Question 1

Which of the following is not one of the fundamental principles underlying the objective of an audit?

Accepted Answer

A) Knowledge. 
B) Communication. 
C) Evidence. 
D) Client satisfaction. 
A) Knowledge. 
B) Communication. 
C) Evidence. 
D) Client satisfaction.

Question 2

What has been the major recent proposal by the IAASB to reduce the expectations gap?

Accepted Answer

A) A statutory limitation on auditor's liability. 
B) A confidential report to those charged with governance. 
C) A separate report to the independent audit regulatory 
D) Amendments to the Auditor's Report. 
A) A statutory limitation on auditor's liability. 
B) A confidential report to those charged with governance. 
C) A separate report to the independent audit regulatory 
D) Amendments to the Auditor's Report.

Question 3

The value of an assurance service lies in its ability to:

Accepted Answer

A) improve information's relevance and faithful representation. 
B) report on the assurance process. 
C) improve the consistency of information. 
D) provide a professional service that is valued by the responsible party. 
A) improve information's relevance and faithful representation. 
B) report on the assurance process. 
C) improve the consistency of information. 
D) provide a professional service that is valued by the responsible party.

Question 4

Who establishes Australian auditing standards?

Accepted Answer

A) Australian Auditing and Assurance Standards Board. 
B) Australian Accounting Standards Board. 
C) Australian Securities and Investments Commission. 
D) The professional bodies together (CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants). 
A) Australian Auditing and Assurance Standards Board. 
B) Australian Accounting Standards Board. 
C) Australian Securities and Investments Commission. 
D) The professional bodies together (CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants).

Question 5

Which of the following is not one of the fundamental principles of professional ethics underlying an audit?

Accepted Answer

A) Objectivity. 
B) Integrity. 
C) Knowledge. 
D) Confidentiality. 
A) Objectivity. 
B) Integrity. 
C) Knowledge. 
D) Confidentiality.

Which of the following is not one of the fundamental principles underlying the objective of an audit?

What has been the major recent proposal by the IAASB to reduce the expectations gap?

The value of an assurance service lies in its ability to:

Who establishes Australian auditing standards?

Which of the following is not one of the fundamental principles of professional ethics underlying an audit?

Audit Regulation, Structure of the Profession and Auditors Liability

Ethics, Independence and Corporate Governance

Overview of Elements of the Financial Report Audit Process

Planning, Understanding the Entity and Assessing Business Risk

Assessing Inherent Risk, and Other Specific Business Risks

Understanding and Assessing Internal Control

Tests of Controls

Substantive Tests of Transactions and Balances

Completion and Review

The Auditors Reporting Obligations

Other Assurance Services and Advanced Topics

Internal Auditing

Audit and Assurance Services in the Public Sector

Filters

Exam 1: Assurance and Auditing: An Overview

Which of the following is not one of the fundamental principles underlying the objective of an audit?

What has been the major recent proposal by the IAASB to reduce the expectations gap?

The value of an assurance service lies in its ability to:

Who establishes Australian auditing standards?

Which of the following is not one of the fundamental principles of professional ethics underlying an audit?

Audit Regulation, Structure of the Profession and Auditors Liability

Ethics, Independence and Corporate Governance

Overview of Elements of the Financial Report Audit Process

Planning, Understanding the Entity and Assessing Business Risk

Assessing Inherent Risk, and Other Specific Business Risks

Understanding and Assessing Internal Control

Tests of Controls

Substantive Tests of Transactions and Balances

Completion and Review

The Auditors Reporting Obligations

Other Assurance Services and Advanced Topics

Internal Auditing

Audit and Assurance Services in the Public Sector

Filters