ACC3AUD: Auditing and Assurance - La Trobe Business School - Accounting And Finance Assessment Answer

Accounting And Finance Assessment Answer

1. What does ‘assurance’ mean in the financial reporting context? Who are the three parties relevant to an assurance engagement?
2. What qualities must an ‘assurer’ have in order for you to feel that their statement has high credibility?
3. Explain the ‘audit expectation gap’. Why do you think auditors do not give users what they want?
4. What is the difference between reasonable assurance and limited assurance?
5. Describe the objective of an independent financial statement audit.
6. Explain the system of reviewing the quality of audits performed by registered company auditors.
7. Explain the difference between IAASB and the AUASB.
8. An assurance engagement involves evaluation or measurement of a subject matter against criteria. What criteria are used in a financial report audit?
9. What are the key audit matters? How do these affect the format of the audit report?
10. Explain the difference between the (1) auditor’s responsibility and (2) director’s responsibility for the financial report being audited.
11. Explain the meaning of ‘true and fair’ presented in the audit report?
12. Refer to the auditor’s opinion in the audit report. Explain whether it is a positive or negative statement.
13. Find the disclosures explaining the amounts paid to auditors. How much was the auditor paid for the audit and non-audit, or other, services?

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