
AA ACC4201 Quiz 2
Authored by Taariq Abdul-Majeed
Professional Development
University - Professional Development
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The level of assurance provided by an external audit is absolute.
Is this statement true or false?
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is an element of an assurance engagement?
An appropriate subject matter
Positive assurance
Analytical review
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Is the following statement regarding stewardship true or false?
Directors are stewards of the investment made by shareholders in a company
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which two of the following are elements of an assurance engagement?
(1) A three-party relationship
(2) Suitable criteria
(3) Determination of materiality
(4) An engagement letter
1 & 3
1 & 2
2 & 3
1, 2 & 3
2 & 4
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What is the correct order of the following stages involved in the development of an ISA?
(1) Distribution of exposure draft for public comment
(2) Consideration of comments received as a result of the exposure draft
(3) Approval by IAASB members
(4) Establishment of task force to develop draft standard
(5) Discussion of proposed standard at a public meeting
(1), (5), (4), (3), (2)
(3), (4), (1), (2), (5)
(4), (5), (1), (2), (3)
(5), (4), (2), (1), (3)
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Who normally appoints the external auditors of a company?
Directors
Shareholders
Audit committee
Senior management
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is the most appropriate definition of the external audit?
The external audit is an exercise carried out by auditors in order to give an opinion on whether the financial statements of a company are materially misstated.
The external audit is an exercise carried out in order to give an opinion on the effectiveness of a company's internal control system.
The external audit is performed by management to identify areas of deficiency within a company and to make recommendations to mitigate those deficiencies.
The external audit provides negative assurance on the truth and fairness of a company's financial statements.
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