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Quiz Review: Assurance and Auditing

Quiz by Nicky Trajano

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9 questions
Show answers
  • Q1
    Which of the following is false? The Philippine Framework for Assurance Engagements __________
    Established standards for an provides guidance to professional accountants in public practice for the performance of engagements intended to provide a high level of assurance
    Acts as a framework for the development by the Auditing and Assurance Standards Council of specific standards for particular type of assurance engagement
    Describes the objective and elements of assurance engagements intended to provide either a high or moderate level of assurance
    Specifies the procedures that the professional accountant should adopt in the performance of all assurance engagements
    60s
  • Q2
    Statement 1: Assurance services improve the quality of information or its context for decision makers. Statement 2: Independence is required for the performance of all assurance services.
    Statement 1 is true, statement 2 is false.
    Both statements are false.
    Statement 1 is false, statement 2 is true.
    Both statements are true.
    60s
  • Q3
    Statement 1: Practitioners may report on either an assertion about the subject matter, or on the subject matter for most attestation engagements. Statement 2: A practitioner may be engaged to perform a review of management's discussion and analysis for an annual or an interim period.
    Statement 1 is false, statement 2 is true.
    Both statements are false.
    Both statements are true.
    Statement 1 is true, statement 2 is false.
    60s
  • Q4
    This refers to the audit procedures that, in the auditor’s judgment and based on the PSAs are deemed appropriate in the circumstances to achieve the objective of an audit.
    Analytical procedures
    Scope of an audit
    Audit Sampling
    Documentation
    60s
  • Q5
    Which of the following is not one of the general principles governing the audit of financial statements?
    The auditor should comply with the Philippine Code of Professional Ethics.
    The auditor should obtain sufficient appropriate evidence primarily through inquiry and analytical procedures to be able to draw reasonable conclusions.
    The auditor should conduct the audit in accordance with Philippine Standards on Auditing.
    The auditor should plan and perform the audit with an attitude of professional skepticism.
    60s
  • Q6
    There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the
    Financial statements are used for important decisions.
    Users of the statements may not fully understand the consequences of their actions.
    Auditor must anticipate all possible consequences of the report issued.
    Impact of using different accounting methods may not be fully understood by the users of the statements.
    60s
  • Q7
    The assumption underlying an audit of financial statements is that they will be used by
    The board of directors as basis of declaring cash dividends.
    The general public in making investment decisions.
    The regulatory agencies to verify information that is relevant to their supervisory functions.
    Different groups for different purposes.
    60s
  • Q8
    Which of the following is not one of the reasons why auditors provide only reasonable assurance on the financial statements?
    Accounting presentations contain complex estimates which involves uncertainty
    Auditors believe that reasonable assurance is sufficient in the vast majority of cases
    The auditor commonly examines a sample, rather than the entire population of transactions
    Fraudulently prepared financial statements are often difficult to detect
    60s
  • Q9
    In determining the primary responsibility of the external auditor for an audit of the company's financial statements, the auditor owes primary allegiance to
    The management of the audit client because the auditor is hired and paid by management
    The audit committee of the audit client because that committee is responsible for coordinating and reviewing all audit activities within the company
    Stockholders, creditors and the investing public
    The Auditing and Assurance Standards Council because it determines auditing standards and auditor’s responsibility
    60s

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