11/9/23, 10:13 AM AUE2601-23-S2: Assessment 6
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Assessment 6
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Attempts allowed: 2
This quiz opened at Thursday, 9 November 2023, 8:00 AM
This quiz will close on Friday, 10 November 2023, 11:00 PM.
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Time limit: 1 hour 30 mins
Grading method: Highest grade
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Attempt State Grade / 60.00 Review
1 Finished 59.00
Submitted Thursday, 9 November 2023, 11:13 AM
Highest grade: 5 ..00.
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,11/9/23, 9:38 AM Assessment 6 (page 1 of 15)
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Question 1
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The Audit Profession Act stipulates the circumstances under which the auditor may issue an unqualified audit opinion. The following
are possible circumstances:
1 The accounting records were kept in at least one of the official languages of the Republic.
2 The auditors were able to gather audit evidence to provide absolute assurance on the fairness of the financial statements.
3 The audit was carried out free from restrictions.
4 The auditors were able to satisfy themselves of the existence of all assets and liabilities shown in the financial statements.
Choose the option that correctly indicates the circumstances under which the auditor may issue an unqualified audit opinion:
Select one:
a. 1, 3 and 4
b. 2, 3 and 4
c. 1, 2 and 3
d. 1, 2 and 4
Clear my choice
Time left 1:25:18
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,11/9/23, 9:38 AM Assessment 6 (page 1 of 15)
Question 2
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Which one of the following statements regarding the auditor’s report is correct in terms of the International Standards on Auditing
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Select one:
a. The audit report should be signed by the audit engagement partner as well as the chairperson of the audit committee since the
audit committee was responsible for the appointment of the auditors.
b. The audit report of a company must be addressed to the audit committee of the company because they are responsible for the
preparation of the financial statements.
c. The date of the audit report should be no earlier than the date on which the auditor finished obtaining sufficient, appropriate
audit evidence.
d. An unmodified audit report must be issued if there are uncorrected material misstatements in the financial statements.
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, 11/9/23, 9:41 AM Assessment 6 (page 2 of 15)
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Question 3
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The following is an extract from the annual financial statements of Protective Gear Limited for the year ended 30 June 2020:
Statement of financial position 2020 2019
Investments R23 567 000 R20 341 200
Choose the option that classifies investments correctly and indicates the correct management assertions pertaining to investments.
Select one:
a. Investments is an account balance and the assertions pertaining to investments include existence, rights and obligation,
completeness, valuation and allocation, classification and presentation.
b. Investments is a class of transaction and the assertions pertaining to investments include completeness, occurrence, cut-off,
classification, accuracy and presentation.
c. Investments is a class of transaction and the assertions pertaining to investments include completeness, existence, cut-off,
classification, accuracy and presentation.
d. Investments is an account balance and the assertions pertaining to investments include occurrence, rights and obligation,
completeness, cut-off, classification and presentation.
Clear my choice
Time left 1:22:06
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