Exam (elaborations) AT1

AUDITING THEORY 1
1. The practitioner in an assurance engagement is responsible to select the audit
procedures to be performed by the practitioner.

TRUE.

2. In a limited assurance engagement, the practitioner obtains sufficient appropriate
evidence to reduce assurance engagement risk to a level that is acceptable.

TRUE.


3. In an assurance engagement, the responsible party should always be the party who
engages the practitioner.

TRUE. THE ENGAGING PARTY MAY BE DIFFERENT FROM THE RESPONSIBLE
PARTY


4. The practitioner cannot be the responsible party, the engaging party or an intended
user.

TRUE.

5. The responsible party and the intended users should be from different entities.

FALSE. THEY MAY COME FROM THE SAME ORGANIZATION


6. The responsible party can be the only intended user of the assurance report.

FALSE.


7. In an attestation engagement, the measurer or evaluator is either the practitioner or
the responsible party.

FALSE. IN AN ATTESTATION ENGAGEMENT, THE MEASURER OR EVALUATOR IS
NOT THE PRACTITIONER.

IN A DIRECT ENGAGEMENT, TH EMEASURER OR EVALUATOR IS THE
PRACTITIONER

8. An agreed-upon procedures engagement is an engagement in which the party
engaging the practitioner or the intended user determines the procedures to be
performed and the practitioner provides an opinion as a result of undertaking these
procedures.