Question 1

The Companies and Liquidators Disciplinary Board can respond to applications made by:

Accepted Answer

A)  the Australian Securities and Investments Commission (ASI
C)  
B)  the Australian Prudential Regulation Authority (APR
A)  
C)  the Australian Securities and Investments Commission (ASI
C)  or the Australian Prudential Regulation Authority (APR
A)  
D)  the general public 
A)  the Australian Securities and Investments Commission (ASI
C)  
B)  the Australian Prudential Regulation Authority (APR
A)  
C)  the Australian Securities and Investments Commission (ASI
C)  or the Australian Prudential Regulation Authority (APR
A)  
D)  the general public

Question 2

All modified audit reports are qualified audit opinions.

Accepted Answer

A) True 
 B)False

Question 3

A no assurance engagement is of little use as no assurance is given to the client.

Accepted Answer

A) True 
 B)False

Question 4

The wording of a negative expression of opinion generally states that:

Accepted Answer

A)  there is nothing wrong with the subject matter. 
B)  there is something wrong with the subject matter. 
C)  there is nothing that has come to the auditor's attention that would lead them to believe that the information being assured is not true and fair. 
D)  there is something that has come to the auditor's attention that would lead them to believe that the information being assured is not true and fair. 
A)  there is nothing wrong with the subject matter. 
B)  there is something wrong with the subject matter. 
C)  there is nothing that has come to the auditor's attention that would lead them to believe that the information being assured is not true and fair. 
D)  there is something that has come to the auditor's attention that would lead them to believe that the information being assured is not true and fair.

Question 5

A negative expression of opinion is only given when there is a disagreement with management and the auditor.

Accepted Answer

A) True 
 B)False

Question 6

In a review engagement, which of the following is least likely to occur during the engagement?

Accepted Answer

A)  analytical procedures 
B)  enquiries with management and other personnel 
C)  substantive audit procedures 
D)  review of the internal controls of the entity. 
A)  analytical procedures 
B)  enquiries with management and other personnel 
C)  substantive audit procedures 
D)  review of the internal controls of the entity.

Question 7

Which of the following is in? The Australian Securities and Investments Commission (ASIC)

Accepted Answer

A)  registers auditors and processes annual statements from registered auditors 
B)  requires all auditors' financial statements to be independently audited annually 
C)  provides a whistleblowing facility for the reporting of contraventions of the Corporations Act 
D)  enforces independence requirements for auditors 
A)  registers auditors and processes annual statements from registered auditors 
B)  requires all auditors' financial statements to be independently audited annually 
C)  provides a whistleblowing facility for the reporting of contraventions of the Corporations Act 
D)  enforces independence requirements for auditors

Question 8

How is the expectation gap caused and how can the effects expectation gap be reduced?

Accepted Answer

In particular, the gap is caused by unre

Question 9

Auditor rotation in CLERP9 states that an auditor cannot perform a significant role in the audit of a client in more than

Accepted Answer

A)  two out of five years 
B)  two out of seven years 
C)  five out of seven years 
D)  six out of seven years 
A)  two out of five years 
B)  two out of seven years 
C)  five out of seven years 
D)  six out of seven years

Question 10

In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to:

Accepted Answer

A)  identify the financial reporting framework to be used in the preparation and presentation of their financial report. 
B)  establish and maintain internal controls that are effective in preventing and detecting material misstatements 
C)  selecting and applying appropriate accounting policies and making reasonable accounting estimates 
D)  all of the above. 
A)  identify the financial reporting framework to be used in the preparation and presentation of their financial report. 
B)  establish and maintain internal controls that are effective in preventing and detecting material misstatements 
C)  selecting and applying appropriate accounting policies and making reasonable accounting estimates 
D)  all of the above.

The Companies and Liquidators Disciplinary Board can respond to applications made by:

All modified audit reports are qualified audit opinions.

A no assurance engagement is of little use as no assurance is given to the client.

The wording of a negative expression of opinion generally states that:

A negative expression of opinion is only given when there is a disagreement with management and the auditor.

In a review engagement, which of the following is least likely to occur during the engagement?

Which of the following is in? The Australian Securities and Investments Commission (ASIC)

How is the expectation gap caused and how can the effects expectation gap be reduced?

Auditor rotation in CLERP9 states that an auditor cannot perform a significant role in the audit of a client in more than

In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to:

Ethics, Legal Liability and Client Acceptance

Risk Assessment 1

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Balance Sheet Accounts

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters

Exam 1: Introduction and Overview of Audit and Assurance

The Companies and Liquidators Disciplinary Board can respond to applications made by:

All modified audit reports are qualified audit opinions.

A no assurance engagement is of little use as no assurance is given to the client.

The wording of a negative expression of opinion generally states that:

A negative expression of opinion is only given when there is a disagreement with management and the auditor.

In a review engagement, which of the following is least likely to occur during the engagement?

Which of the following is in? The Australian Securities and Investments Commission (ASIC)

How is the expectation gap caused and how can the effects expectation gap be reduced?

Auditor rotation in CLERP9 states that an auditor cannot perform a significant role in the audit of a client in more than

In addition to the preparation of financial statements, it is also the responsibility of those charged with governance to:

Ethics, Legal Liability and Client Acceptance

Risk Assessment 1

Risk Assessment II

Audit Evidence

Gaining an Understanding of the Clients System of Internal Controls

Sampling and Overview of the Risk Response Phase of the Audit

Execution of the Audit Testing of Controls

Execution of the Audit Performing Substantive Procedures

Substantive Testing and Balance Sheet Accounts

Substantive Testing and Income Statement Accounts

Completing and Reporting on the Audit

Filters