Exam 17: Assurance Engagements and Internal Audit

In accordance with ISAE 3000 there are a number of factors an auditor should consider before accepting an assurance engagement. Which of the following is NOT a factor mentioned?

To what extent can an external auditor rely on the work of the internal auditors?

Complete the definition of assurance engagement using the terms 1 to 6 below: 1. enhance the degree of confidence of 2. financial statements 3. limited 4. provide assurance to 5. subject matter information 6. sufficient appropriate -An engagement in which a practitioner aims to obtain ________________ evidence in order to express a conclusion designed to ________________ the intended users other than the responsible party about the ________________.

Which of the following conclusions would be appropriate for a limited assurance engagement?

In a limited assurance engagement when might the auditor need to undertake detailed procedures?

In a review engagement the auditor is able to provide what level of assurance?

In an auditor's report on financial statements an unmodified opinion is issued when the auditor is satisfied in all material respects that:

Which of the following is not work you would expect to see an internal auditor undertaking?

Which of the following would support the effective operation of the internal audit team?

Complete the definition of internal audit using the terms 1 to 8 below: 1. a systematic, disciplined 2. add value and improve an organization's operations 3. an independent 4. financial safeguards and reporting 5. governance, risk management and control processes 6. identify and eliminate risks associated with fraud and errors 7. independent, objective 8. limited, internal -An activity that provides ________________ assurance and consulting services designed to ________________. The internal audit activity helps an organization accomplish its objectives by bringing ________________ approach to evaluate and improve the effectiveness of ________________.