Exam 1: Assurance and Auditing: Integral to the Economy

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The International Auditing and Assurance Standards Board (IAASB) is interested in harmonising auditing standards around the world and is working closely with US standard setters on selected standards.

(True/False)
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The Australian Financial Reporting Council (FRC) is responsible for providing broad oversight of the process for setting accounting and auditing standards.

(True/False)
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The internal audit profession adheres exclusively to standards set by the Auditing and Assurance Standards Board (AUASB).

(True/False)
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The Auditing and Assurance Standards Board (AUASB) has authority to establish generally accepted accounting principles (GAAP) for all business enterprises.

(True/False)
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The Australian Auditing and Assurance Standards Board (AUASB) remains a valuable organisation because of its continuing involvement in:

(Multiple Choice)
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