Exam (elaborations)
ACA Assurance(questions with verified answers)
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ACA Assurance(questions with verified answers)
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ACA AssuranceContents of a letter of engagement (MUST) - correct answer ✔✔MC SOOAR
Management's responsibility
Confirmation of reports
Scope of audit
Objective
Opinion (positive)
Auditor's responsibility
Reporting framework
What is in the audit strategy - correct answer ✔✔MR BICEP
Materiality and risk - basis, calculation and results
Resources - hours, timings, fees
Business understanding - locations, structure, experience,...
Internal - e.g. accounting policy choices
Control - e.g. reliability of client's systems
Environment - economic and industry conditions
People - the team involved
Audit Procedures - correct answer ✔✔AEIOU
, Analytical procedures - ratios, benchmarks, peers, etc.
Enquiry - ask relevant person for information
Inspection - of a document, e.g. an invoice
Observation - of a process, e.g. inventory count
RecalcUlation - check mathematical accuracy of documents or records
Reperformance - the auditor's independent execution of procedures or controls which were originally
performed as part of the entity's internal control
Confirmation - of external 3rd parties only
SoPL Assertions - correct answer ✔✔3Cs + AOP
Completeness - transactions that should have been recorded have been recorded
Cut off - recorded in correct period
Classification - recorded in the proper accounts
Accuracy - recorded appropriately and accurately described
Occurrence - those recorded have happened
Presentation - appropriately (dis)/aggregated, understandable and in line with IFRS
SoFP Assertions - correct answer ✔✔2Cs + PERV
Completeness - all that should have been recorded is
Classification - recorded in proper accounts
Presentation - appropriately (dis)/aggregated, understandable and in line with IFRS
Existence - assets, liabilities and equity interests exist
Rights & obligations - entity holds or controls the assets and is obliged with the liabilities
Valuation, accuracy and allocation - included in the FSs at appropriate amounts
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