Exam 4: Overview of the Audit Financial Statements
Exam 1: An Overview of Auditing26 Questions
Exam 2: Governance and the Auditor34 Questions
Exam 3: Professional Ethics, Independence and Audit Quality38 Questions
Exam 4: Other Assurance Engagements and Quality Standards29 Questions
Exam 5: The Auditors Legal Liability45 Questions
Exam 4: Overview of the Audit Financial Statements33 Questions
Exam 7: The Auditors Report36 Questions
Exam 8: Client Evaluation and Planning the Audit49 Questions
Exam 9: Audit Risk Assessment37 Questions
Exam 10: Materiality and Audit Evidence35 Questions
Exam 11: Tests of Controls31 Questions
Exam 12: Designing Substantive Procedures45 Questions
Exam 13: Audit Sampling47 Questions
Exam 14: Auditing Sales and Receivables47 Questions
Exam 15: Auditing Purchases, Payables and Payroll46 Questions
Exam 16: Auditing Inventories and Property, Plant and Equipment44 Questions
Exam 17: Auditing Cash and Investments45 Questions
Exam 18: Completing the Audit44 Questions
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For each of the following groups explain the relationship with the auditors and how they may interact.
-The shareholders
-The board of directors and the audit committee
-Internal auditors
-Management
(Essay)
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List the requirements necessary for an individual to become a registered auditor.
(Short Answer)
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Which of the following is a benefit of the ASIC register of company auditors?
(Multiple Choice)
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Which of the following are the international auditing standards?
(Multiple Choice)
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S. 308.of the Corporations Act requires certain implied conditions to be reported on in an audit report if there is any deficiency, or failure to comply. Which of the following is one of those implied conditions?
(Multiple Choice)
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The Corporations Act does not require the audit of which of the following type of entity, except in specified circumstances?
(Multiple Choice)
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An engagement letter contains express or implied terms of the contractual arrangement with the client. Which of the following is not one of those terms?
(Multiple Choice)
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During the course of the audit engagement, the external auditor suggests an adjustment to the financial statements. The suggestion is accepted by management without argument. This suggests that:
(Multiple Choice)
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ABC Ltd recently established an audit committee in compliance with the Australian Stock Exchange listing requirements. The committee is made up of Ian Wright, John Small and Todd Smith. Ian is an executive of the company and has worked his way up from a factory worker through to management. Ian is the chairperson of the audit committee. John is not a member of management and is therefore a non-executive director but he does serve on a number of boards. John's background is in accounting and before he became a director he was the CFO of a large corporation for many years. Todd is the chairperson of the board of directors and is an executive of the company. Todd's background is in manufacturing and he has been with the current company for 5.years. The committee has just completed having its formal charter drawn up which details its rights and responsibilities.
Identify the strengths and weaknesses of ABC Ltd's audit committee.
(Essay)
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Identify and explain two of the limitations of audited financial statements.
(Essay)
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Explain the difference between an unmodified and a modified audit report and list the different types of each.
(Essay)
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