Lecture 1 – Chapter 1 all

Culture a professionals generally earn

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Unformatted text preview: rom a number of tenders submitted d) By being selected by the largest shareholder Q 14. A factor that would not be considered in determining whether an employment relationship is regarded as a threat to auditor’s independence is: a) The position the auditor holds/held with the assurance client b) Which professional body the auditor is a member of c) The length of time between the involvement and the appointment as auditor d) The previous position the person held at the assurance firm Q 15. What is the maximum number of consecutive years a lead engagement partner should remain in a significant role in an audit of an assurance? a) 4 b) 5 c) 6 d) 7 Q 16. In auditing which gap contributes to the expectations gap? a) The gap between acceptable standards and acceptable standards b) The gap between the expectation of users of reports and acceptable standards c) The gap between acceptable standards and the service provide y the auditor d) b and c Q 17. The investigative and disciplinary powers of the professional bodies against auditors do not include the right to: a) Impose forfeiture of membership b) Take legal action against a member c) Impose fines d) All of the above Q 18. The IFAC code of ethics was strengthened in regard to independence in 2011. Which of these is not one of the new requirements? a) Extending partner rotation requirements to all key audit partners b) Strengthening the provisions relating to the provision of non- assurance services to audit clients c) Requiting a pre- or post review if total fees from a public interest auditor client exceed 20% of the total fess of the firm in one year. d) All of the above are part of the new requirement Q 19. Between 2000 and 2002, at the time of the GFC, which global accounting firm ceased to exist because it was blamed for lack of oversight associated with some of the large corporate collapses? a) KPMG b) Emst and Young c) Arthur Anderson d) None of the above Q 20. Financial statement fraud would commonly not include: a) Deliberate misapplication of accounting principles b) Internationally omitting important disclosures c) Conservatively calculating allowances for doubtful debts d) All of the above Q 21. Which of these well know corporate collapses was not an Austr...
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