An engagement team comprises the following except
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Show Auditing Theory: Review of Audit Process LOGO HERE Auditing Theoryrae Introduction to Assurance and Non-assurance Engagements 1.Which of the following Philippine Standards are to be applied to compilation engagements, agreed-upon procedures and other related standards as specified by the AASC? a.PSAsb. PSREsc. PSAEsd. PSRSs 2.These are issued to provide interpretative guidance and practical assistance to professional accountants in implementing PSAs and to promote good practice. a. Practice statementsb. PREPSs, and PRSPSsc. PAPSs and PREPSsd. PAPSs 3.Assurance engagement a.Is an engagement in which a practitioner is engaged to issue, or does issue, a written communication that expresses a conclusion about the reliability of a written assertion that is the responsibility of another party. b.Is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicating the results to interested users. c.Is an engagement in which the auditor provides a moderate level of assurance that the information subject to the engagement is free of material misstatement. d.Is an engagement intended to enhance the credibility of information about a subject matter by evaluating whether the subject matter conforms in all material respects with suitable criteria, thereby improving the likelihood that the information will meet the needs of an intended user. 4.The single feature that most clearly distinguishes auditing, attestation, and assurance is a.Type of service.c. Training required to perform the service b.Scope of services.d. CPA's approach to the service 5.It refers to the auditor's satisfaction as to the reliability of an assertion being made by one party for use by another party. a.Confidenceb. Reasonableness c. Assuranced. Tolerable 6.The three types of attestation services are: a.Audits, review, and compilations b.Audits, compilations, and other attestation services c.Reviews, compilations, and other attestation services d.Audits, reviews, and other attestation services 7.Assurance engagement include the following, except a.An engagement conducted to provide a high level of assurance that the subject matter conforms in all material respects with identified suitable criteria. b.An engagement conducted to provide a moderate level of assurance that the subject matter is plausible in the circumstances. c.An engagement in accordance with the PhilippineStandard on Assurance Engagement(s) issued by the Auditing and Assurance Standard Council as approved by the Board of Accountancy/Professional Regulation Commission. d.An engagement to perform agreed-upon procedures. 8.Which of the following is an objective of a review engagement? a.Expressing a positive opinion that the financial information is presented in conformity with generally accepted accounting principles. b.Expressing a limited assurance to users who have agreed as to procedures that will be performed by the CPA. c.Reporting whether material modifications should be made to such financial statements to make them conform with generally accepted accounting principles. d.Reporting that the financial statements, in all materials respects, fairly present the financial position and operating results of the client. 9.Not all engagements performed by professional accountants are assurance engagements. Other engagements frequently performed by professional accountants that are not assurance engagements include the following, except a.Agreed-upon proceduresc. Management consulting b.Compilation of financial or other informationd. Examination of prospective financial information 10.Unlike consulting services, assurance services: a.Make recommendations to managementc. Report on quality information b.Report on how to use informationd. Are two-party contracts 11.The primary goal of the CPA in performing the attest function is to a. Detect fraud Page 1 of 44 AT by Raymund Francis A. Escala, CPA, MBA AT – 11th Batch – HQ02 What is the engagement team?The definition of engagement team proposed by the Task Force is: All partners and staff performing the engagement, and any individuals engaged by the firm or a network firm who perform assurance procedures on the engagement.
Who is on an audit engagement team?Engagement team means auditors who are required to exercise significant judgment in the audit process and would include positions where the auditor was the person in charge of the fieldwork up through partner on the engagement.
What are the terms of audit engagement?Agreement on Audit Engagement Terms. Objective and Scope of the audit.. Auditor's responsibilities.. Management's responsibilities.. Identification of the applicable financial reporting framework.. Reference to the expected form and content of reports which the auditor might issue and exceptions if any to it.. Who is engagement partner in audit?Paragraph 7(a) of ISA 220 defines the engagement partner as “the partner or other person in the firm who is responsible for the audit engagement and its performance, and for the auditor's report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or ...
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