In relation to the audit engagement partner holding the role for nine years:Which of the following safeguards should be implemented in order to comply with ACCA's Code of Ethics and Conduct?
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1 .RWG & Co, Conoy's external auditor, believes that Conoy establishing an audit committee would bring the external auditor additional benefits.Which of the following is NOT an advantage to RWG & Co of Conoy establishing an audit committee?
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2 .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 Stark.(1) Mr Day would like his daughter Zoe to be part of the audit team(2) Audit team to be offered a balloon flight(3) Tax fee to be based on a percentage of tax saved(4) Firm to represent Stark in a dispute with the tax authoritiesWhich of the following options best identifies the valid threats to independence and allocates the threat to the most appropriate category?
A Advocacy (3) and (4); Intimidation (3) only; Self-interest (1) and (2) B Advocacy (4) only; Intimidation (3) only; Self-interest (2) and (3) C Advocacy (3) only; Intimidation (3) and (4); Self-interest (2) D Advocacy (3) and (4); Intimidation (1) and (4); Self-interest (1) and (2)
3 .Your audit partner has highlighted to you that because South is a new audit client, it is particularly important that every member of the audit team has a good understanding of South's business.Which of the following procedures must you use to obtain an understanding of the South and its environment in accordance with ISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environment?(1) Analytical procedures(2) Inquiry(3) Confirmation(4) Reperformance
A 1, 2 and 3 B 1 and 2 C 2, 3 and 4 D 1 and 4
4 .In relation to the audit team being offered a balloon ride:Which of the following actions should be taken to ensure the firm complies with ACCA's Code of Ethics and Conduct?
A The gift may be accepted as Stark has taken appropriate measures to reduce the value of the gift compared to previous years. B The value of the gift should be assessed to determine whether it is of material value to the financial statements. C The gift should only be accepted if its value is trivi...
5 .Having established a good understanding of South and its environment, the audit partner will need you to produce the planning documentation for the audit.Which of the following statements describe the objectives / benefits of planning an audit according to ISA 300 Planning an audit of financial statements ?(1) To ensure appropriate attention is devoted to important areas of the audit(2) To assist in the coordination of work done by experts(3) To facilitate the assignment of work to audit team members(4) To ensure the audit is completed within budget restraints
A 1, 2, 3 and 4 B 1, 3 and 4 C 1, 2 and 3 D 2 and 3
7 .Following your preliminary visit to South's head office you are now aware of the following information.The company installed a new till system in all supermarkets four months before the year end. The new till system is linked to the accounting system at head office and automatically posts transactions to the accounting system.Previously journals were made manually based on totals on till rolls.Having reviewed this information you have identified several audit risks which you feel your team will need to address. The first risk relates to the cost of the new till system which South has capitalised as a noncurrent asset. You are concerned that South may have included within the capitalised costs some items which are revenue in nature, leading to the overstatement of non-current assets.Which of the following statements is a valid response to this audit risk?
A Obtain a copy of the training manual relating to the new till system and discuss with directors the extent of training staff have received on the new system B Agree the capitalised costs from the trial balance back to invoices to confirm their value C Inspect invoices capitalised within the cost o...
8 .Mr Day's daughter, Zoe, is currently learning about International Standards on Auditing (ISAs) in her studies. She has asked you for clarification of the following.Which is the correct order of the following stages involved in the development of an ISA?(1) Distribution of exposure draft for public comment(2) Consideration of comments received from the public(3) Approval by IAASB members(4) Establishment of task force to develop draft standard(5) Discussion of proposed standard at a public meeting
A 1, 5, 4, 3, 2 B 2, 4, 1, 3, 5 C 4, 5, 1, 2, 3 D 5, 4, 2, 1, 3
9 .A second audit risk relates to how well the new till system is operating. You are concerned that the system may not be reliable, and that consequently not all sales have been recorded, resulting in an understatement of revenue. You are also concerned that staff may not yet be familiar with the system, leading to an increased risk of errors relating to data entry.Which of the following statements represent valid responses to this audit risk?(1) Perform analytical procedures by comparing daily / weekly sales by store with both the prior year and with expectations, in order to determine whether any unusual patterns have occurred following the installation of the new system(2) Vouch the sales revenue per the system to the till receipts to confirm the accuracy of the sales(3) Obtain a copy of the training manual relating to the new till system and discuss with directors the extent of training staff have received on the new system(4) Test the internal controls relating to the till system and the transfer of data into the accounting system
A 2 and 4 B 3 and 4 C 1, 2 and 4 D 1, 3 and 4
10 .Zoe is also concerned that Ali & Co might breach confidentiality were the audit firm to represent Stark in its dispute with the tax authorities.Which of the following statements best reflects the auditor's duty of confidentiality?
A Auditors must never, under any circumstances, disclose any matters of which they become aware during the course of the audit to third parties, without the permission of the client. B Auditors may disclose any matters in relation to criminal activities to the police or taxation authorities, if requ...
