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, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warr
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CHAPTER 1 n m




INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANC nm nm nm nm nm nm




E

CHAPTER LEARNING OBJECTIVES nm nm




1. Define an assurance engagement. nm nm nm




An assurance engagement involves an assurance provider arriving atan opinion about so
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me information being provided by their client toa third party. A financial statement audit i
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s one type of assuranceengagement. This engagement involves an auditor arriving at an
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m opinionabout the fair presentation of the financial statements. The auditreport is address
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ed to the shareholders of the company being audited,but other users may read the finan
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cial statements. Learning aboutauditing and assurance requires an understanding of audi
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ting andassurance terminology, including terms such as audit risk, materiality,internal con
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trols, listed entity, and assertions.
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2. Explain why there is a demand for audit and assurance services.
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Financial statement users include investors (shareholders), suppliers,customers, lenders,
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employees, governments, and the general public.These groups of users demand audited
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m financial statements because oftheir remoteness from the entity, accounting complexity, t
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heirincentivescompeting with those of the entity‘s managers, and their needfor reliable inf nm nm nm nm nm nm nm nm nm nm nm




ormation on which to base decisions. The theories usedto describe the demand for audit a
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nd assurance services are agencytheory, the information hypothesis, and the insurance
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hypothesis.




3. Differentiate between types of assurance services. nm nm nm nm nm




Assurance services include financial statement audits, complianceaudits, performance audi
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ts, comprehensive audits, internal audits,and assurance on corporate social responsibility
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m (CSR) disclosures. nm




4. Explain the different levels of assurance.
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The different levels of assurance include reasonable assurance, whichis the highest level
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of assurance, limited assurance, and no assurance.Reasonable assurance is provided o
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n an audit of a company‘sfinancial statements. Limited assurance is provided in a review
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acompany‘s financial Dsotwante
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, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warr
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acompany‘s financial Dsotwante
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, TEST BANK for Auditing A Practical Approach, 4th Canadian Edition Moroney, Campbell, Warr
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5. Outline different audit opinions nm nm nm




An auditor can issue an unmodified opinion, also known as a cleanreport, or an unmodifie
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d opinion with an emphasis of matter paragraph.Alternatively, a modified opinion may be
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m issued as a qualified, anadverse, or a disclaimer of opinion.
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6. Differentiate between the roles of the preparer and the auditor, and discuss t
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he different firms that provide assurance services.
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It is the responsibility of a company‘s governing body to ensure thatits financial statemen
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ts are relevant, reliable, comparable, understandable,and true and fair. It is the responsibili
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ty of the auditor to form anopinion on the fair presentation of the financial statements. In
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doing,so 1- 2 Auditing: A Practical Approach, Fourth Canadian Edition
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the auditor must maintain professional scepticism and utilize professionaljudgement and d
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ue care. nm




The firms that provide assurance services include the Big-
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4international firms, the national firms (with international links),local and regional firms, an
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d consulting firms that tend to specializein assurance of CSR and environmental disclosu
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res.




7. Identify the different regulators, legislation, and regulations surrounding th
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e assurance process.
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lOM nm nm nm nm nm nm nm nm nm
oA R c P S D | 30 8 78 49 5




Introduction and Overview of Audit and Assurance nm nm nm nm nm nm 1- 3
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