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In: Business and Management

Submitted By mark1312
Words 1556
Pages 7
Chapter #1

1. What is assurance engagement? * An engagement performed by an auditor to enhance the reliability of the subject matter

* Involves auditor arriving at an opinion about the fair representation of financial statements

2. Explain why there is a demand between types of assurance services * Users demand audited financial statements because of their remoteness from the entity, accounting complexity their incentives competing with those of the entity’s manager and their need for reliable information on which to base decisions.

3. Differentiate between types of assurance services * Financial Statement – provides reasonable assurance regarding GAAP

* Compliance- Determine whether the entity has followed the rules

* Operational Audit – Assessment of the efficiency and effectiveness of the operation.

* Comprehensive- range of audit, which covers FS, compliance, and operational audit.

* Internal-Independent service within the entity that evaluates control, procedures, and governance

4. Explain different level of assurance * Reasonable assurance- Assurance that provides high but not absolute assurance on the reliability of the subject matter

* Moderate Assurance- Assurance the provides negative assurance on the reliability of the subject matter

* Review/compilation- No assurance, minimal work has been done .

5. Outline different audit opinion
Unmodified > modified > adverse
Unmodified > modified > disclaimer

* Unmodified- a clean audit opinion( fs are fairly presented) * We can give unmodified opinion with “emphasis matter” which results when an auditor issue and unmodified opinion but there is a significant issue

* Modified- provided when the auditor concludes that the FS contain a material misstatement

* Adverse opinion – provided...

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