ACA Assurance Bundled Exams Full Solution Pack Completely Solved 100%

Reasonable Assurance engagement 1. Evidence Sought 2. Opinion Given 3. Example - 1. Sufficient and Appropriate 2. Positive Opinion 3. The financial statements show a true and fair view in all material respects Limited Assurance engagement 1. Evidence Sought 2. Opinion Given 3. Example - 1. ...

CREST - Criteria (What are we testing against?) Report - Evidence Subject Matter (Vehicle, Financial Statement). Three party relationship When do we use MANICS - When we plan an assurance engagement. MANICS Acryonym - Management Integrity Adequate Resources Nature of Engagement Identificati...

Written confirmations are required from all client staff who have made oral representations. True or False? - A) True B) False Which one of the following controls is LEAST LIKELY to address the risk that money received is not banked? - A) Matching cash receipts with invoices B) Monthly bank rec...

Definition: Assurance - Answer-An assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - Answer- 1. Three party relationship (user, res...

What's in an audit strategy - Answer-- broad scope - understand the entity - understand the accounting systems and internal control systems - identifying risk and setting materiality - nature, timing and extent of resources necessary - mgmt, direction and supervision of audit team Audit plan ...

What is the mnemonic for the 5 key elements of assurance engagements? - Answer-CREST What does CREST stand for? - Answer-Criteria, Report, Evidence, Subject Matter, Three Party Relationship How many levels of assurance are there? - Answer-2 What are the characteristics of a reasonable assurance?...

Accounting - Answer-A way of recording, analysing and summarising transactions of an entity. Statement of Profit and Loss - Answer-It reflects the performance of a business over a period of time. Statement of Financial Position - Answer-It reflects the position of a business at a point in time. U...

Insurance - Answer-transfer of risk by contract to insurers who agree to indemnify insureds for losses Risk - Answer-chance of loss pure risk - Answer-only outcomes are loss or no loss personal risk - Answer-premature death, insufficient income, poor health, unemployment property risk - Answer-l...

5 key elements of audit - Answer-1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report ISA 200 - what are the objectives of auditors? - Answer-- obtain reasonable assurance f/s are free from material misstatement (fraud or error) - exp...