Question 5.13➤Which one of the following statements is correct in relation to concise financial reports undertaken in accordance with the Corporations Act 2001(Cwlth) in Australia? a. The audit of a concise financial report should be treated as a separate engagement from the audit of the full financial statements. b. It is not necessary for the auditor to undertake any additional audit procedures for the audit of a concise financial report beyond those required to express an opinion on the full financial statements. c. The audit opinion paragraph for a concise financial report is worded the same as the audit opinion paragraph for an audit of the financial statements. d. It is not possible to issue an Emphasis of Matter paragraph on a concise financial report. Question 5.14➤Which one of the following wordings would you expect to see in an auditor’s opinion on a reasonable assurance engagement undertaken to determine compliance with a compliance framework?
ADVANCED AUDIT AND ASSURANCE SUGGESTED ANSWERS | 35 Question 5.15➤You are undertaking a review of interim financial information for ABC Ltd (ABC), for which you are also its independent auditor. Which one of the following procedures would not normally be part of the review? Question 5.16➤For which of these engagements is assurance not provided?I. Compilation engagement. II. Agreed-upon procedures engagement. III. Review of financial information where the assurance provider is not the auditor of the entity.
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