Lecture 1 – Chapter 1 all

Lecture 1 – Chapter 1 all

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: alian company? a) Akai Holdings b) Storm Financial c) HIH Insurance d) One. Tel Q 22. A finding of the HIH Royal Commission was: a) The auditors were guilty of fraud b) Three of the former audit partners sat on the board of HIH c) It was mainly the auditor’s fault that the company failed d) All of the above were findings. Q 23. In an ASIC report published in Dec. 2003 it was found that overall compliance of Australian companies with accounting standards appeared to be high but there were 25 cases where an accounting standard had been breached. Which of these was identifies as a problems? a) Understating provisions for future maintenance b) Including expenses as extraordinary items c) Lack of disclosure of directors transactions and emoluments d) All of the above Q 24. Audit quality refers to: a) Discharging responsibilities with due professional care b) Being competent c) Resisting management pressures d) All of the aove Q 25. According to Brooks and Dunn the accounting profession has certain duties, rights and values, which of the following would not illustrate a value required to carry out duties and maintain rights? a) Honest b) Integrity c) Audacity d) Objectivity Lecture 3 Chapter 6 Q 1. An independent auditor should access the work of the internal auditor for: a) The purpose of planning the audit b) The development of an effective audit approach c) The adequacy and effectiveness of the internal control structure d) All of the above Q 2. Which of these would be considered to be a modification to the audit report? a) An unqualified opinion b) A qualified opinion c) A negative form of opinion d) Both b. and c. Q 3. Which of the following is incorrect? The audit report must state whether, in the auditor’s opinion the financial statements are properly drawn up: a) So as to give a true and fair view of the financial affairs of the company b) In accordance with the Corporations Act c) In accordance with applicable auditing standards d) None of the above is incorrect. i.e. all are correct statements Q 4. The assessment of materiality in the audit process requires: a) b) c) d) Quantitative considerations only Qualitative considerations only Bothe quantitative and qualitative considerations The advice of experts Q...
View Full Document

This document was uploaded on 09/17/2013.

Ask a homework question - tutors are online