It is incorrect that the Framework for Assurance Engagements:
A) is based on the International Framework issued by the IFAC
B) defines and describes the elements of an assurance engagement
C) shows the concepts of an assurance engagement
D) establishes standards

Question

Quizplus · Accepted Answer

The Framework for Assurance Engagements, issued by the International Federation of Accountants (IFAC), provides a foundation for performing and promoting high-quality assurance engagements. It defines and describes the elements and objectives of an assurance engagement and explains important concepts related to such engagements. However, it does not establish standards; instead, it serves as a basis upon which assurance standards are developed.

It Is Incorrect That the Framework for Assurance Engagements