Name of Student: Reynalyn B.

Rinconada Id Number: C-2020-0143

Course: BSA-2 Date: May 2,2022

Activity- I

1. True, because the interests of the users of information may be different from that of the interests of
those responsible for providing information. The objective of an assurance engagement is to obtain
sufficient appropriate evidence to express a conclusion, providing reasonable or limited assurance, as to
whether the audited body has complied with the specified requirements of the appropriate legislation (the
'criteria') in all material respects.

2. True, because independence is an attribute necessary to perform assurance

engagements and is only required for assurance engagements providers. The elements are: the three-party
relationship; appropriate subject matter; suitable criteria; appropriate evidence; and a conclusion.

3. True, because the purpose of assurance engagements is to improve the quality

of the information provided.It need for independence arises because, in many cases users of financial
statements and other third parties do not have sufficient information or knowledge to understand what is
contained in a company's annual accounts. Thus, they rely on the auditor's independent assessment.

4. False, since independence standards are required for audits of public

companies, but not for audits for public companies is not correct. Public accountants conducting audits
must be both independent and objective, the standard for private accountants is only objectivity. Whether
you're a public or private accountant, you must also be objective, meaning impartial, intellectually honest,
and free of conflicts of interest.

5. True, because the criteria by which an auditor evaluates the information under audit may vary with the
information being audited.

6. False, since whether a particular engagement is an assurance engagement will depend upon whether it
exhibits all the following three elements - a three party relationship, a subject matter and suitable criteria
is not correct.

7. False, since a practitioner expresses a conclusion designed to enhance the degree of confidence of the
intended users other than the responsible party about the outcome of the evaluation or measurement of a
subject matter against criteria.

8. False, since under direct reporting assurance engagement, the evaluation or

measurement of the subject matter is performed by the responsible party, and the
subject matter information is in the form of assertion (representation) by the
responsible party that is made available to the intended users is not correct.

9. False, since the responsible party can be one of the intended users, and may be the only one is not
correct.

10. False, since CPAS are the exclusive providers of assurance engagements as
the subject matter of assurance engagements is limited only to financial information of a business entity is
not correct.