Lecture 1 – Chapter 1 all

Lecture 1 – Chapter 1 all - Lecture 1 Chapter 1&4...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture 1 – Chapter 1&4 Chapter 1 Q 1. In Australia which of these professional bodies independently undertake quality assurance proactive reviews? a) ICAA b) CPA Australia c) Both ICAA and CPA Australia d) ASIC Q 2. The main standard-setting functions for auditing in Australia now redife with the: a) AUASB b) CPA Australia c) FRC d) ICAA Q 3. The primary reason for the recent changes in auditing in Australia in regard to public interest issues is: a) The resent corporate collapses b) The enactment of the CLERP 9 c) The perceived pursuit of self-interest by auditors d) All of the above Q 4. If the auditor provides a reasonable level of assurance that the financial reports are credible and can be relied on, ASA 200 states that this reasonable assurance is: a) A moderate level of assurance b) An absolute level of assurance c) A high level of assurance d) A very high but not absolute level of assurance on an accountability matter Q 5. In accordance with ASA 200/ISA 200 the objective of an audit of a financial report is to enable the auditor to: a) Express an opinion about whether the financial report is prepared in all respects in accordance with an identified financial reporting framework b) Express an opinion about whether the financial report is prepared in all material respects, accurately in accordance with an identified financial reporting framework c) To express an opinion about whether the financial report is prepared in material respects in accordance with an financial reporting framework d) Determine whether the financial report is prepared in all material respects in accordance with a financial reporting framework Q 6. Currently the primary focus of self-regulation in the audit profession is: a) To promote ethical behavior amongst auditors b) To discipline auditors who break the law c) To minimize litigation d) To ensure audit independence
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Q 7. The body that is primarily responsible for the regulation of auditors in Australia involved in corporate reporting is: a) Australian Securities and Investment Commission b) AUASB c) Company Auditors and Liquidators Disciplinary Board d) Financial Reporting Council Q 8. Investors demand audited financial information so they can make an assessment of expected returns and risks associated with their investment. This is a description of which theory of auditing? a) Explanatory theory b) Agency theory c) Information hypothesis d) Insurance hypothesis Q 9. The body that is responsible for overseeing the AUASB and approving its strategic direction is the: a) Australian Securities and Investments Commission b) The Commonwealth Parliament c) Australian Securities Exchange d) Financial Reporting Council Q 10. Which of the following is true? The companies Auditors and Liquidators Disciplinary Board: a) Hears applications from ASIC to determine whether auditor have breached their ethical duties b) Can impose a penalty if it finds that an auditor is not a fit and proper person to be registered c)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 24

Lecture 1 – Chapter 1 all - Lecture 1 Chapter 1&4...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online