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ACA Assurance Bundled Exams Full Solution Pack Completely Solved 100%
ACA Assurance Bundled Exams Full Solution Pack Completely Solved 100%
[Mostrar más]ACA Assurance Bundled Exams Full Solution Pack Completely Solved 100%
[Mostrar más]what are audit documentations? - Answer-RECORD of procedures performed, relevant evidence 
obtained and conclusions reached 
why should assurance providers record their work? - Answer-- assist audit team to plan and perform 
audit 
- assist relevant members to direct and supervise work 
- enable aud...
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Añadir al carritowhat are audit documentations? - Answer-RECORD of procedures performed, relevant evidence 
obtained and conclusions reached 
why should assurance providers record their work? - Answer-- assist audit team to plan and perform 
audit 
- assist relevant members to direct and supervise work 
- enable aud...
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. ...
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Añadir al carritoReasonable 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...
Vista previa 1 fuera de 2 páginas
Añadir al carritoCREST - 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...
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Añadir al carritoWritten 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...
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Añadir al carritoDefinition: 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 ...
Vista previa 1 fuera de 4 páginas
Añadir al carritoWhat'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?...
Vista previa 1 fuera de 4 páginas
Añadir al carritoWhat 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...
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Añadir al carritoAccounting - 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...
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Añadir al carritoInsurance - 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...
Vista previa 2 fuera de 14 páginas
Añadir al carrito5 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...
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