Exam 1: Assurance and Auditing: Integral to the Economy

What is the criteria used in an operational audit?

The Auditing and Assurance Standards Board (AUASB) was established by the professional bodies in response to the Corporations Act 2001.

The Certified Internal Auditor program is administered by the:

Public accounting firms performing financial report audits for companies must:

A service that does not always require that a report is provided to a third party is:

The organisation that issued the Internal Control, Integrated Framework which serves as the primary criterion for evaluating the quality of a company's internal control system is:

Which type of auditor may not perform a financial statement audit?

Governmental audit standards are developed by the Auditing and Assurance Standards Board (AUASB).

The Australian Accounting Standards Board (AASB) has the authority to establish generally accepted accounting principles for reporting entities.

Regulatory and professional bodies Write the full name of the following regulatory and professional acronyms and describe the function of each entity: FRC AUASB ASIC ASX IIA

Which of the following assurance services would be provided by the internal auditor?

The Australian Auditing Standards Board (AUASB) is made up of members appointed by the Financial Reporting Council (FRC) and a Treasury appointed Chairman.

The Auditing and Assurance Standards Board (AUASB) sets auditing standards for non-publicly traded companies.

Auditors of companies are licensed by the:

Which type of auditor would typically perform an operational audit?

The Australian Auditing Standards Board provides the criteria against which the auditor measures the fairness of financial statement presentation for both public and private companies.

Which one of the following is not a provider of assurance services?

Registration for company auditors is the responsibility of the Australian Securities and Investments Commission (ASIC).

The body that sets the strategic direction for the Auditing and Assurance Standards Board is:

The primary governing board that performs quality reviews on registered auditors is the: