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Comprehensive Review of Auditing, Engagements, and Financial Procedures in Various Professional Contexts

This review covers auditing procedures, engagements, and financial protocols used in various professional contexts to ensure accuracy and compliance.

Christopher Lee
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Comprehensive Review of Auditing, Engagements, and Financial Proceduresin Various Professional ContextsAssignment 5—Session 3 (spring)(This assignment is based on Modules 1 through 9)Question 1 (15 marks)(Multiple choice) (1½ marks each)Note: For multiple-choice questions, select the best answer. Answer each item by giving thenumber of your choice. Incorrect answers will be marked as zero. Multiple-choice questionsmust be completed in your Assignment Submission section. This portion of the assignment willbe automatically graded. Do not include your answers in your Word document as they will notbe graded.a.Which of the following statements about the similarities between audit andreviewengagements is true?1.Under both engagements, there is no need to corroborate management’s assertions.2.Both rely on plausibility rather than assurance.3.Neither requires an assessment of the client’s control system.4.Both require assessment whereGAAP is the criteria.b.Which of the following descriptions doesnotrepresent an attest assurance engagement?1.A report on the effectiveness of an entity’s system of internal controls over financialreporting2.A report on a client’s compliance with their rental contract3.Areportconfirmingtheaccountant’spreparationofanorganization’sfinancial statements4.Areportontheexaminationofcontrolproceduresatapayrollprocessingorganization

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Subject
Accounting

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