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ACA Assurance - Chapter 1 (Concept of and need for assurance) well answered to pass
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ACA Assurance - Chapter 1 (Concept of and need for assurance) well answered to pass
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ACA Assurance - Chapter 1 (Concept ofand need for assurance)
Elements of assurance engagement - correct answer ✔✔3 Party involvement - Practitioner, Intended
users, responsible party
Subject matter - financial statements
Suitable Criteria - accounting standards
Evidence - reliable
Written Report - conclusion
Levels of assurance - correct answer ✔✔Limited assurance - moderate/low (negative assurance)
Reasonable assurance - not a guarantee (positively expressed)
Assurance - correct answer ✔✔Refers to a firms satisfaction as to the reliability of an assertion
Types of assurance engagement - correct answer ✔✔Audit
Business plan/projection reviews
Fraud Investigations
Due diligence
Internal controls assessment
Environmental audits
Employee threshold - correct answer ✔✔No more than 50
Turnover threshold - correct answer ✔✔Does not exceed £10.2m
Total asset - correct answer ✔✔Does not exceed £5.1m
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