Exam 1: Assurance and Auditing: An Overview

Below are a number of potential additional benefits arising from an assurance service: I.recommendations to improve the efficiency of operations. II)a positive influence on the behaviour of people whose activities are being assured. III)recommendations to improve the effectiveness of operations. Which combination of these is identified in the book as additional benefits?

Which of the following statements is not true concerning assurance services?

The independent auditor adds credibility to the client's financial report by:

Which of the following best describes the reason why an independent auditor reports on financial statements?

The auditor's judgment concerning the overall fairness of the presentation of financial position, results of operations and cash flows is applied within the framework of:

Who is the responsible party for the adequacy of the disclosure in the financial report and accompanying footnotes?

The essence of a financial report audit is to:

The highest level of assurance is provided by:

At what levels can assurance be provided under the assurance services framework?

To which assurance engagements does the Framework for Assurance Engagements apply?

Which of the following is not one of the fundamental principles of professional ethics underlying an audit?

In which area is there a gap between society's expectations of auditors and the perceived performance of auditors?

An audit of the financial report of Campbell Ltd, an Australian listed company, is being conducted by an external auditor.The external auditor is expected to:

The primary responsibility for the adequacy of disclosures in the financial report of a publicly held company rests with:

The accuracy of information included in notes that accompany the audited financial report of a company whose shares are traded on a stock exchange is the primary responsibility of:

An audit establishes the conformity of assertions with specified criteria.In an audit of a financial report, the criteria by which financial report assertions are judged are:

Which of the following is considered to be an enhancing characteristic of financial information that has been audited?

Approved auditing standards prescribe:

What is the general character of the work conducted in performing a forensic audit?

Financial report auditing can best be described as: