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Which of the following is not one of the major categories of auditor's services?
Assurance engagements dealing with subject matters other than historical financial information
Related service engagements
Compilation engagement
The audit or review of historical financial information
Which of the following is not one of five elements exhibited by all assurance engagements?
Suitable criteria
A multi-party relationship involving a practitioner, a responsible party, those in charge of governance and the intended users
A subject matter
Evidence
Which of the following is one of the basic elements required to be included in the assurance report according to International Standards on Assurance Engagements 2000?
A paragraph explaining the intention to the engagement
Summarization of work undertaken
Identification of the intended user
The results of the internal control tests
What is the type of assurance engagement that has as its subject matter non-historical financial information?
Prospective financial information
Review of financial statements
Special purpose engagement
Agreed-upon procedures
Under what circumstances will a company get a qualified opinion in a review engagement?
If matters that impair a true and fair view have come to the auditor's attention
If the auditor can only offer limited assurance
If matters that impair a true and fair view have not come to the auditor's attention
When the effect of the matter is so material and pervasive to the financial statements that a qualification is not adequate
How does the related services framework differ from the assurance framework?
Related services claim compliance with ISAEs
Related services engagements do not result in an opinion
Related services enhance the degree of confidence intended users can have
Related services claim compliance with ISAs
In an agreed-upon procedures engagement what matters generally have to be agreed between auditor and management?
Nature, timing and extent of the specific procedures to be applied
Identification of the corporate governance framework
The skills of the audit team
The intended user of the report
An auditor makes inquiries of inventory control and sales personnel concerning possible obsolete or slow moving inventory to support management's financial statement assertion:
Rights and obligations
Valuation
Occurrence
Existence
Which of the following considerations of fraud and error by the auditor is not required by ISA 240?
When the auditor encounters circumstances that may indicate that there is a material misstatement in the financial statements resulting from fraud or error, the auditor should inform regulatory institutions
Based on the risk assessment the auditor should design audit procedures to obtain reasonable assurance that material misstatements arising from fraud and error are detected
The auditor should be satisfied that those charged with governance have been informed of any material weaknesses in internal control related to the prevention and detection of fraud
The auditor should communicate to management any material weaknesses in internal control related to the prevention or detection of fraud and error
Which of the following is not a benefit of international auditing standards?
Foreign investors are more likely to channel funds into a developing country
Encourage and assist developing nations to adopt national standards
Financial statement disclosure is more consistent
Investors can more readily comprehend a set of financial statements drawn up in another country
Which of the following standards are not issued by the International Auditing and Assurance Standards Board?
International Standards on Quality Control
International Auditing Practice Statements
International Standard on Assurance Engagements
International Financial Reporting Standards
Financial involvement with a client will affect independence and may lead a reasonable observer to conclude that independence has been impaired. Which of the following is not a form of financial involvement with a client?
Loans to or from the client
Financial interest resulting from being an administrator of any trust with a financial interest in the client
Financial interest in a joint venture with a client
Fees paid for audit engagement
Which of the following might be a commonly used guideline related to a financial statement materiality base?
2 % to 4 % of net income before taxes
15 % to 20% of current assets
5 % to 10% of long-term liabilities
1/2 % to 2% of total assets
The auditor with the responsibility for reporting is:
The external auditor
The internal auditor
The group auditor
The other auditor
All of the following factors influence the continuance of an existing auditor-client relationship except:
The balance of client fees owed
Excessive risk
Pending litigation between client and auditor
Inability to obtain a management representations letter
Which of the following matters is not ordinarily included in a management representation letter?
Amount of potential loss from litigation, including court costs
Management's acknowledgment of its responsibility for the fair presentation of financial statements
Disclosure of compensating balances and other arrangements involving restrictions on cash balances
Plans or intentions that may affect the carrying value or classification of assets
When a principal auditor uses the work of another auditor he must document:
The professional qualifications, independence and professional competence of the other auditor
Procedures to obtain sufficient appropriate audit evidence that the work of the other auditor is adequate is all the consideration necessary
The impact of internal controls on the work of the other auditor
The audit area in which the work was performed by the other auditor
Which of the following would be considered a 'self-interest threat'?
Potential employment with an assurance client
Acting as the client's advocate in a legal proceeding
When a member of the assurance team was previously a director or officer of the assurance client
A member of the assurance team has a close family member who is a director or officer of the assurance client
Important determinants of audit fees all of the following except:
The size of the audit firm
The type of client - whether the auditee is an existing client or not
The size of the auditee and the geographical dispersion
The quality of the auditee's internal control system
According to the profession's ethical standards, an auditor would be considered independent in which of the following instances?
The auditor's savings account, which is fully insured by the Financial Services Compensation Scheme (FSCS), is held at a client financial institution
The auditor is also the lawyer who advises the client as its general counsel.
An employee of the auditor serves as treasurer of a charitable organization that is a client.
The client owes the auditor fees for two consecutive annual audits.
The risk that audit evidence for a segment will fail to detect misstatements exceeding performance materiality levels is:
Audit risk.
Control risk.
Inherent risk.
Planned detection risk
In an assurance engagement, the responsible party can also be an intended user.
Never
If there is more than one intended user
If there are more than ten intended users
In exceptional circumstances
Which of the following is NOT a duty of the audit committee?
Special Investigations
Review of internal controls
Monitor the effectiveness of external auditor
Liaison with external controls
It is the responsibility of the………..to ensure a client’s operations are conducted in accordance with laws and regulations
Management
Audit committee members
The component auditor
The materiality level for a component is determined by
The group engagement team
The group engagement partner is responsible for the:
A. Direction and supervision of the audit group
B. Provision of essential technical information
C. Participation in the policy making process
A and B
A and C
B and C
