Before NAB & Co can accept appointment as Mickey's auditors they must determine whether the preconditions for an audit are met and obtain management's agreement that it acknowledges and understands its responsibilities.Which of the following is NOT included in the agreement obtained by the auditor?
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1 .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
2 .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 ...
3 .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
4 .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...
5 .NAB & Co have decided that they would like to accept nomination as Mickey's auditors and Mickey's existing auditors have agreed to resign rather than be removed from office. The audit manager in charge of the tender has set out a list of procedures that the firm must undertake before Mickey can be approved as an audit client.(1) Ensure that the existing auditor's resignation has been properly conducted(2) Communicate with Mickey's existing auditors(3) Submit an engagement letter to Mickey's management(4) Perform client screening procedures, including an assessment of Mickey's risk profileWhich of the following summarises the correct order in which the above procedures should be undertaken?
A 1, 3, 2, 4 B 4, 3, 2, 1 C 1, 4, 2, 3 D 2, 4, 1, 3
7 .Which of the following correctly summarises the order in which the steps required by the firm's policy for first year audits would take place?
A 1, 2, 3, 4 B 3, 2, 1, 4 C 1, 2, 4, 3 D 2, 1, 4, 3
8 .Once NAB & Co has accepted appointment as Mickey's auditor they must draw up an engagement letter.Which of the following must be included in the audit engagement letter?
A Arrangements concerning the use of experts such as inventory counters B Obligations to make audit working papers available to other parties C Expected form and content of any reports D Basis on which fees are computed
9 .The audit junior has asked you whether internal control questionnaires (ICQs) should be completed as well as internal control evaluation questionnaires (ICEQs).Which of the following statements is correct in relation to ICQs and ICEQs?
A ICEQs determine whether controls exist which meet specific control objectives; ICQs determine whether there are controls which prevent or detect specified errors or omissions B ICEQs are generally easier to apply to a variety of different systems than ICQs C ICQs are likely to overlook how interna...
10 .Based on your understanding of the nature of EuKaRe you have identified that income is primarily in the form of cash.Which element of audit risk is increased by this fact?
A Detection risk B Inherent risk C Control risk D Business risk
