Ques:

a) You have recently joined the audit firm of Smith & Singh as an audit graduate. At your first stafftraining session, the staff training manager comments that underlying all assurance engagements is the need toexercise professional judgment and professional scepticism.

REQUIRED

Discuss the importance of professional judgment and professional scepticism under the assurance framework

b) Chan & Chow offer their clients a range of professional services, including:

1. providing advice on accounting policies and accounting standards
2. auditingannual financial reports
3. providing assistance to management and the board in strengthening internal controls andcorporate governancepractices
4. providing assistance with the establishment and training of internal audit teams
5. checking compliance with company policies and legislative regulations
6. reviewing half-yearly financial reports lodged with ASIC.

REQUIRED

For each of the services listed above, determine whether it is an assurance engagement, and explain your answer.