ACA ASSURANCE EXAM(ACTUAL EXAM)
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
Internal audit services - ANSWERS-- not allowed for listed if
stat. audit relies on internal audit work
- listed clients not allowed
Quick ratio - ANSWERS-- current assets excl. inventory /
current liabilities
Current ratio - ANSWERS-- current assets / current liabilities
Are recs info processing or performance reviews, faget? -
ANSWERS-Obviously info processing
Misstatements; yay or nay? - ANSWERS-Missposting &
timing errors = nay
,Analytical procedures @ different stages of audit -
ANSWERS-- planning - compulsory use to identify risk (ISA
315)
- evidence - may be used as form of substantive procedure
(ISA 520)
- completion - must be used as part of overall review of f/s
(ISA 520)
Performing analytical procedures - ANSWERS-1. understand
the entity
2. develop an expectation
3. compare actual to expectation
4. unexpected variations = make enquires of management,
corroborate explanations w/ other evidence
Principles of evidence - ANSWERS-ISA 500 - audit evidence
must be sufficient (quantity) & appropriate (relevant &
reliable)
relevant = support 1+ financial statement assertions
Reliability of evidence - ANSWERS-Influenced by
, 1. Source (Auditor generated -> 3rd party -> client)
2. Format (original/written -> copy -> oral)
Occurrence - ANSWERS-- transactions that have been
recorded have occurred
Completeness - ANSWERS-- all transactions have been
recorded
- all assets, liabilities & equity have been recorded
Accuracy - ANSWERS-- amounts recorded appropriately
Cut-off - ANSWERS-- transactions recognised in correct
accounting period
Classification - ANSWERS-- transactions recorded in proper
accounts
- assets, liabilities & equity recorded in proper accounts
Presentation - ANSWERS-- transactions; assets, liabilities &
equity appropriately aggregated and clearly described
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+ 2026
Internal audit services - ANSWERS-- not allowed for listed if
stat. audit relies on internal audit work
- listed clients not allowed
Quick ratio - ANSWERS-- current assets excl. inventory /
current liabilities
Current ratio - ANSWERS-- current assets / current liabilities
Are recs info processing or performance reviews, faget? -
ANSWERS-Obviously info processing
Misstatements; yay or nay? - ANSWERS-Missposting &
timing errors = nay
,Analytical procedures @ different stages of audit -
ANSWERS-- planning - compulsory use to identify risk (ISA
315)
- evidence - may be used as form of substantive procedure
(ISA 520)
- completion - must be used as part of overall review of f/s
(ISA 520)
Performing analytical procedures - ANSWERS-1. understand
the entity
2. develop an expectation
3. compare actual to expectation
4. unexpected variations = make enquires of management,
corroborate explanations w/ other evidence
Principles of evidence - ANSWERS-ISA 500 - audit evidence
must be sufficient (quantity) & appropriate (relevant &
reliable)
relevant = support 1+ financial statement assertions
Reliability of evidence - ANSWERS-Influenced by
, 1. Source (Auditor generated -> 3rd party -> client)
2. Format (original/written -> copy -> oral)
Occurrence - ANSWERS-- transactions that have been
recorded have occurred
Completeness - ANSWERS-- all transactions have been
recorded
- all assets, liabilities & equity have been recorded
Accuracy - ANSWERS-- amounts recorded appropriately
Cut-off - ANSWERS-- transactions recognised in correct
accounting period
Classification - ANSWERS-- transactions recorded in proper
accounts
- assets, liabilities & equity recorded in proper accounts
Presentation - ANSWERS-- transactions; assets, liabilities &
equity appropriately aggregated and clearly described
