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Chapter 02 Testbank
Student: ___________________________________________________________________________
1 Which of the following statements best explains why the auditing profession has found it essential to promulgate ethical standards and to establish
. means for ensuring their observance?
A. Ethical standards that emphasise excellence in performance over material rewards establish a reputation for competence and character.
B. Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.
D. A requirement for a profession is to establish ethical standards that stress a responsibility to the public, clients and colleagues.
2 Which of the following bodies is able to impose penalties on auditors who have failed to carry out their duties properly?
.
3 Which of the following bodies monitors the operation of the Auditing and Assurance Standards Board?
.
A. all audit, review, other assurance and related engagements conducted by external firms.
D. all audit, review, other assurance and related engagements where the entity has more than five shareholders.
5 Which of the following bodies monitors the operation of the Australian Accounting Standards Board?
.
7 The types of actions by members of accounting bodies that may result in disciplinary action being taken by the member’s accounting body include:
.
9 An auditor of a company finds that there are rare and exceptional circumstances where they are unable to comply with a relevant requirement in an
. auditing standard. They are, however, able to perform appropriate alternative audit procedures. To whom do they have to report or document these
circumstances?
A. The auditor must report these circumstances to either management or the audit committee and obtain their agreement that the alternative
procedures are appropriate.
B. If the auditor can use appropriate alternative audit procedures, no reporting or documentation is required.
D. The auditor is required to document the circumstances in the audit working papers.
10 Who is responsible for assessing whether company auditors meet the required competency standards for registration?
.
A. The Australian Securities and Investments Commission is a member of the International Forum of Independent Audit Regulators.
D. Membership of the International Auditing and Assurance Standards Board is restricted to members of the Forum of Firms.
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