Fundamentals of Assurance Services

1. Auditing includes all of the following EXCEPT

• A systematic process.

• Communicate audit results to intended users.

• Ascertain degree of correspondence between assertions and financial statements.

• An objective obtaining and evaluating evidence concerning assertions about economic actions and events.

2. This refers to the level of auditor’s satisfaction as to the reliability of an assertion being made by one party for use by another party.

• Confidence level

• Assurance level

• Tolerance level

• Reasonableness level

3.The three commonly-sought types of assurance services are:

• Audits, review and compilations.

• Audits, compilations and other assurance services.

• Reviews, compilations and other assurance services.

• Audits, reviews and other assurance services.

4.These are the standards or benchmarks used to evaluate or measure the subject matter of an assurance engagement.

• Assertions

• Criteria

• Generally accepted auditing standards

• Engagement process

Which of the following is not an element of assurance engagements?

• Subject matter

• Engagement process

• Evidence

• Suitable criteria