CAS 200 Comprehensive Exam Questions And Complete Verified Answers.
5 views 0 purchase
Course
CAS.
Institution
CAS.
What is the purpose of an audit? - correct answer To enhance the degree of confidence of intended users in the f/s.
CASs require the auditor to obtain? - correct answer Reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether d...
What is the purpose of an audit? - correct answer To enhance the degree of confidence of intended
users in the f/s.
CASs require the auditor to obtain? - correct answer Reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud or error
When is reasonable assurance obtained? - correct answer When the auditor has obtained sufficient
appropriate audit evidence to reduce audit risk to an acceptably low level.
Is reasonable assurance absolute? - correct answer No recuasse there are inherent limitations of an
audit, resulting in most of the audit evidence on which the auditor draws conclusions and bases the
opinion being persuasive rather than conclusive.
What is considered to be material? - correct answer If individually or in the aggregate, misstatements
could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial statements.
What are the overall objectives of the auditor? - correct answer 1) to obtain reasonable assurance
about whether the f/s as a whole are free from material misstatement
2) to report on the f/s
Audit Evidence should be? - correct answer - Sufficient: measure of the quantity
- Appropriate: measure of the quality (relevance and reliability)
Audit risk - correct answer The risk that the auditor expresses an inappropriate audit opinion when
the financial statements are materially misstated.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Rechga. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
