4.Which of the following statements about the International Organization of Securities Commissions (IOSCO) is correct? A. IOSCO is responsible for setting international auditing standards.B. The membership of IOSCO consists of securities commissions from around the world.C. IOSCO is responsible for setting international accounting standards.D. The membership of IOSCO consists of audit firms from around the world.The membership of IOSCO consists of various securities commissions from around the world, including ASIC. IOSCO is not responsible for setting auditing or accounting standards and its members are not auditors. AACSB: Analytic Difficulty: Easy Learning Objective: 02.03 Explain the impacts of internationalisation on auditing Topic: Internationalisation of auditing 5.The major international audit firms are now known as: AACSB: Analytic Difficulty: Easy Learning Objective: 02.04 Outline the characteristics of the professional bodies and accounting firms engaged in the auditing profession, and describe the internal structure of an audit firm Topic: Profile of the auditing profession and of audit firms 6.Who is responsible for overall quality control on an audit engagement? AACSB: Analytic Difficulty: Medium Learning Objective: 02.05 Identify the elements of quality control within audit firms, and explain practice monitoring programs Topic: Quality control 12
7.An auditor has a duty to: AACSB: Analytic Difficulty: Easy Learning Objective: 02.06 Explain the concepts of reasonable care and skill, and negligence. Topic: Reasonable care and skill, and negligence
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- Fall '14