The meaning of audit and assurance

AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

Question

Audit engagement rests on mutual understanding and respect between the auditor and the auditee. The Auditor, while not viewing the auditee as dishonest, must also have at the back of his mind that to err is human and must therefore not accept evidence from the auditee without further cross-checking the facts. The attitude should be that the auditor must have an enquiring mind. This is known as professional skepticism; while trusting, he must verify.

Required:

i) What FOUR (4) issues should be considered in Professional Skepticism assessment during performance audit? (5 marks)

ii) State FIVE (5) circumstances that can hinder Professional Skepticism at the engagement level. (5 marks)

Answer

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Tags: Audit quality, Performance Audit, Professional Skepticism
Level: Level 3

Topic: Professional responsibility and liability, The meaning of audit and assurance
Series: JULY 2023

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

Question

Auditors performing an audit in accordance with statutory requirements are required to issue a report that gives “a true and fair view” of the Financial Statements audited. Required:

Outline FOUR (4) implications of the term “true and fair” in audited financial statements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Financial Statements, Presentation, True and Fair View
Level: Level 3

Topic: The meaning of audit and assurance
Series: DEC 2023

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

Question

“Professional Skepticism is an essential concept in auditing practice and theory. It has been identified in almost all existing auditing standards. However, the way it should be characterised is still unclear” according to Maciej Ciolek (2017).

Required:

i) Explain the term Professional Skepticism within the context of the auditing profession. (2.5 marks)

ii) Discuss THREE (3) areas of audit that are complex, subjective or highly judgmental where Professional Skepticism may be important. (7.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Judgments, Audit Procedures, Complex Areas, Professional Skepticism
Level: Level 3

Topic: Professional responsibility and liability, The meaning of audit and assurance
Series: DEC 2023

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

Question

a) You are the partner responsible for the audit of ABC Co, for the year ended 30th April 2014. The final audit has been completed and you have asked the audit manager to draft the audit report. The manager is aware that there is guidance for auditors relating to audit report in ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report. The manager has asked for your assistance in this matter.

Required:

i) Define an ‘Emphasis of Matter paragraph’ and explain, providing examples, the use of such a paragraph. (6 marks)

ii) Define an ‘Other Matter paragraph’ and explain, providing examples, the use of such a paragraph. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Reporting, Emphasis of Matter, ISA 706, Other Matter
Level: Level 3

Topic: The meaning of audit and assurance
Series: NOV 2015

AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

Question

Required:

i) What FOUR (4) issues should be considered in Professional Skepticism assessment during performance audit? (5 marks)

ii) State FIVE (5) circumstances that can hinder Professional Skepticism at the engagement level. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit quality, Performance Audit, Professional Skepticism
Level: Level 3

Topic: Professional responsibility and liability, The meaning of audit and assurance
Series: JULY 2023

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

Question

Auditors performing an audit in accordance with statutory requirements are required to issue a report that gives “a true and fair view” of the Financial Statements audited. Required:

Outline FOUR (4) implications of the term “true and fair” in audited financial statements.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance, Financial Statements, Presentation, True and Fair View
Level: Level 3

Topic: The meaning of audit and assurance
Series: DEC 2023

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

Question

Required:

i) Explain the term Professional Skepticism within the context of the auditing profession. (2.5 marks)

ii) Discuss THREE (3) areas of audit that are complex, subjective or highly judgmental where Professional Skepticism may be important. (7.5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Judgments, Audit Procedures, Complex Areas, Professional Skepticism
Level: Level 3

Topic: Professional responsibility and liability, The meaning of audit and assurance
Series: DEC 2023

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

Question

Required:

i) Define an ‘Emphasis of Matter paragraph’ and explain, providing examples, the use of such a paragraph. (6 marks)

ii) Define an ‘Other Matter paragraph’ and explain, providing examples, the use of such a paragraph. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Reporting, Emphasis of Matter, ISA 706, Other Matter
Level: Level 3

Topic: The meaning of audit and assurance
Series: NOV 2015

Topic: The meaning of audit and assurance

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AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

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AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

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AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

You're reporting an error for "AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance"

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

You're reporting an error for "AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability"

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

You're reporting an error for "AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance"

AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability

Discuss issues to consider in professional skepticism assessment and circumstances that can hinder professional skepticism during a performance audit.

You're reporting an error for "AAA – July 2023 – L3 – Q4a – The meaning of audit and assurance | Professional responsibility and liability"

AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance

Outline the implications of the term "true and fair" in audited financial statements.

You're reporting an error for "AAA – Dec 2023 -L3 – Q5C – The meaning of audit and assurance"

AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability

Explain the concept of professional skepticism and identify areas where it is important in auditing complex, subjective, or judgmental issues.

You're reporting an error for "AAA – Dec 2023 – L3 – Q1a – The Meaning of Audit and Assurance | Professional Responsibility and Liability"

AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance

Define and explain the use of Emphasis of Matter and Other Matter paragraphs in audit reports per ISA 706.

You're reporting an error for "AAA – Nov 2015 – L3 – Q1a – The meaning of audit and assurance"

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