Audit Framework and Regulation &Professional Behavior and Ethics –Questions

Question 1

Question 2
Question 3

Question 4

a) Explain how ISAs are developed by the International Auditing and Assurance Standards Board
(IAASB). (5 marks)

(b) Explain the role of the professional bodies in the regulation of auditors. (5 marks)

(Total = 10 marks)

Question 5

(a) The UK's Combined Code on Corporate Governance is an established code of best practice and is
mandatory only for UK listed companies.

Required
List the advantages and disadvantages of voluntary codes of corporate governance. (3 marks)

(b) List four requirements for the board of directors as recommended by the UK's Combined Code. (4
marks)

(c) Briefly explain the function of an audit committee. (3 marks)

(Total = 10 marks)