Under corporate governance it is illegal for the Chief Executive Officer to also act as theChairman of the Board.Is this statement true or false?
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1 .Talland &Co is the external auditor of Huntley Co, a retailer. The managing partner has beencalled to a meeting with the board of directors of Huntley Co. At that meeting the firm hasbeen asked if it can provide the following non-audit services.Huntley Co plans to implement a new sales system. The board proposes that Talland & Cotakes on a consultancy project to evaluate several possible systems, advise on which systemshould be selected, and oversee the installation of the new system.Which of the following threats would arise from the above scenario, if the project wasaccepted by Talland & Co?
A Advocacy B Familiarity C Self-review D Intimidation
2 .The following are statements that could be made about corporate governance:(1) The system by which business corporations are directed and controlled.(2) It involves entrepreneurism, innovation, development and exploration.(3) It aims to achieve a long-term increase in shareholder value.(4) It narrows the expectation gap.(5) It only applies to entities that are listed on a stock exchange.What combination of these statements best describes the meaning of corporategovernance?
A 1, 4 and 5 B 1, 2 and 5 C 1, 2 and 3 D 2, 3 and 5
3 .Helena & Co is an eight-partner assurance firm which has been asked to consider taking onthe statutory audit of two separate companies:(1) Titania Co, a listed company, requires the assurance firm to prepare, as well asaudit, the financial statements.(2) The finance director of Puck Co, an unlisted company, is the brother of one of thepartners of the assurance firm.What are the correct actions for Helena & Co to take regarding the potential auditclients?
A Accept both companies B Decline both companies C Accept with safeguards Titania Co and decline Puck Co D Accept Puck Co with safeguards and decline Titania Co
4 .Who do audit committees normally liaise between?
A The internal and external auditors B The internal auditor and entity’s staff C The executive and non-executive directors D The auditors and the directors
5 .The directors of Exit Co, a large unlisted company, have decided to issue an annualenvironmental and corporate social responsibility report as they wish to follow best corporategovernance practice. They have asked the company’s auditors Stu & Co to provide anassurance report on the new report. If accepted, the annual fees from Exit Co would beslightly less than 15% of Stu & Co’s gross annual fee income.Which of the following safeguards would be the most appropriate for Stu & Co to nowimplement?
A Resign from Exit Co B Decline the additional work C Rotate the audit partner D Discuss the fee levels with Exit Co’s audit committee
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A Rights of shareholders B Board responsibilities C Auditor’s accountability and remuneration D Risk management and internal control
8 .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...
9 .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...
10 .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?
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