Weeks 1-3 (Audit)

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1. What are the reasons for breaking the duty of confidence (ACCA Code of Ethics and Conduct)?

  • Self-interest threat, Mandatory disclosure, Criminal Activities
  • Criminal Offences, Obligatory disclosure, Voluntary disclosure
  • Criminal Offences, Breach of Conduct, Self-review threat
1 of 9

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2. ISA 320 regards

  • Materiality in planning and performing an audit
  • The auditors responsibilities relating to fraud in an audit of financial statements
  • Identifying and assessing the risks of material misstatement through understating the entity and its environment
  • Agreeing to the terms to audit engagements

3. What is not a matter of misunderstanding that would result in the Audit Expectation Gap (AEG)?

  • Going Concern
  • Fraud Detection
  • Audit Fees
  • True and Fair View
  • Testing

4. As per the updated (2018) Areas of Risk Code ACCA, the fee income limit from a public interest entity is?

  • 10%
  • 20%
  • 15%
  • 5%

5. How many International Standards of Auditing are there?

  • 36
  • 30
  • 27
  • 40


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