Question 1

When implementing sustainability reporting,companies determine what to report and how to report it by using various available guidelines,the most prominent of which includes:

Accepted Answer

A) The Global Reporting Initiative Reporting Framework. 
B) The World Initiative Reporting Framework. 
C) The Best Practice Sustainability Reporting Standards. 
D) The Sustainability Generally Accepted Standards.

Question 2

The auditor should have performed sufficient work to have confidence in the most likely estimate of misstatements in an account balance and that estimate should be used for making materiality judgments.

Accepted Answer

A) True 
 B)False

Question 3

The auditor considers materiality only at the overall financial statement level.

Accepted Answer

A) True 
 B)False

Question 4

Ford Motor Company defines sustainability as - a business model that creates value consistent with the long-term preservation and enhancement of environmental,social and financial capital.

Accepted Answer

A) True 
 B)False

Question 5

Under which approach is the client expected to estimate fair value based on a model of the future cash flows associated with the instrument or the asset?

Accepted Answer

A) Mark to market model 
B) Replacement model 
C) Mark to model 
D) Historical cost model

Exam 18: Advanced Topics Concerning Complex Audit Judgments

When implementing sustainability reporting,companies determine what to report and how to report it by using various available guidelines,the most prominent of which includes:

The auditor should have performed sufficient work to have confidence in the most likely estimate of misstatements in an account balance and that estimate should be used for making materiality judgments.

The auditor considers materiality only at the overall financial statement level.

Ford Motor Company defines sustainability as - a business model that creates value consistent with the long-term preservation and enhancement of environmental,social and financial capital.

Under which approach is the client expected to estimate fair value based on a model of the future cash flows associated with the instrument or the asset?