30 Which of the following is/are the elements of an assurance engagement. out of O a. A three-party relationship O b. All the other options O c. Suitable criteria O d. Appropriate subject matter 31 The practitioner gathers sufficient appropriate evidence to be able to draw limited conclusions and Performs significantly fewer procedures, mainly inquiries and analytical procedures. You are required to choose the correct type of assurance engagement service mentioned in the above statement. ut of a. External audit b. Internal audit c. Interim audit d. Review engagement 32 There are many benefits in having an external audit, however an external audit is not perfect, and it does have some limitations. Which one of the following is not a limitation of an external audit? out of a. Auditors do not test all transactions. They test on a sample basis. b. Deficiencies in the internal controls may be identified c. Financial statements include estimates and judgements made by management d. Evidence is often persuasive, not conclusive. Which of the following would constitute a material misstatement? Rion 33 et ered ed out of 1.An error of R0.500,000 in relation to assets of RO. 1million. 2.A payroll fraud of RO.10,000 in a company where profit before tax is RO.40,000. 3. Disclosure of a material uncertainty. 4.An error of RO.3,000 in relation to total revenue of 1 million ag cion O a. 1,2 and 4 O b. 3 and 1 only O c. 1,2,3 and 4 O d. 1 and 2 only