPBELL,JANEHAMILTO
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N

,VALERIE WARREN
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, TEST pBANK pfor pAuditing pAPractical pApproach, p4th pCanadian pEdition pMoroney,
Stuvia.com p- pThe pMarketplace pto pBuy pand pSell pyour
pCampbell,Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
pStudy pMaterial



CHAPTER p 1

INTRODUCTIONANDOVERVIEWOFAUDITAND pASSURANCE

CHAPTERLEARNINGOBJECTIVES



1. Defineanassurance engagement.
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An passuranceengagement pinvolves panassuranceprovider parriving patanopinionabout
psome pinformation pbeing pprovided pby ptheir pclient ptoa pthird pparty. pA pfinancial
pstatement paudit pis pone ptype pof passuranceengagement. pThis pengagement pinvolves
pan pauditor parriving pat pan popinionabout pthe pfair ppresentation pof pthe pfinancial
pstatements. pThe pauditreport pis paddressed pto pthe pshareholders pof pthe pcompany
pbeing paudited,but pother pusers pmay pread pthe pfinancial pstatements. pLearning
paboutauditing pand passurance prequires pan punderstanding pof pauditing pandassurance
pterminology, pincluding pterms psuch pas paudit prisk, pmateriality,internal pcontrols, plisted
pentity, pand passertions.




2. Explainwhythereisademandforaudit pand passuranceservices.
Financial pstatement pusers pinclude pinvestors p(shareholders), psuppliers,customers,
plenders, pemployees, pgovernments, pand pthe pgeneral ppublic.These pgroups pof pusers
pdemand paudited pfinancial pstatements pbecause poftheir premoteness pfrom pthe pentity,
paccounting pcomplexity, ptheirincentivescompeting pwith pthose pof pthe pentity‘s
pmanagers, pand ptheir pneedfor preliable pinformation ponwhich ptobase
pdecisions.Thetheories pusedto pdescribethedemandfor paudit pand passurance pservices
pare pagencytheory, pthe pinformation phypothesis, pand pthe pinsurance phypothesis.




3. Differentiatebetweentypesofassuranceservices.
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pAssuranceservicesincludefinancialstatement audits,complianceaudits, pperformance
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paudits, pcomprehensive paudits, pinternal paudits,and passurance pon pcorporate psocial
presponsibility p(CSR) pdisclosures.




4. Explainthedifferentlevelsofassurance.
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Thedifferent levels pof passurance pincludereasonableassurance, pwhichis pthe phighest
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plevelof passurance, plimited passurance, pand pno passurance.Reasonable passurance pis
pprovided pon pan paudit pof pa pcompany‘sfinancial pstatements. pLimited passurance pis
pprovided pin pa preview pof

, TEST pBANK pfor pAuditing pAPractical pApproach, p4th pCanadian pEdition pMoroney,
Stuvia.com p- pThe pMarketplace pto pBuy pand pSell pyour
pCampbell,Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
pStudy pMaterial



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, TEST pBANK pfor pAuditing pAPractical pApproach, p4th pCanadian pEdition pMoroney,
Stuvia.com p- pThe pMarketplace pto pBuy pand pSell pyour
pCampbell,Warren
https://browsegrades.net/singlePaper/416762/testbank-for-auditing-a-practical-approach-4th-c
pStudy pMaterial



5. Outlinedifferentauditopinions
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An pauditorcanissue panunmodified popinion, palsoknown pas pacleanreport, por pan
punmodified popinion pwith pan pemphasis pof pmatter pparagraph.Alternatively, pa pmodified
popinion pmay pbe pissued pas pa pqualified, panadverse, por pa pdisclaimer pof popinion.




6. Differentiatebetweentherolesofthepreparer pandtheauditor, panddiscuss
pthe pdifferent pfirmsthat pprovide passurance pservices.
It pis pthe presponsibility pof pa pcompany‘s pgoverning pbody pto pensure pthatits pfinancial
pstatements pare prelevant, preliable, pcomparable, punderstandable,andtrueandfair.It
pistheresponsibilityof pthe pauditor pto pform panopinion pon pthe pfair ppresentation pof pthe
pfinancial pstatements. pIn pdoing,so p1- p2 pAuditing: pA Practical pApproach, pFourth g




pCanadian pEdition



theauditormust maintainprofessionalscepticism pandutilize pprofessionaljudgement panddue
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pcare.


Thefirmsthat pprovide passuranceservices pincludetheBig-4internationalfirms,the pnational
pfirms p(with pinternational plinks),local pand pregional pfirms, pand pconsulting pfirms pthat
ptend pto pspecializein passurance pof pCSR pand penvironmental pdisclosures.




7. Identifythedifferentregulators,legislation, pandregulationssurroundingthe
passurance pprocess.
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IntroductionandOverviewofAuditand pAssurance 1 p- p3




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