Weeks 1-3 (Audit)

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1. Which is not a feature of the letter of engagement?

  • Expected form and contents of reports
  • Fees and billing arrangements
  • The other clients of the perspective audit firm
  • Responsibilities of management and directors
  • Applicable financial reporting framework
  • Confirmation of terms request
  • The objective and scope of the audit
  • Auditors responsibilities
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Other questions in this quiz

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

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

3. 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

4. ISA 240 regards

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

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

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

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