AUD 01 Engagement Responsibilites

AUD 01 Engagement Responsibilites - AUD 1 Engagement...

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AUD 1 Engagement Responsibilities (20 questions) Highlight answer in yellow Email to ( rename file to include your last name ) Name: [1] Which of the following is a conceptual difference between the attestation standards and general accepted auditing standards? A. The requirement that the practitioner be independent in mental attitude is omitted from the attestation standards. B. The attestation standards provide a framework for the attest function beyond historical financial statements. C. The attestation standards do not permit an attest engagement to be part of a business acquisition study or a feasibility study. D. None of the standards of field work in generally accepted auditing standards are included the attestation standards. [2] Which of the following is not an attestation standard? A. A sufficient understanding of internal control shall be obtained to plan the engagement. B. The report shall identify the subject matter or the assertion being reported on and state the character of the engagement. C. Sufficient evidence shall be obtained to provide a reasonable basis for the conclusion that expressed in the report. D. The work shall be adequately planned and assistants, if any, shall be properly supervised. [3] The third general standard states that due professional care is to be exercised in the planning an performance of the audit and the preparation of the report. This standard requires A. Objective review of the adequacy of the technical training and proficiency of firm personn B. Limited review of the indications of employee fraud and illegal acts. C. Thorough review of the existing safeguards over access to assets and records. D. Supervision of assistants by the auditor with final responsibility for the audit. [4] In testing the existence assertion for an asset, an auditor ordinarily works from
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AUD 01 Engagement Responsibilites - AUD 1 Engagement...

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