The evaluation or measurement of the subject matter is performed by the responsible party and the outcome of such evaluation or measurement is the form of an assertion by the responsible party that is made available to the intended users.
Assertions-based engagements
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Other team wins 25 points!
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20
The reporting responsibility of a CPA in a compilation engagement is to
Clearly indicate in the report that no assurance is provided
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25
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20
The standards used in a compilation engagement
Philippine Standard on Related Services
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20
The usual procedures in a review engagement are
Inquiry and analytical procedures
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20
Refers to the quality of evidence
Appropriateness
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20
The standards used in a review engagement
Philippine Standards on Review Engagements
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20
Performed to obtain limited assurance on the financial statements
Review
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A prospective financial information prepared on the basis of hypothetical assumptions
Projections
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20
Required knowledge of entity in an audit
Sufficient to assess the risk of material misstatements
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20
The standards used in an audit engagement
Philippine Standards in Auditing
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20
Identify the four (4) types of services that are normally performed in connection with the entity's financial statements.
Audit, review, compilation, agreed-upon opinion
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20
Identify 3 examples of subject matters in assurance engagements
Data; systems and processes; behavior; physical characteristics
