Exam (elaborations)
AUE2601 Exam May June
- Institution
- University Of South Africa (Unisa)
AUE2601-Exam May June QUESTIONS AND ANSWERS
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AUE2601-EXAM MAYJUNE 2022 ATTEMPT
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Started on Friday, 10 June 2023, 3:19 PM
State Finished
Completed on Friday, 10 June 2022, 3:36 PM
Time taken 16 mins 57 secs
Question 1
Complete
Marked out of 2.00
The different types of auditors are described below:
1 External auditors – auditors who express an independent opinion on whether the annual financial statements of a company,fairly
present the financial position and results of the company’s operations.
2 Government auditors – auditors who evaluate and investigate the financial affairs of government departments and reporttheir
findings to senior government.
3 Forensic auditors – auditors who concentrate on investigating and gathering evidence where there has been alleged
financialmismanagement, theft or fraud.
4 Special purpose auditors – auditors who specialise in a particular field such as environmental auditors, who audit compliancewith
environmental regulations, and VAT auditors who work for the South African Revenue Services and who audit vendors’ VAT
returns.
5 Internal auditors – auditors employed by the company who perform independent assignments on behalf of the board ofdirectors
of the company relating to the evaluation of the efficiency, economy and effectiveness of the company’s internal control systems
and business activities.
Choose the option that indicates which types of auditors are correctly described.
Select one:
a. 1, 2 and 3.
b.2, 3, 4 and 5.
c. 1, 2, 3, 4 and 5.
d. 1, 2, 3 and 4.
2
, Dashboar d Calendar
The following are possible goals of the Independent Regulatory Board for Auditors (IRBA).
Dashboa rd / My courses / AUE2601-22-EX 06 / Welcome Messa ge / AUE2601-Exam May /June 20 22
1 Provide an appropriate framework for the education and training of properly qualified auditors as well as for their ongoing
competence.
2 Monitor the compliance of registered auditors with professional standards.
3 Develop and maintain auditing and ethics standards which are internationally comparable.
4 Investigate and take appropriate action against chartered accountants in respect of improper conduct.
Choose the option that correctly indicates the goals of the Independent Regulatory Board for Auditors.
Select one:
a. 1, 2 and 3
b.2, 3 and 4
c. 1, 2, 3 and 4
d. 1, 2 and 4
Question 3
Complete
Marked out of 2.00
Auditors are very often engaged by promoters of talent shows. Possible reasons for this are listed below.
Choose the correct reason/reasons and note that there could be more than one correct reason.
Select one or more:
a. The auditors are generally perceived by all the parties concerned to be honest, reliable and conservative and to give an opinion on
whether the votes cast underlying the result was “fair”.
b. The promoter wants the results of the talent show to be credible.
c. The promoter does not want the sponsors, participants and very importantly, the public who support the show to think the results
are manipulated in any way.
d. It is a legal requirement for talent shows to engage an auditor to verify the results.
4
Dashboard Calendar
AFG Auditors (“AFG”) was approached by Owlet Ltd (“Owlet”) who wishes to appoint them as their new auditors for the year ending 30
DashboaSeptemrdber 2020. The Inte/ My courses / rnational StandardAUE2601-22-EX06s on/ Welcome MessaAuditing (ISAs) rgeequir/
eAUE2601-Exam Mays the auditor to exer/June 20cise profes22sional judgment and maintain professional scepticism throughout the
planning and performance of the audit. AFG’s responsibilities regarding the audit are listed below.
Identify the incorrect option.
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