Additional Assurance Services: Other Information Answer Key

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Chapter 20 Additional Assurance Services: Other Information Answer Key True / False Questions 1. Assurance services improve the quality of information or its context for decision makers. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement Bloom's: Remember Difficulty: Easy Learning Objective: 20-01 Describe the differences among assurance services; attestation services; and audits. Topic: Assurance Services 2. Attestation services are similar, but go beyond assurance services in scope of procedures and reporting. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement AICPA FN: Risk Analysis Bloom's: Understand Difficulty: Medium Learning Objective: 20-02 Explain the applicability of the attestation standards. Topic: Attestation Standards 3. Independence is required for the performance of all assurance services. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement Bloom's: Understand Difficulty: Medium Learning Objective: 20-01 Describe the differences among assurance services; attestation services; and audits. Topic: Assurance Services 4. Practitioners may report on either an assertion about the subject matter, or on the subject matter for most attestation engagements. TRUE AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement Bloom's: Understand Difficulty: Medium Learning Objective: 20-01 Describe the differences among assurance services; attestation services; and audits. Topic: Assurance Services 5. Attestation risk, like audit risk consists of three components--inherent risk, control risk, and substantiation risk. FALSE AACSB: Analytic AICPA BB: Industry AICPA FN: Measurement AICPA FN: Risk Analysis Bloom's: Understand Difficulty: Medium Learning Objective: 20-02 Explain the applicability of the attestation

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