Introduction to Audit and Assurance Engagements

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

Question

Accounting firms offer a wide range of professional services to their clients, including audit, other assurance, and related services. These services are regulated, with many jurisdictions requiring compliance with international standards and local regulations. The type of service delivered depends both on the statutory requirements and what will provide the most value to the client and users of the financial information.

Required:
Explain the difference between audit and assurance engagements. (5 marks)

Answer

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Tags: Assurance, Audit, Engagements, Financial Statements, Professional Services
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2019

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

Question

Institute of Chartered Accountants, Ghana (ICAG) is established by the Institute of Chartered Accountants, Ghana, Act 2020 (Act 1058). Its mission is to train professional accountants of the highest quality, ready to provide cutting-edge services to their clients at all times, upholding the ethical values of the accountancy profession. In addition, all companies must have their financial statements audited by accountants regulated by ICAG as it is the sole regulator of the accountancy practice in Ghana.

Required:

i) Define the concept of self-regulation.
ii) Outline THREE (3) roles of a regulatory body such as ICAG in regulating the accountancy profession in Ghana.

Answer

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Tags: Accountancy profession, Audit, Ghana, ICAG, Regulatory Bodies, Self-regulation
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: DEC 2022

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

Question

You are the audit manager of an audit firm where the purpose of an external audit and its role are not well understood. You have been asked to write some material for inclusion in your firm’s training materials dealing with these issues in the audit of large companies.
Required: In your paper, explain the purpose of an external audit and its role in the audit of large companies, for inclusion in your firm’s training materials.

Answer

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Tags: Assurance, External audit, Financial Statements, Large Companies
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2017

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

Question

The main objective of an audit is to enable the auditor express an opinion on the financial statements being audited. ISA 700/701 requires that the auditors’ opinion should state whether the financial statements give a true and fair view and are fairly presented in all material respects in accordance with applicable financial reporting framework where an unmodified opinion is expressed.

Required:
Explain what is meant by true and fair view. (5 marks)

Answer

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Tags: Audit, Auditor's Opinion, Financial Statements, ISA 700/701, True and Fair View
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2020

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

Question

The Finance Manager of Nkran Ltd prepared a comprehensive cash flow forecast for the purpose of securing a loan from the bank. This was presented to the bank for evaluation and approval. The bank, after evaluating the cash flow forecast, wrote to Nkran Ltd requesting a reasonable assurance report. The Managing Director of Nkran Ltd, who was impressed with the Finance Manager’s cash flow forecast, is now questioning the integrity of the Finance Manager to the extent of considering dismissing him. The Managing Director decided to consult you, the Auditor, before taking the decision.

i) Write a letter explaining the need for reasonable assurance and its advantages to Nkran Ltd and the elements of an assurance engagement. (8 marks)
ii) Advise the Managing Director on whether his intended decision is well-founded. (2 marks)

Answer

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Tags: Assurance report, Auditor's advice, Bank Loan, Engagement elements, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2018

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

Question

a) The shareholders of Store and Quary Ltd namely Obodai and Obosie are residing abroad. They appointed directors to see to the day-to-day running of the company. The directors produced the financial statements of the company, which show a true and fair view. Other relevant information regarding directors’ pay and benefits, going concern, and management of risk have been provided by the directors. In order to know the accuracy of the information provided, the shareholders engaged your firm, Standard and Co. Chartered Accountants, to perform an assurance engagement.

Required:
i. Explain an assurance engagement as provided by IAASB. (2 marks)
ii. Explain FOUR (4) elements of an assurance engagement. (4 marks)
iii. Describe the differences between reasonable assurance engagement and limited assurance engagements. (4 marks)

Answer

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Tags: Assurance Engagement, Elements of Assurance, IAASB, Limited Assurance, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2018

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

Question

Audit is the examination or inspection of various books of accounts by an auditor to certify that the accounts have been prepared according to the principles of accounting and to determine whether the Financial Statements prepared reflect a true and fair view of the state of affairs of a business.

Required:
i) State the Primary objective of an audit.
ii) State the Secondary objectives of an audit. (5 marks)

Answer

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Tags: Assurance, Audit, Financial Statements, Objectives, Secondary Objectives
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: APR 2022

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

Question

Required:
Explain the difference between audit and assurance engagements. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, Audit, Engagements, Financial Statements, Professional Services
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2019

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

Question

Required:

i) Define the concept of self-regulation.
ii) Outline THREE (3) roles of a regulatory body such as ICAG in regulating the accountancy profession in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accountancy profession, Audit, Ghana, ICAG, Regulatory Bodies, Self-regulation
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: DEC 2022

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, External audit, Financial Statements, Large Companies
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2017

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

Question

Required:
Explain what is meant by true and fair view. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Auditor's Opinion, Financial Statements, ISA 700/701, True and Fair View
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2020

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance report, Auditor's advice, Bank Loan, Engagement elements, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: MAY 2018

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance Engagement, Elements of Assurance, IAASB, Limited Assurance, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2018

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

Question

Required:
i) State the Primary objective of an audit.
ii) State the Secondary objectives of an audit. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, Audit, Financial Statements, Objectives, Secondary Objectives
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: APR 2022

Topic: Introduction to Audit and Assurance Engagements

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AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

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Topic: Introduction to Audit and Assurance Engagements

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AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

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AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

You're reporting an error for "AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

You're reporting an error for "AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

You're reporting an error for "AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

You're reporting an error for "AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

You're reporting an error for "AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

You're reporting an error for "AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explaining the difference between audit and assurance engagements, with a focus on statutory requirements and value to clients.

You're reporting an error for "AA – Nov 2019 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of self-regulation and outlines the roles of ICAG in regulating the accountancy profession in Ghana.

You're reporting an error for "AA – Dec 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explanation of the purpose and role of external audit in large companies.

You're reporting an error for "AA – May 2017 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Define and explain the concept of "true and fair view" in the context of ISA 700/701.

You're reporting an error for "AA – May 2020 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains the concept of reasonable assurance and its advantages while addressing the role of auditors in assessing the integrity of a finance manager.

You're reporting an error for "AA – May 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

You're reporting an error for "AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

You're reporting an error for "AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

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