DEA1 ACC 562 EXAM PACK 2022
DEA1. A limitation of an audit is caused by
the nature of financial reporting
the nature of audit procedures
the need for the audit to be conducted within a reasonable period of time and at a reasonable cost.
all of the above
2. Which of the following is NOT true a...
the need for the audit to be conducted within a reasonable period of time and at a reasonable cost.
all of the above
2. Which of the following is NOT true about Corporate Social Responsibility assurance?
reporting is voluntary and is becoming more widespread.
includes both financial and non-financial information.
is required to be performed by an auditor.
disclosures include environmental, employee and social reporting.
3. It is a requirement to be registered as an auditor in Australia to
be a fit and proper person
be a member of CPA Australia, the ICAA or other approved body
have a degree or diploma from a course in accounting (including auditing) of not less than 3 years
duration and in commercial law(including company law) of not less than 2 years duration or have
other equivalent qualifications acceptable to ASIC.
all are requirements to be registered as an auditor in Australia
,4. Which body has a mission ‘to develop, in the public interest, high-quality auditing and assurance
standards and related guidance to enhance the relevance, reliability and timeliness of information
provided to users of audit and assurance services?
the IAASB
the AASB
the AUASB
the FRC
5. Under ASA 200/ IAS 200 the primary objective of a financial report audit is to
ensure that the company is free from all material fraud
provide assurance about the future viability of the entity
to express an opinion as to whether the financial report is prepared in all material aspects, in
accordance with a financial reporting framework
ensure the company complies with all aspects of Corporations Law
6. The body that is responsible for setting the auditing standards in Australia is
AASB
IAASB
AUASB
, FRC
7. Which of the following is an example of an assurance engagement which provides reasonable
assurance?
the review of annual financial statements.
the audit of annual financial statements.
the reporting of procedures performed by the auditor concerning a review of the system of internal
control as agreed by the client.
all of the above.
8. An area where auditors in Australia have generally not expanded their role is
detection of fraud
evaluation of whether an entity is a going concern
reporting on internal controls
all of the above are areas in Australia where auditors have not expanded their role
9. In Australia the auditors opinion in the audit report must state
whether the financial report is represented fairly, in all material respects, in accordance with the
applicable financial reporting framework
whether the financial report represents a true and fair view, in all material respects, in accordance
with the applicable financial reporting framework
, whether the financial report provides a reasonable level of assurance, in all material respects, in
accordance with the applicable financial reporting framework
a. or b.
10. Suppliers (creditors) as a user of the financial statements would least consider which of the following
aspects of the financial statements
solvency of the entity
profitability of the entity
return on investment of the entity
corporate social responsibility of the entity.
11. The best test to decide if audits provide good value is
by examining how often audits are associated with company failure
by examining whether the audit report is correct
by examining the premium the market places on a share price for independently audited
information
it is not possible to designate any one test as being the best to decide if audits provide good value
12. In Australia, all of the following are required to have an annual audit, except
public companies limited by guarantee
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