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C. Appropriate Professional Fee

The document contains multiple choice questions about assurance engagements. It addresses the key elements of assurance engagements, including the three party relationship between the professional accountant, the responsible party, and the intended user. It also discusses the subject matter that assurance engagements cover, the criteria used to evaluate the subject matter, and the level of assurance provided by the professional accountant.

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1K views1 page

C. Appropriate Professional Fee

The document contains multiple choice questions about assurance engagements. It addresses the key elements of assurance engagements, including the three party relationship between the professional accountant, the responsible party, and the intended user. It also discusses the subject matter that assurance engagements cover, the criteria used to evaluate the subject matter, and the level of assurance provided by the professional accountant.

Uploaded by

elsana philip
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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9.

An assurance engagement should exhibit the following elements except


a. A three party relationship c. Appropriate professional fee
b. A conclusion d. A subject matter
10. Which of the following is incorrect regarding the “three-party relationship” element of
assurance engagements?
a. Professional accountants as those persons who are members of an IFAC member
body, which should be in public practice.
b. The responsible party and the intended user will often be from separate organizations
but need not be.
c. The responsible party is the person or persons, either as individuals or representatives
of an entity, responsible for the subject matter.
d. The intended user is the person or class of persons for whom the professional
accountant prepares the report for a specific use or purpose.
11. The following are assurance engagements except
a. Financial statements audit c. Review of financial statements
b. Information system reliability services d. Tax consulting
12. Engagements frequently performed by professional accountants that are not assurance
engagements include the following except
a. Agreed-upon procedures. c. Compilation
b. Compliance audit d. Management consulting.
13. The subject matter of an assurance engagement may take many forms, including
a. Data b. Systems and processes c. Behavior d. All of these
14. The decision as to whether the criteria are suitable involves considering whether the
subject matter is capable of reasonably consistent evaluation against or measurement
using such
criteria. The characteristics for determining whether criteria are suitable include the
following, except
a. Relevance b. Reliability: c. Understandability: d. Sufficiency
15. When the professional accountant has obtained sufficient appropriate evidence to
conclude that the subject matter conforms in all material respects with identified suitable
criteria, he or she can provide what level of assurance?
a. None b. High c. Moderate d. Absolute

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