Which of the following procedures should an auditor carry out as soon as practicableafter accepting a new audit appointment?
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1 .Which of the following statements best expresses the auditor’s duty of confidentiality tohis client in respect of information acquired in the course of professional work?
A The auditor should only reveal confidential client data after having received consentfrom the board of directors to do so B The auditor must supply any client data requested of him by a shareholder at theannual general meeting C The auditor should never reveal client confidential data unless it is...
2 .Which of the following best describes an advantage of an audit committee?
A It enables executive directors to contribute independent judgement to matters ofcritical importance B It offers the internal auditors a direct, formal link with the executive directors C It enables management to delegate a thorough and detailed review of audit matters D It provides effective and i...
3 .Hugh, a chartered certified accountant, has recently set up in business as an auditor. He has afew clients already and is looking to expand.Which of the following potential assignments would Hugh be able to accept?
A An offer from Hugh’s father to take over the audit of the company of which he ismanaging director B An offer to carry out an annual audit for a fee which represents 5% of Hugh’s totalfee income C An offer from a client interested in a tax evasion scheme
4 .Which THREE of the following are purposes of a letter of engagement?(1) To set out the form of any report to be issued(2) To provide constructive suggestions to management concerning improvements ininternal control(3) To document and confirm acceptance of the appointment(4) To document management’s and the auditor’s respective responsibilities(5) To provide evidence on matters where other evidence is not expected to exist
A 3, 4 and 5 B 1, 2 and 3 C 1, 3 and 4 D 2, 3 and 5
5 .A potential client has asked a firm to act as auditor to his company and wants the audit tocommence immediately as the financial statements are required by the bank.What should the auditor’s response be?
A Start work on the audit right away B Inform the previous auditors that they intend to commence work C Contact the previous auditors for professional clearance before they start work D Accept the assignment subject to written confirmation of appointment by the Board
7 .Which of the following factors would be most likely to cause an auditor to decline a newaudit engagement?
A The auditor lacks an understanding of the prospective clients operations andindustry B Management’s disregard of its responsibility to maintain an adequate internalcontrol environment C The auditor is unable to perform substantive procedures before the year end D The prospective client has alrea...
8 .When accepting appointment which of the following is NOT true?
A Firms must consider independence at all times B Firms must consider if they can offer an adequate service C Firms must ensure they have previous experience in that sector
9 .With respect to audit documentation, is the following statement true or false?Working papers should be prepared to enable an experienced auditor with no involvement inthe audit to understand the nature, timing, extent and results of the audit proceduresperformed in the engagement.
A True B False
10 .The use of standardised working papers may improve the efficiency with which the audit fileis prepared and reviewed. However, the extent to which a standardised approach is desirablewill vary from audit to audit and will be more appropriate for some forms of documentationthan others.For which document would a standardised approach be particularly appropriate?
A An engagement letter B An annual bank confirmation letter C An audit programme D Written representations from management
