Once established, the audit committee will have many objectives.Which of the following does NOT form part of the audit committee's objectives?
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1 .Your firm has tendered for the engagement and has been successful. You have been asked to follow through the acceptance procedures for the firm.You are re-appraising whether it is appropriate for the firm to accept the engagement.Which of the following issues arising would cause Rivers & Co to decline the engagement?
A The engagement letter has not been received by Rivers & Co. B Rivers & Co losing a major client meaning Severn's audit fee would represent 20% of annual firm income. C A reply from the outgoing auditors stating that they declined to seek reappointment to the audit of Severn Co due to a disagreemen...
2 .The partner responsible for the review engagement has asked you to tell him what level of assurance you believe YHT & Co should provide, and also what type of opinion the firm should give.What is the level of assurance and type of opinion that can be provided on this review engagement?Level of assurance Report wording
A Reasonable Positive B Reasonable Negative C Limited Positive D Limited Negative
3 .You are drafting an engagement letter in respect of Severn Co. You have identified four issues that could be included in the engagement letter:(1) Scope of the audit(2) Responsibilities of management of Severn Co(3) Timetable for the provision of accounting information by Severn Co(4) Fees and billing arrangementsWhich of the above issues MUST be included in the engagement letter for it to comply with ISA 210 Terms of audit engagements?
A 1 and 4 B 2 and 3 C 3 and 4 D 1 and 2
4 .The audit partner has told you that the independence threats arising from YHT & Co performing the review engagement should be monitored carefully.Which of the following is likely to cause the audit partner most concern?
A According to the ACCA Code of Ethics and Conduct, YHT & Co is prohibited from providing other assurance services to an audit client. B The review engagement is likely to give rise to a self-review threat, as the outcomes of the review could form the basis of the financial statements which the audi...
5 .Rivers & Co has now accepted the audit of Severn Co.Which of the following actions in relation to Severn Co is NOT necessary at this stage?
A Obtain references concerning the directors B Submit the letter of engagement C Carry out procedures to obtain an understanding of the entity D Appoint a quality control reviewer
7 .The ACCA Code of Ethics and Conduct requires that an external auditor implement appropriate safeguards to ensure that a conflict of interest is properly managed.Which of the following actions should NAB & Co take regarding the potential confidentiality issue?(1) Inform the audit committees of both Goofy and Mickey of the potential conflict of interest and obtain their consent to act for both parties(2) Use separate audit teams for each audit with a common independent review partner to determine whether confidentiality has been maintained(3) Draw up confidentiality agreements to be signed by the Board of Directors of Goofy and Mickey(4) Prevent unauthorised physical access to the information relating to the both company audits
A 1, 3 and 4 B 1 and 4 only C 1, 2 and 4 D 1, 2 and 3
8 .Conoy's internal audit department is currently not well understood or supported by the Board.Which TWO of the following statements describe the main advantages of establishing an audit committee?
A The position of the internal audit department will be strengthened within the organisation B Corporate governance will be enhanced as the board of directors will report to the audit committee C The effectiveness of the internal audit department will be improved as the audit committee will monitor ...
9 .From a review of the information above, your audit assistant has highlighted some of the potential risks to independence in respect of the audit of Goofy.(1) Audit engagement partner has been in the position for six years(2) Audit engagement partner's daughter works for Goofy(3) Audit engagement partner's daughter's bonus would be in the form of shares(4) 5% bonus offered if audit is completed three weeks earlier than last yearWhich of the following options correctly identifies the valid threats to independence and allocates the threat to the appropriate category?
A Familiarity 1 and 3; Self-interest 2 and 4 B Familiarity 2 and 4; Self-interest 1 and 3 C Familiarity 1 and 2; Self-interest 3 and 4 D Familiarity 2 and 3; Self-interest 1 and 4
10 .One of the shareholders, who is not an executive director, has heard about Conoy's plans to establish an audit committee. He has drawn up a list of statements which he feels the Board should review before making any decisions:Which TWO of the statements made by the shareholder are TRUE in relation to the establishment of the audit committee?
A Those remaining shareholders who are not already executive directors should be appointed as nonexecutive directors and should be part of the audit committee B The chief internal auditor should not be part of the audit committee C Establishing an audit committee will mean that there is a specialist...
