Introduction to Audit and Assurance MCQs

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An assurance engagement is an engagement in which a practitioner obtains sufficient appropriate evidence in order to express a conclusion designed
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Introduction to Audit and Assurance

An assurance engagement is an engagement in which a practitioner obtains sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users. Here on MCQs.club we have prepared helpful Multiple-Choice Questions (MCQs) on Introduction to Audit and Assurance that cover MCQs on assurance concept & need for assurance, Assurance-Engagements, the types of assurance, role of assurance. These introduction to assurance MCQs with answers are useful for Business management exams, Professional accountancy exams and Competitive exams.

  1. What is assurance?
    1. An assurance engagement is: ‘An engagement in which a practitioner obtains sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users.
    2. Giving assurance means offering an opinion about specific information so the users of that information are able to make confident decisions knowing that the risk of the information being ‘incorrect’ is reduced.
    3. Both A&B
    4. None
  1. There are ___________ elements of an assurance engagement.
    1. Three
    2. Five
    3. Seven
    4. None
  1. The elements of an assurance engagement include:
    1. Three party involvement
    2. Appropriate subject matter
    3. Suitable criteria and Sufficient appropriate evidence
    4. Written assurance report in an appropriate form
    5. All of the above
  1. The elements of an assurance engagement “Three party involvement” refers to:
    1. Practitioner (the reviewer of the subject matter who provides the assurance)
    2. Intended users (of the information)
    3. Responsible party (those responsible for preparing the subject matter)
    4. All of the above
  1. Sufficient appropriate evidence is needed to provide a basis for the opinion/conclusion. The Sufficient appropriate evidence is obtained by performing audit procedures.
    1. True
    2. False
  1. The output of the assurance engagement expressing a conclusion/opinion about the subject matter is called:
    1. Appropriate subject matter
    2. Written assurance report
    3. Suitable criteria
    4. None
  1. Examples of assurance engagements include:
    1. Audit or Review of financial statements
    2. Systems reliability reports
    3. Verification of social and environmental information
    4. All of the above
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