CAS 200 Comprehensive Exam Questions And Complete Verified Answers.
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Course
CAS.
Institution
CAS.
What is the purpose of an audit? - correct answer To enhance the degree of confidence of intended users in the f/s.
CASs require the auditor to obtain? - correct answer Reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether d...
What is the purpose of an audit? - correct answer To enhance the degree of confidence of intended
users in the f/s.
CASs require the auditor to obtain? - correct answer Reasonable assurance about whether the
financial statements as a whole are free from material misstatement, whether due to fraud or error
When is reasonable assurance obtained? - correct answer When the auditor has obtained sufficient
appropriate audit evidence to reduce audit risk to an acceptably low level.
Is reasonable assurance absolute? - correct answer No recuasse there are inherent limitations of an
audit, resulting in most of the audit evidence on which the auditor draws conclusions and bases the
opinion being persuasive rather than conclusive.
What is considered to be material? - correct answer If individually or in the aggregate, misstatements
could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial statements.
What are the overall objectives of the auditor? - correct answer 1) to obtain reasonable assurance
about whether the f/s as a whole are free from material misstatement
2) to report on the f/s
Audit Evidence should be? - correct answer - Sufficient: measure of the quantity
- Appropriate: measure of the quality (relevance and reliability)
Audit risk - correct answer The risk that the auditor expresses an inappropriate audit opinion when
the financial statements are materially misstated.
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