ACCT4750
Ch 1 – Intro and Overview of Audit and Assurance
In-Class Assignment
Every week, students are provided with an in-class assignment due by the end of the
scheduled class time. The type of in-class assignment varies week to week so it’s
important that students read instructions noted on the assignment page. The in-class
assignment should not take more than 1 hour to complete, and during most weeks,
marking is based on completion (not accuracy of responses). Marking Rubric can be
found at the end of this assignment.
Ramneek
NAME
Question 1: Identify the users of the financial statements including the auditor’s
report.
USER
Management
USE – why do they need audited FS?
To get assurance whether the financial statement is free from
error or any misstatement of error or fraud.
Question 2: The most common type of assurance engagement is the financial
statement audit. However, there are other types. Identify and describe.
Assurance Engagement
Compliance Audits
Performance audit
Internal Audit
Description
It determines whether the entity has conformed with
regulation and rules
Assessment of the economy, efficiency, and effectiveness
of organization operations.
To improves risk management and control procedures
and elements of the governance process.
Question 3: Determine the full name of the abbreviation, and describe the role of
the entity
Abbreviation Entity Name
AASB
Auditing and
Assurance
Standard
Board
CSA
Canadian
Securities
Administrators
CPAB
Canadian
Public
Accountability
Board
TSX
Toronto Stock
Exchange
Description
It serves the public interest by setting high-quality
auditing and assurance standards
Its objective is to improve, coordinate,harmonized the
regulation of capital markets
To promote high-quality audits.
It aims to help listed companies raise
funds, provide opportunities for
investors to build wealth, and enable
buyers and sellers to transact with
confidence.
Question 4: In your own words, why does the audit expectation gap exist?
Audit expectation gap occurs due to the general public and financial statement users
not fully understanding the work performed by auditors during an audit.It occurs when
users don not align with what an auditors has actually done.
Marking Rubric
0/5
1/5
2/5
3/5
4/5
5/5
No submission OR student was not in-class
Partial attempt, one question answered
Partial attempt, two questions answered
Partial attempt, most questions answered
Complete attempt, responses are brief and without detail
Complete attempt, responses are thorough and detailed