Question for CA, ICAB, ICAI, ACCA: Assurance Professional Level: Knowledge Level Concept and need for assurance (Chapter-1)

Uttam Kumar Saha ACA, ACSAssurance
 Professional Level: Knowledge Level
Concept and need for assurance (Chapter-1)
01. What is assurance? (P-5, section overview)
02. What are the key elements of an assurance engagement? (P-5, S-1.1)

03. You are an accountant who has been approached by Jamal, who wants to invest in Company X.
he has asked you for assurance whether the most recent financial statements of Company X are a
reliable basis for him to make his investment decision.
Identify the key elements of an assurance engagement in this scenario, if you accepted the
engagement.
04. What types of assurance engagement as per framework ? (P-7, S-1.2)
05. Give few examples of assurance engagements. (P-8, S-1.3)
06. What are the objectives of an audit? (P-8, S-1.4)
07. What are the key criteria of an assurance engagement can be seen in an audit? (P-9)
08. Which person can not be eligible for appointment as an auditor as per Companies Act, 1994? (P-9)
09. Why is assurance important? (P-10, S-2.2)
10. Why can assurance never be absolute? (P-11, S-3)
11. “Assurance services are required by law”. What about your opinion-True or false?
12. What limitations are includes in assurance services? (P-11, S-3.1)
13. What do you mean about expectations gap? (P-11, s-3.2)
14. Definition: An assurance engagement (P-5), reasonable assurance (P-7), Audit (P-8, S-1.4), true
and fair (P-9)