Lecture 1 – Chapter 1 all

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

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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: Q 3. The primary reason for the recent changes in auditing in Australia in regard to public interest issues is: 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: 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:
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Q 7. The body that is primarily responsible for the regulation of auditors in Australia involved in corporate reporting is: 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? 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:
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