ICAEW ARF · Chapter 1 · Question 1 of 10
Which of the following is NOT one of the elements of an assurance engagement?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) A guarantee from the practitioner that the subject matter is free from fraud
Explanation
An assurance engagement has five elements: a three-party relationship, an appropriate subject matter, suitable criteria, sufficient appropriate evidence and a written assurance report. No assurance engagement provides a guarantee, and absolute assurance about the absence of fraud is never possible. The other three options are all recognised elements.
More The concept of and need for assurance MCQs
- Q3Which of the following wordings would be typical of the conclusion in a limited assurance engagement?
- Q4What is the main reason why the shareholders of a large company need an independent audit of its financial statements?
- Q5Which of the following is NOT an inherent limitation of an audit?
- Q6Which of the following public perceptions is an example of the 'expectation gap' in auditing?
- Q7Which of the following engagements is NOT an assurance engagement?