ICAEW ARF · Chapter 1 · Question 3 of 10
Which of the following wordings would be typical of the conclusion in a limited assurance engagement?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Based on our procedures, nothing has come to our attention that causes us to believe that the information is not prepared, in all material respects, in accordance with the criteria
Explanation
Limited assurance is expressed in a negative form: the practitioner states that nothing has come to their attention suggesting the information is materially misstated. A positive 'in our opinion' conclusion is used for reasonable assurance engagements such as an audit. No assurance engagement certifies freedom from all error, and procedures are never performed on every transaction.
More The concept of and need for assurance MCQs
- 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?
- Q8Which of the following statements about an agreed-upon procedures engagement is correct?
- Q9A small company is exempt from statutory audit but its directors are considering a voluntary audit. Which of the following is a genuine…