Lecture 1 – Chapter 1 all

The organizations responsiveness to stakeholders

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Unformatted text preview: Covers the full range of organizational sustainability performance Focuses on the materiality and accuracy of subject matter to shareholders All of the above Q 14. In the 2010 KPMG Fraud and Misconduct Survey it was found that the largest contributing factor to large fraud incidents related to: a) Override of internal controls b) Collusion between employees and third parties c) Poor internal controls d) Lack of accountability Q 15. In the 2010 KPMG Fraud and Misconduct Survey, the least likely factor, from the following list, that was found to contribute to large fraud incidents was: a) b) c) d) Poor physical controls Collusion between employees and third parties Risks peculiar to the industry Lack of accountability Q 16. Auditors would be asked to continuously audit and report on all of the following except: a) b) c) d) Specific financial information in conjunction with a debt covenant agreement The honesty of the firm’s top management Financial statements available on demand via a website All of the above Q 17. The incorrect statement is: ISO 14000 is applicable to any organization: a) That wishes to implement, maintain and improve an environmental management system b) That wished to ensure compliance with environmental laws and regulations c) That wishes to seek certification of its environmental management system by an external third party organization d) As long as they are not a partnership or sole trader Q 18. Triple bottom line reporting focuses on decision-making and reporting that explicitly considers an organization’s: a) b) c) d) Economic, environmental and social performance Past, present and future performance Profitability, cash flows and assets and liabilities Money capital, human capital and ideas Q 19. An assurance engagement where no assertion about the subject matter is made by the responsible party and the practitioner reports on the subject matter directly, is called: a) b) c) d) A three party engagement A non-assertion-based engagement An open engagement A direct engagement Q 20. In an assurance engagement involving the audit of a set of financial statements it is not true that: a) The chief financial accountants is responsible to the shareholders for the preparation of the financial statements b) The intended users of the statements are the shareholders c) The assurance practitioner is the auditor who expresses an opinion to the shareholders d) All of the above are true Q 21. The AUASB’s standards to be applied to assurance engagements dealing with subject matters other than historical financial information is which of the following series? a) b) c) d) ASAs ASREs ASAEs ASRSs Q 22. If only the statement of financial position is being audited, rather than the full financial reports, the auditing standards that will apply to the audit are: a) b) c) d) ASAs ASREs ASAEs ASRSs Q 23. An assurance engagement on whether an entity has complied with certain aspects of a bank loan agreement relating to interest payments and the maint...
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