Exam (elaborations)
ACA assurance questions n answers verified already passed
- Course
- Institution
ACA assurance questions n answers verified already passed
[Show more]
Content preview
ACA assuranceWhat's in an audit strategy - correct answer ✔✔- broad scope
- understand the entity
- understand the accounting systems and internal control systems
- identifying risk and setting materiality
- nature, timing and extent of resources necessary
- mgmt, direction and supervision of audit team
Audit plan - correct answer ✔✔- more detailed
- nature, timing and extent of the specific audit PROCEDURES required for material issues
- ensure appropriate attention is devoted to important areas of the audit
- identify potential problems and resolve
- ensure work is properly organised and managed (incl assign work to team members & facilitate
supervision)
Revenue system - correct answer ✔✔1. ordering
2. despatch and invoicing
3. recording
4. cash collection
Purchase system - correct answer ✔✔1. ordering
2. goods received and invoiced
3. payment
Payroll system - correct answer ✔✔- calculating wages and salaries
- recording
- payment
, What should be considered for sufficient evidence - correct answer ✔✔sufficient quantity to support the
audit
- risk assessment
- are the internal controls weak or strong?
- materiality of the item
- experience from past audits (particular issues)
- results of audit procedures
- source and reliability of info (quality)
What should be considered for appropriate evidence - correct answer ✔✔Relevant
- evidence gathered must relate to FS assertions
Reliable
- external better than internal
- internal more reliable when control are effective
- auditor generated better than client generated
- documented better than oral
- og docs better than copies
What should you do if there's overstatement - correct answer ✔✔Issue of existence so go from FS -->
source
What should you do if there's understatement - correct answer ✔✔Issue of completeness so go from
source --> FS
Contents of a general written representation - correct answer ✔✔Mgmt provide confirmation they have:
- fulfilled their responsibilities for the prep of FS in accordance w frameworks
- provided auditor w all relevant info and access to all books
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 Sakayobako30. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77016 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now