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Audit REO

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296 views10 pages

Audit REO

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Patricia Janel Borja
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© © All Rights Reserved
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REAL aoe 10) AUD Han eB EXCELLENCE runoanentass obAssurance SeRGES RAYMUND FRANCIS.A ESCALA, OFA. MBA FUNDAMENTALS OF ASSURANCE SERVICES menor RAYMUND FRANCIS A. ESCALA, CPA MBA DEFINITION hanes the estes 9 eets MES Bn enGapEMer ich apactenr sass accuse covered 9 evaluation or me ean '@ intended users other than the responsi arty a the outcome of the SHO" oF measurement ofa subject matter against erteria eee eee can meon ieee S {0 the auditors satisfaction as to tt : another pet c ‘oF satisfaction as to the reilly of an assertion being made by one party for use by BASIC COMPARISON OF ASSURANCE AND NON-ASSURANCE 7 Assurance engagement Quiput assurance inthe form of an opinion ¥ Dest the subhon improve the quality or enhance credibility of ~ Designed to provide comments, suggestions or Pe Sublect matter Fecommendations on how to use the information review, priede” nonm aecrance encitaney ELEMENTS OF ASSURANCE ENGAGEMENT i ~~ The following are the elements of an assurance engagement A three-party relationship involving a practitoner, a responsible party, and intended users, ‘An appropriate subject matter, Suitable enter Sufficient appropriate evidence, and ‘A written assurance report in the form appropriate to a reasonable assurance engagement or a limited assurance engagement A. Three-Party Relationship: ‘An assurance engagement involves three separate parties, namely @. The practitioner (engage ia public seru'ee Mpractice ) ‘+ Is broader than the term auditor ‘© must be independent * is govemed by ethical requirements (le. professional competence) regarding the conduct of the engagements © may use the work of experts + responsible for determining the nature, timing or extent of procedures required by the engagement b. The responsible party + isthe person/s responsible to the subject matter, the subject matter information, or both + may oF may not be the engaging party tothe practitioner + may ormay not be tom te same organization wt the tended users ‘+ may be one of the intended users (yur yhould not be He only Me, mooa> (ein a Ae LTT REAL EXCELLENCE ONLINE CPAREVIEW MAY 2023 CPA REVIE 0916 840 0561 © _ / REAL Page 2 of 10| AUD Hondo Ne os cau NCE smears UNDA! © The intended users + ate the personis fi cameTatSOnls or hom the practioner prepares the assurance report A to major stocknenn {2798 of interests by the readers of assurance report, intended user may be limite Hor stockholders with signficant and common interests . wae 'dentiied ey agreement between the practioner and the responsible party or engaging party: OF Appropriate Subject Maer lubject matter is the nature of the assertion the practioner ther hand, ture Ne assertion ractitioner gathers sufficient evidence. On the ot cee ‘matter information pertains to the outcome of the evaluation or measurement of the subject matter. It iS fr which the pracitoner gathers sutcient appropriate evidence fo provide a teasonabio besis for expressing @ Conclusion in an assurance report Characteristics ofa subject matter to be considered appropriate ‘An appropriate subject matter i: 2. Identitabe, and capable of consistent evaluation or measurement agains the dented criteria: and Such that the information about it can be subjected to procedures for gathering sufficient appropriate evidence to support a reasonable assurance o imited assurance conausion, 0s appropiate ‘The subject matter, and subject matter information, of an assurance engagement can take many forms, Table below summarizes ilustraton gven in he Philppine Framework for Assuranes Engagements Form Subject matter Subject matter information Financial performance [Wloical or prospective nancial | recognition measurement_presentaton and or conditons | Postion, tance! perormance ans | dscesure’ vepresenied "in fnancial ash fous Statements Non nance perfornce ofan enty fey ndcatan of —eficency ond perlormance or hectares conditions [Pees cee cera specteatons Soairent ‘Systems and processes | an entity's internal control or IT system | assertion about effectiveness Behavior corporate govemance. — compliance | statement of complance or @ Saterient oF wath regulation, human resoube | efectveness practees Criteria The benchmarks used to evaluate or measure the subject matter including, where relevant, benchmarks for Presentation and disclosure. Cnteria may be a. Formal b Less formal © Established d_ Specifically developed Characteristics of suitable criteria a Relevance - relevant criteria contribute to conclusions that assist decision-making by the intended users Completeness - criteria are sufficiently complete when relevant factors that could affect tne conclusions in the context of the engagement circumstances are not omitted Complete eniteria include, where relevant benchmarks for presentation and oisclosure Reliability - reliable criteria allow reasonably consistent evaluation or measurement of the subject matter including, where relevant, presentation and disclosure, when used in similar circumstances by similarly qualified practitioners. Neutrality - contribute to conclusions that are free from bias Understandability - contribute to conclusions that are clear, comprehensive, and not subject to significantly different interpretations. jout No 03 : Page 3.of 10 | AUD Handoe REAL - Se eE ENCE eee Communication of entre inde sere santo Ao ¢ Aiatement of ) Through inclusion in a clear manner in the presentation of the subject matter information “Compliance Sr oe near a irate AU he pay he D. Sufficient Appropriate Evidencé: cualugting, the cubyect matter agertct crifeni. — The practioner performs the engQGEMEA wit ak Miflide of professional skepticism fo obtain SST=T™ propriate evidence about whether the subject matter information is ee from maternal misstatemet Consideration when planning and performing the engagement The following are practitioners consideration when planning and performing the engagement nature, timing and extent of evidence-gathering procedures) ‘Quantity (sufficiency) and qualty (appropriateness) of evidence Matersity ‘Assurance engagement risk Cost-benefit consideration Professional skepticism (determining the Sutcioncy and aporopateness : eens gesessed by te evdenceo be gare man asuanceengnaement, Thess Di sulcen) and sprp eres suttecy se mess ol he quay of evdance, APPIOP Sie mecnueot te ly ef eece a sarc nS eb ats sufcent ard appopate sal be detained by te practioner ung his oF Het gman ry exrcegprotssonalseptisom &- matsatty Meats evar when te practone sane ih nie, targ and exten of evsence-gerns notre onan srestng wei ses mater mations He of mesma ional prote © Assurance engagement risk ‘Assurance engagement risk isthe risk that the practtioner expresses an inappropriate conclusion when the ‘subject matter formation is matenally misstated ‘Components of assurance engagement risk 1. "The risk thatthe subject matter information is materially misstated: (Kis k 0) Mattnal misctatenent a. Inherent tisk the susceptibility of the subject matter information to a material misstatement, | ‘assuming that there are no related controls Control risk the risk that @rhatenal misstatement that could occur will not be prevented, or detected ‘and corrected, on a timely basis by related intemal controls 2. Detection risk the risk thal the practioner will not detect a material misstatement that exists 4. Cost-benefit Consideration In performing evidence-gathenng procedures, the practioner is expected to observe’ cost-benefit consideration This means that “the Benefits that wil be derived from obtaining the evidence should exceed the cost of obtaining €. Professional Skepticism ‘Te practioner plans and performs an assurance engagement with an atitude of professional skepticism recognizing that creumstances may exist that cause the subject mater information to be materaily msstated Effectiveness. Efficiency. Convenience REAL EXCELLENCE ONLINE CPA REVIEW © MAY 2023 CPA REVIEW SEASON’ REAL Page 4 of 10] AUD Handodt No, 03 EXCELLENCE RAYMUND FRANCIS A. ESCALA, 7 FUNDAMENTALS OF ASSURANCE Si This means the practtione Honer makes Evidence obtained and is alert to eerdene eo oF representations bythe re Gener 1 sessment, with a questioning mind, of the validity of idence that contradicts or brings into question the reliability of documents sponsible paty alizations about reliability of evidence may be useful Ermente Sere lable when ts cbtaned om independent souces ouside the entity Evidence at's Generated intemal is more relable when tne related contol are eleceee roe ronan direct by the practtoner (or example, observation of the appeation ofa cont) IS fee Lard than evidence obtained indirectly or bby inference (for example, inquiry about the application 8 contro} for ence 'S ore reliable when it exists in documentary form, whether paper, electronic, or other media (fo example, a contemporaneousy writen record of @ meeting more selble bene scoseruent orl Tepresentation of what was discussed) 5 idence provided by onginal documents 's more relable than evidence provided by photocopies or facsimiles 2 3 Written Assurance Report ne Praetioner provides a written report containing a conclusion or an opinion that conveys the assurance oblained about the subject matter formation Types of Opinion a Ee _ Type ‘Common phrase used : | 1Unmediied/Unguaified | Present ary inal materi respec [2 Quaties Exception [3 “Adverse Tb 7 ______ | Do net present aity_im al material espedt [4 Disclamer of pion | We do rot "express a conclusion 1 Levels and forms of assurance ure evels (high oF moderate) and forms (postive or negative) of assurance provided by the practioner are dependent on the type of assurance engagement being rendered ‘The following are types of assurance engagement as to Jevel of assurance provided 1, Reasonable assurance engagement - the objective is a reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement as the basis for a positive form of expression of the practitioner's conclusion. Such form conveys “reasonable assurance” 2. Limited assurance engagement -the objective is @ reduction in assurance engagement isk to a level that is acceptable in circumstances of the engagement, but where the risk is greater than for a reasoneble * . aBsurance engagement, as a basis for a nogative form of expression ofthe practitoner's conclusion, The form conveys “limited assurance’ ‘Moreover, the following are types es ‘engagement as to structu 7 wen assertion dl py Meson engagement Wein at ers ~ Gasca! thay emond ) untiee eport Attestation engagement is an engagement in which a practioner s eigaged to esue, or deny Oye wetlen communication that expresses a conclusion about the reiabity of a witten asserton there hg fart eaponsbaty of anther party Meveoveratetaton engageren hse an es epencing on Y the avaiabity of tie assertions made bythe responsible par to ntended uses, Cart OSs rad 1 Assertion-based engagements are assurance engagements that ine evalvation or measuremef the subject matiris performed by the responsible party and the subject matter inforatin ear ¥en form ofan assertion by the responsible party thats made avallabe tothe Intended veers Direct reporting engagemonts are assurance engagements thal te practioner ele directly performs the evaluation or measurement of he subject matter. of oblains a representation homed ‘esponsible party that has performed the evaluation or measurement that not evellatte ve tne Intended users nthe assurance repos (lute dy iline Pefort ly) k CNo written assertion) bY! Behawibr Effectiveness. Efficiency. Convenience REAL EXCELLENCE ONLINE CRAREVIEW ip MAY 2023 CPA REVIEW'SEASONT (fis ©) A REAL EXCELLENCE 8 Birect engagements 10 users. the py ppc Standards on Review | temas PSREs) ne Standards on Assurance Engagements (PSAESs) {| Pair Pine Standards on Related "vices (PSRSs) Phihppine Standard = qu vd agement is a residual defn racttoner classifies the IVERNING PROFESSIGNAL SERVICES BY CPAs a =< ds [Prag Oe ne Standards on Audit | Pipi ‘ements (PAPSs} Philippine Review Engagement = Practice Statements (PREPS) Philippine Assurance Practice Statements Philippine Auditing Practice Page § RAYMUND FRANCIS A FUNDAMENTALS OF ASSURANCE SERV n of assurance engagement as to structure Also. gagement a direct reporting engagement Revie “Application of Standa ‘Audit of historical financial nformat of historical financial i ani ESCALA, CPA en reporting dards — information Engagement Practice Statements | subjec matter other than historical (PAEPSs) Philip Review ne Related Services Practice Statements (PREPSS) al infor | Agreed: upon procedures information apd | other related services engagements as specified by ASC Eny ‘Agreed-upon Al services falling under the AASCS agement Standards engagement PSRSs and PRSPS_ prepared in ‘accordance with PFRS ‘modifications are to be ‘made to the FS to conform With PRS lent and third parties, ‘and report on factual findings |__ (e.g. review of FS) procedures PSREs and PREPS PSRSs and PRSPS ‘Express an opinion | Express a conclusion | Perform procedures as | Use accounting whether the FS are | whether material agreed upon with the | expertise to collect, classify and summanzeFS | =| Independence plus fundamental ethical [principles Fundamental ethical | principles Fundamental etnical | principles | | Bica indapendenc plus fequirement | fundamental ethical pinciies Level of | Figh but not absolae | assurance | (reasonable) Procedures are| Excluswely by the | determined by | auditor i Report Independent Auditors | provided _| Report (positive form) Availabilty of | To all users -teport J Moderate (imited) Exclusively by the auditor | Review Report (negative | form) | To alrusers [No assurance | Aareesspon by pares | agreed by partes | Report on Factual | Findings [Ferimied use ony No assurance | May or maynotbe | j;Compiiation Report Toallusers wsubjat mot NOTE: Ait relat fois (Review 1 Agreed Ta tepilatiow J Effectiveness. Efficiency. Convenience REAL EXCELLENCE ONLINE OPA REVIEW MAY 2023 CPA REVIEW SEASON: 1 Page 6of 10] AUD Handout No. 08 REAL ma EXCELLENCE PUNDMMENT ALS OP ASSURANCE », LLUSTRATIVE QuizZERS - PART 1 Ane Philippine Framework for Assurance Engagements Contains basic punciples. essential procedures and related guidance fer the perfrmance of assurance engagements 8 Deiines and desentes the elements and objctves of an assurance engagement and identifies engagements 10 which PSAs, PSREs, and PSAEs apply f © Proves a frame of reference for GPAS in public practice when perorming aus: reviews, and compilations o p_ Tistercal financial information Establishes standards and provides procedural requirements forthe performance of assurance engagements X° Phlippine Standards on Assurance Engagements (PSAES) are to be applied in " ‘Cisutance engagements dealing wih subject matters other than fistonca franca information Complation engagements and agreements to apply agreed-upon procedures to nformaton ‘The audit or review of istonca nancial information ‘Assurance engagements dealing with historical financial information Practitioners who perform assurance engagements is governed by the folowing, except Code of ethics for Professional Accountants in the Philippines, ‘The Framework to Assurance Engagements, Philippine Standards on Quality Control Philippine Financial Reporting Standards Assurance services can be best deserted as Asurance —9 attestation 7 Puc 's broader than attestation but lesser in scope than aude Processes thai measures and communtcates financial data to intended users Independent professional services intended te enhance the credbity of information to meet the needs of an ittended user Engagement designed to enable an independent practtone o express an opinion as tothe fess of historical financial formation The independent auditor lends credibility to cient financial statements by Stating in the auditor's management letter thatthe examination was made in accordance with PSAS Maintaining a clear-cut distinction between the management's and the auditor's representations ©. Attaching an auditor's opinion to the client's FSs D. Testifying under cath about cient financial information Which ofthe folowing statements islare correct? |. Assurance engagement means an engagemert in which a practioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation of measurement of a subject matter against eneria II. Assurance refers tothe practitioner's satisfaction as tothe reliabilty of an asserton being made by one party for use by another party, A lonly © .Botn | and B only © Nether | nor i com> 9 om> Assurance engagement include the folowing, except ‘A. An engagement conducted to provide a high level of assurance thatthe subject matter conforms in all material respects wih identified sutable entena 8 An engagement conducted to provide a moderate level of assurance that the subject matters piausible in the crcumstances An engagement in accordance with the Philppine Standard on Assurance Engagement(s) issued by the Audting ‘and Assurance Standard Council as approved by the Board of Accountancy/Professional Regulation Commenion D. Anengagement to perform agreed-upon procedures INES jr epacs 9" Effectiveness. Efficiency: Convenience . REAL EXCELLENCE ONUNE COn Ree 4! c8iseg0001 © asmndreocomch MAY 2023. CPAREVIEWSEASON REA Pa 100 EXCELL ENCI aynunnenancle vcard 8 Doe pratense eae independenoe : The primary goal of the OPA in pe A Heat uncon oto Detect fraud 8. Urania ©. Lxamine individual (rannctions 90 that the aukhtor may Gory ws to thelr vay 1 _Detortnine whether the ction aasertone are faily mated ‘Assure the coniatent application of correct accounting pHocadures THe theee t 80 lye of allestation services ave A Audit review, and 6 1D Audits review { and other attestation services D Reviews, compilations, and other atlestation warvice 12 Not a omen Not all engagements performed by professional accountants a/@ assurance engadi Other engagemen Hequently performed by yroleunioval accountants thal ae ot assUrANCE engagements include the following. &”6%F Adve upon proce © Compilation of financial or other informatio 8 Management consulting Examination of prospective fhianoial information 013. Which of the fontowing & not an assurance engagement A. Audit of prospective financial statement ‘6. Review of intorim histonical financial statement 8 Comprehensive audit D Preparation of tax turns that uso estimate C14 Which statement does not accuraely describe an assurance engagement Am joctive of an assurance engagement is for a professional accountant to "matter that is the roaponsiilty of another party against identified suitable crteria, and to express a conclusion that provides the intone user witha lavel of assurance about that subject matter B_ Not all engagements performed by professional accountants are assurance engagements © A particular engagement, to be an assurance engagement, it depends upon whether 1 exhibits all the following loments. a two-party relationship, a subject matter, suitable ctor, ‘An engagement in form of agreed-upon procedures result in the expre valuate o measure. a subi nd a conclusion sion of factual findings bd C18, Apracttoner shoul accept an assuronce engagement oni i A "The aubject mata eh the for f ionctalIfortaton The erigna tobe used are nol pvalibl io he nlended vera s conclusion isto be contained in a wntten report 1D The subject matter isthe responsibilty of either » Intended users or the practitioner 16. Independence is required for which of the following types of engagement Compilation Rov A ve 8 ve C Nc Ye ny No No D. 47. indicate the level of assurance provided by aueit and related services. A 2 ¢ o Audt High High Absolute ar Moderate None Moderate High None None None Lite None None None None Effectiveness. Efficiency. Convenience FAL EXCELLENCE ONLINE OPA REVIEW. By 2023 cP EAL Page bt 10] AUD aa EXCELLENCE RAYuuno Francis A EScALA, CPA FUNDAMENTALS OF ASSURANCE SERVI There include ® broad range of engagements to provide a high or moderate level of assurance Such engagements ™aY |. Engagements to I. agaergments to report on a broad range of subject matters covering financial and non-financial information th, Attest and diect reporting engagements Engagements to report internally and externally IW Engagements in the private and public sector Woniy 8 Mand ut Hand it ony oF a Hand iv * Unlike consulting services, assurance services Make recommendations to management 8 Report on how to use information D 20. which of the fotowi © Report on quality information D Are two-party contracts Ing may be under the scope of the Framework for Assurance Engagement? ‘Aareed-upon procedures engagements and compilation of financial and otter information, reparation of tx retums where no conclusion conveying assurance is expressed SGonsulting (or advisory) engagements, such as management and tax consulting © Preparation of tax retums where a conclusion conveying assurance 's expressed ILLUSTRATIVE QUIZZERS - PART 2 \Which of the following 's tue about assurance services? A All assurance services are financial statement audits ‘An assurance engagement must have five fundamental elements ‘fundamental element for an assurance engagement is engagement fee ‘A.rewew of historical financial statements 1s not an assurance service Which of the following does not appropriately pertains tothe elements of assurance engagement? ‘A A three-party relationship involving an auditor, the management, and intended users. B Suitable criteria C. Sufficient appropriate evidence ©. Avwritten assurance report in the form appropriate lo a reasonable assurance engagement or @ limited assurance engagement The following relates to intended users, choose the exception ‘A. Intended users are the persons for whom the pracitoner prepares the assurance report B_ Intended users may be identified by agreement between the practitioner and the responsible party or engaging party, or by law C Intended users may include either the practioner or the responsible party. D_ In case of broad range of interests by the readers of assurance repon, intended user may be limited to major stockholders with significant and common interests, Evaluate tne folowng statements | te term auctor broade than he term practtoner II Theespensible party mayor may nt be from he same orgaizaton wih the tended users Il The ntended users may be lend by agreement between tne practioner and the Tesponsble party oF engeaing party. byl A Gnyone statement eorect © Allsitements are cone 5 Only two statements are correct b Alstatements are moorect “The subject matter of an assurance engagement may include A. Financial information C. Internal controls 8 Compiance wih equation Balt inese seceding tothe for assurance engagement, he tea mst be A Suman ard sproprale eae sytale and avaabl to iended users 8 Sutton or apmoprate B suigotor avaible to mended sere A “ Effectiveness. Efficiency. Convenience eect, “ REAL EXCELLENCE ONLINE GPA REVIEW 56774 @ o9t6es00601 © [email protected] MAY 2023 CPA REVIEWSEASON Page 9 of 10) AUD i 4 RAYMUND FRANCIS A. ESCALA CPA MEA EXCELLENCE omens OF ASSURANCE SERVICES ch of the following is not suitable criteria in the context of audit? IFRS PSA B. PERS for SME D GAAP The following cannot be a suitable ctiterion for an assurance engagement, except? ‘A Practoner's own expectations. B Practitioner's judgment © Practiioners expenence 1D. Agieement between the responsible paty and the intended users, G8 Characteristics of sutable enteria do not include A. Neutrality © Comparabiity 8B Undersiandabiity D Relevance B10. For the cntena to be suitable, t shall possess several characteristics. Which of the following 's incorrect? AA" Relevant entena alow reasonably consistent evalvaton or measurement ofthe subject mater including, where felevart presentation and dsciosure when used n sitar crcumstances by similar quaiied practone's B Criteria are sufficiently complete when relevant factors that could affect tne conclusions in the context of the engagement circumstances are not omitted Complete critena include, where relevant. benchmarks for presentation and disclosure © Critena contrbute to conclusions that are free from bias D. Grtena shall contibute to conclusions tat are clear, comprehensive, and not subject to sgniicanty diferent interpretations 1 11. Whats sutfcient and appropnate shall be determined by the 1. Practitoner | Responsible party IML Intended users ‘A Lonly ¢ tant B Moly D tang ti © #2. which s ncorect concerning evdence? 1A She higher tne sk ct maoval misstatement volved the more 1 required B The beter the quay theless requred ©The volume of evdence can compensate forts poor quality D_ The reliability of evidence is inuenced byt source and ts nature B 13. whichis meorect? 1 Constetent evidence obtained from various sources off eifferent nature i more reliable 5 i genuraly'more sic fo obtam assurance about subject matter Information at @ point in time than fou subject mater information covering a period a me Won't cost pronbsve or sifiet To oblain an evidence, the autor may shit to obtain fom other alternatives 1. ‘THe pracitoner considers te relationship between cos of cblainng the evidence andthe usefulness ofthe information 14. Professional septcism means that 1. "The practioner makes a ertical assessment, with a questioning mind. of the vahdty of evidence obtained and ie gir to evidence that contradicts or brings into question the relabilty of documents or representations by the responsive party 11 the benefits that wil be derved from obtaming the evidence should exceed the cost of obtaining i II|_The practioner plans and performs an assurance engagement recognizing thal circumstances may exist that cause the subject matter information to be materially misstated A Land © tana Bland D |, tvand ut | REVIEW PHILIPPINES n Effectiveness. Efficiency. Convenience os REAL EXCELLENCE ONLINE CPA REVIEW _ MAY 202 CPA REVIEW SEASON Gel Dro. C2. i i MAM PRAERINES EAL EXCELLENCE Below st statements relate to generalizations A. Eviden idence is more reliable when its obtained from sources inside ble when the re Evence thal is generated nema smo Evdence is more eae wnen exis docu B, cane pred ogra octet 8 ‘more rel ih othe fotowng statements exemples pov es “Inu pian nia cota afetne a rer es “Based on our wor Sacrbee mth reper, Co fos femal controls not effective, n all matenal respects, based © Botha and B tary form, surance? cts, based on XYZ criteria” oof 10 /AUO andqut No 09 rmana rennin cae Sai FUNDAMENTALS ‘about reiabilty of evidence may be useful, Which the entity ‘whether paper, electron Jiable than evidence provided by P rome to our attention that ‘on XYZ criteria D_ Neither A nor B yasonable assurance? ncn tne ow terns caret ers tne avers ain 2 A significant lev! of assurance to ‘allow an auditor to detect An absolute level of assurance to allow an auditor (0 detect a OAT tole tovel of assurance to alow an 2 nt the objective sa redueton ene eit as he Ba 0 PO ited Under this engagem circumstances of the ‘A. Absolute assurance engagement B_ Reasonable assurance engagement vagements that the practtioner either 3 resentation from the respon he intended users in the aS © Assertion These are assurance eng subject matter, or obiains 2 re measurement that is not avaiable (0 A. Reasonable assurance B Limited assurance engagement tandards apply to assurance engagements dealt Which set of st Information? Te raigpine Standards on Auditing (PSAS) B Philippine Standards on Review ‘Engagements (PSRES) € Phiippine Standards on Assurance, Engagements (PSAES) FS Ehuppine Standards on Related Services (PSRSS) there's nothing more imps END Effectivenes REAL EXCEL mn shedon03 CPAREVIEN SE! itor to detect assurance engagement risk 10 an 3 at form of expression of the pracition ‘engagement D Direct reporting engager jortant than attitude, MIKE KRZYZEWSK! ct a matenal misstatement a matenal misstatement matenal misstatement jssurance engagement 1D Non-assurance engagement recty perto sible party surance reports based engagements rents ing with subject matter 0 ENCE! rms the evaluation 01 hat nas performed t (OF ASSURANCE 5% is incorrect” ated controls are effective ic, or other media motocopies oF f2C5H st causes us to bel ta matenal misstatement seceptably iow level in ra's conclusion 1 measurem ther than historical ‘and it's YOUR choice’ NEI cASON ,, Convenience enc) 5. EMC Cpa REVIEW. miles sieve that ent of the the evaluation oF financial = By,

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