Reviewer for Auditing Theory
A. Assurance Services
1. Best describes assurance services Independent professional services that
are intended to enhance the credibility of
information to meet the needs of an
intended user.
2. Not an assurance service Compilation of financial information
3. Professional services would be considered An engagement to report on compliance
an assurance engagement with statutory requirements.
4. Best describes the objective of an Enhance the credibility of information in
assurance engagement order to improve the likelihood that the
information will meet the needs of an
intended user.
5. Assurance services differ from consulting II. Involve monitoring of one party by
services in that they another.
6. How many separate parties involved in an 3
assurance engagement?
7. An assurance engagement should have Subject Matter – yes
which of the following elements? Criteria- yes
8. The Philippine Framework for Assurance Defines and describes the elements and
Engagements objectives of an assurance engagement,
and identifies engagements to which
PSAs, PSREs, and PSAEs apply.
9. CPA in public practice who perform Philippine Standards on Related Services
assurance engagements are governed by
the following, except.
10. In an assurance engagement, the May be from the same entity or different
responsible party and the intended users: entities
11. The subject matter of an assurance Financial information- Yes
engagement may include: Internal controls- Yes
Compliance with regulation- Yes
12. For assurance engagements regarding Audits
historical financial information,
reasonable assurance engagements are
called:
13. When performing an assurance service, Criteria
professional accountants use standards or
benchmarks to evaluate or measure the
subject matter of an assurance
engagement. These are referred to in the
Framework as:
14. The criteria against which the subject Relevant- Yes
matter of the assurance engagement is to Concise- No
be evaluated or measured should possess Neutral- Yes
which of the following characteristics?
A. Assurance Services
1. Best describes assurance services Independent professional services that
are intended to enhance the credibility of
information to meet the needs of an
intended user.
2. Not an assurance service Compilation of financial information
3. Professional services would be considered An engagement to report on compliance
an assurance engagement with statutory requirements.
4. Best describes the objective of an Enhance the credibility of information in
assurance engagement order to improve the likelihood that the
information will meet the needs of an
intended user.
5. Assurance services differ from consulting II. Involve monitoring of one party by
services in that they another.
6. How many separate parties involved in an 3
assurance engagement?
7. An assurance engagement should have Subject Matter – yes
which of the following elements? Criteria- yes
8. The Philippine Framework for Assurance Defines and describes the elements and
Engagements objectives of an assurance engagement,
and identifies engagements to which
PSAs, PSREs, and PSAEs apply.
9. CPA in public practice who perform Philippine Standards on Related Services
assurance engagements are governed by
the following, except.
10. In an assurance engagement, the May be from the same entity or different
responsible party and the intended users: entities
11. The subject matter of an assurance Financial information- Yes
engagement may include: Internal controls- Yes
Compliance with regulation- Yes
12. For assurance engagements regarding Audits
historical financial information,
reasonable assurance engagements are
called:
13. When performing an assurance service, Criteria
professional accountants use standards or
benchmarks to evaluate or measure the
subject matter of an assurance
engagement. These are referred to in the
Framework as:
14. The criteria against which the subject Relevant- Yes
matter of the assurance engagement is to Concise- No
be evaluated or measured should possess Neutral- Yes
which of the following characteristics?
