Governance And Control 3AB at University Of Johannesburg | Flashcards & Summaries

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TESTE DEIN WISSEN

. Explain the difference between reasonable assurance and limited assurance engagements.

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TESTE DEIN WISSEN

reasonable assurance engagements are designed to reduce audit risk to acceptably low levels in order to provide relatively high levels of assurance or comfort to users of financial statement information.

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TESTE DEIN WISSEN

Explain the difference between reasonable assurance and limited assurance engagements

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TESTE DEIN WISSEN

Reviews are designed to reduce engagement risk to an acceptable level, but it is a given that these levels will always be higher than those of reasonable assurance. engagement.

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. Identify the conditions leading to an entity requiring an independent review

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TESTE DEIN WISSEN

those whose score is below 350


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which persons can perform independent reviews for Companies with a public interest score of 100 or more:

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1. A registered Auditor (registered with IRBA and eligible to perform statutory audits)


2. A Chartered Accountant (SA)

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TESTE DEIN WISSEN

Describe which persons can perform independent reviews for 

Companies with a public interest score of less than 100:

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1. A registered Auditor (same as per category one)

2. A Chartered Accountant (SA) (same as per category one)

3. Person qualified to be appointed as an accounting officer in terms of section

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Independent review

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An independent review is the latest addition to the Companies Act, that provides limited assurance. An accounting professional may review a business’s financial statements via particular enquiries with the aim of simply determining that no financial errors or miscalculations have occurred. This type of financial review requires less rigorous investigation, and the costs inevitably are less than expected for an audit

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Audit

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These financial statements are comprised of transactions and documents provided by the business undertaking the audit. An audit provides the highest level of assurance, otherwise known as reasonable assurance. It therefore carries higher authority than a review. As an audit requires far more detailed investigation into a business’s financial statements, it is a more expensive option.

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TESTE DEIN WISSEN

 Reasonable assurance

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TESTE DEIN WISSEN

are designed to reduce audit risk to acceptably low levels in order to provide relatively high levels of assurance or comfort to users of financial statement information.

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TESTE DEIN WISSEN

Limited assurance engagements

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TESTE DEIN WISSEN

are designed to reduce engagement risk to an acceptable level, but it is a given that these levels will always be higher than those of a reasonable assurance engagement. Review reports will therefore always provide less assurance/comfort to users of financial information than reports issued on the basis of an audit.

Lösung ausblenden
TESTE DEIN WISSEN

Describe which persons can perform independent reviews taking into account the public interest score of the entity. for Companies with a public interest score of 100 or more:

Lösung anzeigen
TESTE DEIN WISSEN

1. A registered Auditor (registered with IRBA and eligible to perform statutory audits)

2. Chartered Accountant (SA)

Lösung ausblenden
TESTE DEIN WISSEN

Describe which persons can perform independent reviews taking into account the public interest score of the entity for

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TESTE DEIN WISSEN

Companies with a public interest score of less than 100:

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TESTE DEIN WISSEN

what is true about reportable Irregularity 

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TESTE DEIN WISSEN

This suggests that as soon as an independent reviewer believes there is an irregularity, it has to be reported. The reviewer does not therefore require hard proof to substantiate his or her reason to believe.

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Q:

. Explain the difference between reasonable assurance and limited assurance engagements.

A:

reasonable assurance engagements are designed to reduce audit risk to acceptably low levels in order to provide relatively high levels of assurance or comfort to users of financial statement information.

Q:

Explain the difference between reasonable assurance and limited assurance engagements

A:

Reviews are designed to reduce engagement risk to an acceptable level, but it is a given that these levels will always be higher than those of reasonable assurance. engagement.

Q:

. Identify the conditions leading to an entity requiring an independent review

A:

those whose score is below 350


Q:

which persons can perform independent reviews for Companies with a public interest score of 100 or more:

A:

1. A registered Auditor (registered with IRBA and eligible to perform statutory audits)


2. A Chartered Accountant (SA)

Q:

Describe which persons can perform independent reviews for 

Companies with a public interest score of less than 100:

A:

1. A registered Auditor (same as per category one)

2. A Chartered Accountant (SA) (same as per category one)

3. Person qualified to be appointed as an accounting officer in terms of section

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Q:

Independent review

A:

An independent review is the latest addition to the Companies Act, that provides limited assurance. An accounting professional may review a business’s financial statements via particular enquiries with the aim of simply determining that no financial errors or miscalculations have occurred. This type of financial review requires less rigorous investigation, and the costs inevitably are less than expected for an audit

Q:

Audit

A:

These financial statements are comprised of transactions and documents provided by the business undertaking the audit. An audit provides the highest level of assurance, otherwise known as reasonable assurance. It therefore carries higher authority than a review. As an audit requires far more detailed investigation into a business’s financial statements, it is a more expensive option.

Q:

 Reasonable assurance

A:

are designed to reduce audit risk to acceptably low levels in order to provide relatively high levels of assurance or comfort to users of financial statement information.

Q:

Limited assurance engagements

A:

are designed to reduce engagement risk to an acceptable level, but it is a given that these levels will always be higher than those of a reasonable assurance engagement. Review reports will therefore always provide less assurance/comfort to users of financial information than reports issued on the basis of an audit.

Q:

Describe which persons can perform independent reviews taking into account the public interest score of the entity. for Companies with a public interest score of 100 or more:

A:

1. A registered Auditor (registered with IRBA and eligible to perform statutory audits)

2. Chartered Accountant (SA)

Q:

Describe which persons can perform independent reviews taking into account the public interest score of the entity for

A:

Companies with a public interest score of less than 100:

Q:

what is true about reportable Irregularity 

A:

This suggests that as soon as an independent reviewer believes there is an irregularity, it has to be reported. The reviewer does not therefore require hard proof to substantiate his or her reason to believe.

Governance and control 3AB

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