ASUPRIN ACTIVITY WORKSHEET NO.

001
Name: Rhea Angelique A. Gunda Time & Schedule: TTh 2:30-4:00 PM

I. SHORT ANSWER QUESTIONS

1. The additional expertise an auditor must possess beyond of an accountant

is that the auditor must not only understand the principles and rules that
provide the basis for preparing financial information, but must also possess
expertise in the accumulation and evaluation of audit evidence.

2. Information risk is the possibility that information upon which a business

decision is made is inaccurate. One example of this is: biases and motives of
the provider.

3. The management has primary responsibility for the fairness of the

financial statements, while the auditors are responsible for performing an
independent audit of the financial statements and issuing a report on them in
accordance with generally accepted auditing standards.

4. Reasonable assurance is a high level of assurance regarding material

misstatement, but not an absolute one. Including the understanding that
there is a remote likelihood that material misstatement cannot be prevented
or detected on a timely basis.

5. The difference between Auditing service vs Assurance service is that Audit

is the systematic examination of the books of accounts and the other
documents of the company to know that whether the statement shows true
and fair view of the organizations, while assurance is the process in which
the different processes, procedures and the operations of the company are
analyzed.

II. TRUE OR FALSE

1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
6. TRUE
7. TRUE
8. FALSE
9. FALSE
10. TRUE
III. MULTIPLE CHOICE QUESTIONS
1. C
2. D
3. A
4. B
5. B
6. C
7. B
8. B
9. B
10. B

IV. SITUATIONAL PROBLEM

Auditor

Preliminary Engagement Activities

Yes No

Independent Appraisal Audit Planning

Rational & unbiased Initial Risk Internal

opinion on financial Management Controls
statements