ACC 650 Final Exam questions n
answers already passed
What is the difference between attestation and direct engagement? - correct answer ✔✔·
Auditor is directly evaluating the underlying subject (direct, rather than evaluating someone
else's conclusion (attestation)
What is the auditor's objective in a direct engagement? - correct answer ✔✔· To obtain
assurance (either reasonable or limited) about whether underlying subject matter conforms in
all significant respects, with all applicable criteria
What are the key requirements in a direct engagement? - correct answer ✔✔· To comply with
ethical requirements
· Have appropriate competence and auditor expects there to be sufficient appropriate evidence
available
· Exercises professional judgment and skepticism
What conclusions are reached in a direct engagement based on the evidence obtained? -
correct answer ✔✔· If concludes that underlying subject matter is free from significant
deviation, unmodified conclusion
· If there is significant deviation or scope limitation, modify their conclusion (qualified, adverse,
disclaimer)
What is a performance audit? - correct answer ✔✔· Type of direct engagement in which auditor
evaluates whether public sector entities are delivering programs or carrying out processes
effectively/efficiently
What is a public sector auditor? - correct answer ✔✔· Auditor who derives authority and
mandate to conduct audits through law or regulation (ex. Auditor General)
answers already passed
What is the difference between attestation and direct engagement? - correct answer ✔✔·
Auditor is directly evaluating the underlying subject (direct, rather than evaluating someone
else's conclusion (attestation)
What is the auditor's objective in a direct engagement? - correct answer ✔✔· To obtain
assurance (either reasonable or limited) about whether underlying subject matter conforms in
all significant respects, with all applicable criteria
What are the key requirements in a direct engagement? - correct answer ✔✔· To comply with
ethical requirements
· Have appropriate competence and auditor expects there to be sufficient appropriate evidence
available
· Exercises professional judgment and skepticism
What conclusions are reached in a direct engagement based on the evidence obtained? -
correct answer ✔✔· If concludes that underlying subject matter is free from significant
deviation, unmodified conclusion
· If there is significant deviation or scope limitation, modify their conclusion (qualified, adverse,
disclaimer)
What is a performance audit? - correct answer ✔✔· Type of direct engagement in which auditor
evaluates whether public sector entities are delivering programs or carrying out processes
effectively/efficiently
What is a public sector auditor? - correct answer ✔✔· Auditor who derives authority and
mandate to conduct audits through law or regulation (ex. Auditor General)
