Chapter_01 - Chapter 01 Student 1 Which of the following is...

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Chapter 01 Student: ___________________________________________________________________________ 1. Which of the following is not an element of an assurance engagement? A. Three-party relationship. B. Approved assurance standards. C. Suitable criteria. D. A written assurance report. 2. An audit establishes the conformity of assertions with specified criteria. In an audit of a financial report, the criteria by which financial report assertions are judged are: 3. Who is the responsible party for the adequacy of the disclosure in the financial report and accompanying footnotes? A. Auditor in charge of fieldwork. B. Management of the entity. C. Auditor who signs the auditor's report. D. Audit clerk who assists in preparing the report and footnotes. 4. At what levels can assurance be provided under the assurance services framework? A. Reasonable assurance and limited assurance. B. High assurance and reasonable assurance. C. Assurance can be provided on a continuum from 0% to 100%. D. Assurance can be provided on a continuum from absolute to limited. 5. Independent auditors are referred to as 'independent' because:
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6. The highest level of assurance is provided by: 7. Which of the following is a necessary precondition for a practitioner to undertake an assurance engagement to examine and report on an entity's internal control over financial reporting? A. Management presents its written assertion about the effectiveness of internal control. B. The practitioner anticipates relying on the entity's internal control in a financial report audit. C. Management agrees not to present the practitioner's report in a general-use document to shareholders. D. The practitioner is a continuing auditor who previously has audited the entity's financial report. 8. To which assurance engagements does the Framework for Assurance Engagements apply?
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