Australian Dental Council (ADC) Practice Test

Which set contains all five basic elements of an assurance engagement?

Three-party relationship, appropriate subject matter, suitable criteria, sufficient appropriate evidence, written assurance report Two-party relationship, financial statements, accounting standards, sampling, oral report Management assertion, audit plan, internal control, materiality, management letter Practitioner, client contract, audit risk, analytical procedures, modified opinion

Correct Answer:

Three-party relationship, appropriate subject matter, suitable criteria, sufficient appropriate evidence, written assurance report

Explanation:

An assurance engagement has a three-party relationship, an appropriate subject matter, suitable criteria, sufficient appropriate evidence, and a written assurance report. These elements allow the practitioner to evaluate or measure the subject matter and communicate a conclusion.

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