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Started: 4 December 2010

11:59 PM

Questions: 15

1. A comprehensive audi

(Points: 0.13)

A comprehensive audit includes the elements of what type of audit?

a. compliance audit.

b. financial report audit.

c. performance audit.

d. all of the above.

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2. Which of the followi 6

(Points: 0.13)

Which of the following is not a form of financial statement fraud?

a. falsification, alteration or manipulation of material financial records.

b. deliberate misapplication of accounting principles.

c. using estimates for contingent liabilities.

d. intentional omission of disclosures.

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3. Which of the followi 3

(Points: 0.13)

Which of the following bodies has an overall objective to improve the quality of
auditing in Australia?

a. the AARF.

b. the AASB.
c. the AUASB.

d. the FRC.

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4. Compilation is an ex

(Points: 0.13)

Compilation is an example of which one of the following types of services?

a. auditing.

b. review.

c. related.

d. consulting.

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5. Which of the followi12

(Points: 0.13)

Which of the following would not be a suitable procedure for quality control in the
element of monitoring?

a. identify areas and specialised situations where consultation is required.

b. note deficiencies in the firm's quality control program.

c. define the scope and content of the monitoring program.

d. provide the findings of monitoring to appropriate management levels.

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6. Which of the followi10

(Points: 0.13)

Which of the following is not a form of non-audit service?

a. taxation planning and advice.

b. accounting and bookkeeping.

c. statutory and regulatory compliance services.

d. environmental audit.

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7. The introduction of

(Points: 0.13)

The introduction of new regulations has had what impact on the auditing

a. a skills shortage in accounting and auditing.

b. an exodus of auditors overseas to less regulated environments.

c. less training for auditors in general accounting.

d. a surplus of auditors.

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8. Which of the followi11

(Points: 0.13)

Which of the following is not a requirement of registration for an auditor?

a. ordinarily reside in Australia.

b. 2 years experience.

c. membership with CPA , ICAA or other approved body.

d. a degree or diploma from a course in accounting (including auditing) of not

less than 3 years duration and in commercial law of not less than 2 years

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9. What is the main obj

(Points: 0.13)

What is the main objective of government regulation in regards to quality?

a. to educate auditors about the importance of quality.

b. to educate the public about quality expectations.

c. to protect the investing public from sub standard financial reporting and
audit practice.

d. to help auditors meet professional standards.

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10. Which body is respon 2

(Points: 0.13)

Which body is responsible for the registration and discipline of auditors?

a. ASIC.


c. FRC.

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11. The engagement partn 2

(Points: 0.13)

'The engagement partner should be satisfied that the collective team has
appropriate capabilities, competence and time to perform the audit engagement
in accordance with professional standards and regulatory and legal requirements'
is a suitable policy for which of the following quality control elements?

a. leadership responsibilities.

b. ethical requirements.

c. acceptance and continuance of client relationships.

d. assignment of engagement teams.

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12. The ANAO reports dir

(Points: 0.13)

The ANAO reports directly to:

a. the Commonwealth Parliament.

b. the ASIC.

c. the Government.

d. the ATO.

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13. ABC firm are the aud

(Points: 0.13)

ABC firm are the auditors of XYZ Company. The partner responsible for the audit
has recently spent a week consulting with XYZ Company on their internal control
systems. Which CLERP 9 reform has been breached?

a. auditor independence.

b. auditor appointment.

c. auditor rotation.
d. auditor Competence.

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14. Recent corporate and

(Points: 0.13)

Recent corporate and audit failures have led to a wide-ranging reform agenda
attempting to have the profession refocus on basics - the public interest,
redefining audit relationships and fundamental audit methods. This refocus has
been called the:

a. conformance role of auditing.

b. enhancing role of auditing.

c. convergence role of auditing.

d. none of the above.

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15. Which of the followi 5

(Points: 0.13)

Which of the following is true regarding an auditor's responsibility for detecting


a. auditors are required to detect all fraud during an audit.

b. auditors must be reasonably cautious and careful and investigate anything


c. auditors are not required to detect possible fraud.

d. auditors are not able to investigate fraud.

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