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    Quiz 1 Specialized Industries

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    Lyca Mae Cubangbang
    This document contains a 20 question quiz about assurance services and engagements. The questions cover topics such as the definition of assurance services, examples of assurance and non-assurance engagements, the objectives and elements of assurance engagements, applicable standards, and the roles of the responsible party and intended users.

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    © All Rights Reserved
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    Quiz 1 Specialized Industries

    Uploaded by

    Lyca Mae Cubangbang
    929 views5 pages
    This document contains a 20 question quiz about assurance services and engagements. The questions cover topics such as the definition of assurance services, examples of assurance and non-assurance engagements, the objectives and elements of assurance engagements, applicable standards, and the roles of the responsible party and intended users.

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    Quiz 1 Specialized Industries

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    This document contains a 20 question quiz about assurance services and engagements. The questions cover topics such as the definition of assurance services, examples of assurance and non-assurance engagements, the objectives and elements of assurance engagements, applicable standards, and the roles of the responsible party and intended users.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    929 views5 pages

    Quiz 1 Specialized Industries

    Uploaded by

    Lyca Mae Cubangbang
    This document contains a 20 question quiz about assurance services and engagements. The questions cover topics such as the definition of assurance services, examples of assurance and non-assurance engagements, the objectives and elements of assurance engagements, applicable standards, and the roles of the responsible party and intended users.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

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    Quiz 1
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    1. Which of the following statements best describes assurance services? *

    1 point

    A. Independent professional services that are intended to enhance the credibility of information to meet the needs of an
    intended user.

    B. Services designed to express an opinion on the fairness of historical financial statements based on the results of an audit.

    C. The preparation of financial statements or the collection, classification, and summarization of other financial information.

    D. Services designed for the improvement of operations, resulting in better outcomes.

    2. Which of the following is not an assurance service? *

    1 point

    A. Examination of prospective financial information

    B. Audit of historical financial statements

    C. Review of financial statements

    D. Compilation of financial information

    3. Which of the following professional services would be considered an assurance engagement? *

    1 point

    A. A management consulting engagement to provide IT advice to a client.

    B. An engagement to report on compliance with statutory requirements.

    C. An income tax engagement to prepare tax returns.

    D. A compilation of financial statements from a client's accounting records.

    4. Which of the following best describes the objective of an assurance engagement? *

    1 point

    A. Improve the company's outcomes.

    B. Compare the company's information and policies with those of other entities.
    C. Enhance the credibility of information in order to improve the likelihood that the information will meet the needs of an
    intended user.

    D. Assist in preparing the company's financial statements.

    5. Assurance services differ from consulting services in that they... *

    1 point

    A. I only

    B. II only

    C. Both I and II

    D. Neither I nor II

    6. How many separate parties are involved in an assurance engagement? *

    1 point

    A. 2

    B. 3

    C. 4

    D. 5

    7. An assurance engagement should have which of the following elements? *

    1 point

    A. Yes No

    B. No Yes

    C. Yes Yes

    D. No No

    8. The Philippine Framework for Assurance Engagements... *

    1 point

    A. Contains basic principles, essential procedures, and related guidance for the performance of assurance engagements.

    B. Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which
    PSAs, PSREs, and PSAEs apply.

    C. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical
    financial information.

    D. Establishes standards and provides procedural requirements for the performance of assurance engagements.

    9. CPAs in public practice who perform assurance engagements are governed by the following, except *

    1 point

    A. Philippine Framework for Assurance Engagements

    B. Code of Ethics for Professional Accountants in the Philippines

    C. Philippine Standards on Related Services

    D. Philippine Standards on Quality Control


    10. In an assurance engagement, the responsible party and the intended users *

    1 point

    A. Should be from different entities.

    B. Should be from the same entity.

    C. May be from the same entity or different entities.

    D. Are both responsible for determining the nature, timing and extent of the procedures to be performed.

    11. The subject matter of an assurance engagement may include... *

    1 point

    A. Yes Yes Yes

    B. No No No

    C. Yes No Yes

    D. No Yes No

    12. For assurance engagements regarding historical financial information, reasonable assurance engagements are
    called... *

    1 point

    A. Audits

    B. Reviews

    C. Compilations

    D. Examinations

    13. When performing an assurance service, professional accountants use standards or benchmarks to evaluate or
    measure the subject matter of an assurance engagement. These are referred to in the Framework as... *

    1 point

    A. Criteria

    B. Norms

    C. Conditions

    D. Gauges

    14. The criteria against which the subject matter of the assurance engagement is to be evaluated or measured
    should possess which of the following characteristics? *

    1 point

    A. Yes No Yes

    B. No Yes No

    C. Yes No No

    D. No Yes Yes

    15. Relevant criteria contribute to conclusions that are... *


    1 point

    A. Free from bias

    B. Clear and comprehensive

    C. Subject to different interpretations

    D. Useful for decision making.

    16. Criteria that are embodied in laws or regulations, or issued by authorized or recognized bodies of experts that
    follow a transparent due process are called... *

    1 point

    A. Suitable criteria

    B. Established criteria

    C. Specifically developed criteria

    D. General criteria

    17. In an assurance engagement, the person or persons, either as individuals or representatives of an entity,
    responsible for the subject matter is the... *

    1 point

    A. Intended user

    B. Responsible party

    C. Professional accountant

    D. Client

    18. In an assurance engagement, the person or class of persons for whom the professional accountant prepares
    the report for a specific use or purpose is the... *

    1 point

    A. Intended user

    B. Responsible party

    C. Management

    D. Client

    19. In an assurance engagement, the outcome of the evaluation or measurement of a subject matter against criteria
    is called... *

    1 point

    A. Subject matter information

    B. Subject matter

    C. Assurance

    D. Comclusion

    20. In some assurance engagements, the evaluation or measurement of the subject matter is performed by the
    responsible party, and the subject matter information is in the form of an assertion by the responsible party that is
    made available to intended users. These engagements are called... *

    1 point

    A. Direct reporting engagements

    B. Assertion-based engagements

    C. Non-assurance engagements

    D. Recurring engagements
    A copy of your responses will be emailed to the address you provided.

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