Question 1

The APES 110 sets out principles that permeate all of the other standards except for

Accepted Answer

A)  professional competence and due care 
B)  integrity and objectivity 
C)  confidentiality 
D)  unprofessional behaviour 
A)  professional competence and due care 
B)  integrity and objectivity 
C)  confidentiality 
D)  unprofessional behaviour

Question 2

The Australian Professional Accounting Standards Board (APESB) issues the accounting profession's code of conduct.

Accepted Answer

A) True 
 B)False

Question 3

The audit firm is required to provide a declaration for inclusion in the annual report in relation to the firm's independence from this client.

Accepted Answer

A) True 
 B)False

Question 4

It is not necessary for an individual to uphold the code of professional conduct in order to become a professional accounting body member.

Accepted Answer

A) True 
 B)False

Question 5

APES 110 is concerned with situations between an auditor and a client that allow the auditor to act as management of the client.

Accepted Answer

A) True 
 B)False

Question 6

The CLERP 9 Act 2004 amended the Corporations Act 2001 to enhance the auditor independence requirements.

Accepted Answer

A) True 
 B)False

Question 7

The APES 110 was adopted by the professional accounting bodies membership to provide guidance and rules but only to its members in public practice.

Accepted Answer

A) True 
 B)False

Question 8

A professional accountant cannot practice public accounting in which of the following forms?

Accepted Answer

A)  a partnership 
B)  an incorporated entity 
C)  a sole proprietorship 
D)  joint venture 
A)  a partnership 
B)  an incorporated entity 
C)  a sole proprietorship 
D)  joint venture

Question 9

The principles embodied in APES 110 Code of Ethics for Professional Accountants include:

Accepted Answer

A)  public interest, objectivity and independence 
B)  due professional care and supervision 
C)  scope and nature of services and adequate training 
D)  supervision, scope and nature of services 
A)  public interest, objectivity and independence 
B)  due professional care and supervision 
C)  scope and nature of services and adequate training 
D)  supervision, scope and nature of services

Question 10

The APES 110 may fine, suspend or cancel registration as a company auditor for violations of its code of professional conduct.

Accepted Answer

A) True 
 B)False

Question 11

APES 110 permits an auditor to perform internal audit outsourcing services for a client because such services may overlap with external audit functions.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following non-assurance services to an audit client would not be considered a threat to independence?

Accepted Answer

A)  making significant decisions regarding an acquisition 
B)  controlling physical and intangible resources 
C)  routine bookkeeping services 
D)  leading and directing the client operations 
A)  making significant decisions regarding an acquisition 
B)  controlling physical and intangible resources 
C)  routine bookkeeping services 
D)  leading and directing the client operations

Question 13

In the absence of an audit committee, the board of directors is responsible for the oversight of the financial reporting for the entity, including selection of the nominated auditor to be voted on by shareholders at a general meeting.

Accepted Answer

A) True 
 B)False

Question 14

Commissions and referral fees are permitted in which types of situations?

Accepted Answer

A)  tax 
B)  reviews 
C)  audits 
D)  attestations 
A)  tax 
B)  reviews 
C)  audits 
D)  attestations

Question 15

Members of the professional accounting bodies are required to act with integrity and objectivity for which of the following engagements?

Accepted Answer

A)  tax preparation 
B)  financial statement review services 
C)  financial statement audits 
D)  all engagements 
A)  tax preparation 
B)  financial statement review services 
C)  financial statement audits 
D)  all engagements

Question 16

A Public Interest entity for which the audit is required by regulation or legislation to be conducted must comply with the same independence requirements as a listed company.

Accepted Answer

A) True 
 B)False

Question 17

Direct ownership in a client's business must be material to the practitioner's investment portfolio in order to violate the APES 110 independence requirements.

Accepted Answer

A) True 
 B)False

The APES 110 sets out principles that permeate all of the other standards except for

The Australian Professional Accounting Standards Board (APESB) issues the accounting profession's code of conduct.

The audit firm is required to provide a declaration for inclusion in the annual report in relation to the firm's independence from this client.

It is not necessary for an individual to uphold the code of professional conduct in order to become a professional accounting body member.

APES 110 is concerned with situations between an auditor and a client that allow the auditor to act as management of the client.

The CLERP 9 Act 2004 amended the Corporations Act 2001 to enhance the auditor independence requirements.

The APES 110 was adopted by the professional accounting bodies membership to provide guidance and rules but only to its members in public practice.

A professional accountant cannot practice public accounting in which of the following forms?

The principles embodied in APES 110 Code of Ethics for Professional Accountants include:

The APES 110 may fine, suspend or cancel registration as a company auditor for violations of its code of professional conduct.

APES 110 permits an auditor to perform internal audit outsourcing services for a client because such services may overlap with external audit functions.

Which of the following non-assurance services to an audit client would not be considered a threat to independence?

In the absence of an audit committee, the board of directors is responsible for the oversight of the financial reporting for the entity, including selection of the nominated auditor to be voted on by shareholders at a general meeting.

Commissions and referral fees are permitted in which types of situations?

Members of the professional accounting bodies are required to act with integrity and objectivity for which of the following engagements?

A Public Interest entity for which the audit is required by regulation or legislation to be conducted must comply with the same independence requirements as a listed company.

Direct ownership in a client's business must be material to the practitioner's investment portfolio in order to violate the APES 110 independence requirements.

Assurance and Auditing: Integral to the Economy

Corporate Governance and Audits

Professional Liabilit

Audit Risk, Business Risk, and Audit Planning

Internal Control Over Financial Reporting

Audit Evidence: A Framework

Tests of Control and Substantive Test Implications

Tools to Gather Audit Evidence

Auditing for Fraud

Auditing Revenue, Related Accounts, Audit of Acquisition and Payment Cycle and Inventory

Audit of Cash and Other Liquid Assets

Audit of Long-Lived Assets and Related Expense Accounts

Audit of Long-Term Liabilities, Equity, Acquisitions and Related-Entity Transactions

Completing the Audit or Review

Audit, Review and Other Reports

Advanced Topics Concerning Complex Auditing Judgements

Filters

Exam 3: Judgemental and Ethical Decision-Making Frameworks and Associated Professional Standards

The APES 110 sets out principles that permeate all of the other standards except for

The Australian Professional Accounting Standards Board (APESB) issues the accounting profession's code of conduct.

The audit firm is required to provide a declaration for inclusion in the annual report in relation to the firm's independence from this client.

It is not necessary for an individual to uphold the code of professional conduct in order to become a professional accounting body member.

APES 110 is concerned with situations between an auditor and a client that allow the auditor to act as management of the client.

The CLERP 9 Act 2004 amended the Corporations Act 2001 to enhance the auditor independence requirements.

The APES 110 was adopted by the professional accounting bodies membership to provide guidance and rules but only to its members in public practice.

A professional accountant cannot practice public accounting in which of the following forms?

The principles embodied in APES 110 Code of Ethics for Professional Accountants include:

The APES 110 may fine, suspend or cancel registration as a company auditor for violations of its code of professional conduct.

APES 110 permits an auditor to perform internal audit outsourcing services for a client because such services may overlap with external audit functions.

Which of the following non-assurance services to an audit client would not be considered a threat to independence?

In the absence of an audit committee, the board of directors is responsible for the oversight of the financial reporting for the entity, including selection of the nominated auditor to be voted on by shareholders at a general meeting.

Commissions and referral fees are permitted in which types of situations?

Members of the professional accounting bodies are required to act with integrity and objectivity for which of the following engagements?

A Public Interest entity for which the audit is required by regulation or legislation to be conducted must comply with the same independence requirements as a listed company.

Direct ownership in a client's business must be material to the practitioner's investment portfolio in order to violate the APES 110 independence requirements.

Assurance and Auditing: Integral to the Economy

Corporate Governance and Audits

Professional Liabilit

Audit Risk, Business Risk, and Audit Planning

Internal Control Over Financial Reporting

Audit Evidence: A Framework

Tests of Control and Substantive Test Implications

Tools to Gather Audit Evidence

Auditing for Fraud

Auditing Revenue, Related Accounts, Audit of Acquisition and Payment Cycle and Inventory

Audit of Cash and Other Liquid Assets

Audit of Long-Lived Assets and Related Expense Accounts

Audit of Long-Term Liabilities, Equity, Acquisitions and Related-Entity Transactions

Completing the Audit or Review

Audit, Review and Other Reports

Advanced Topics Concerning Complex Auditing Judgements

Filters