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F8 ACCA

Authored by K59 Binh

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F8 ACCA
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71 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is the most appropriate definition of the external audit? 

A.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.
B.The external audit is an exercise carried out in order to give an opinion on the effectiveness of A.company's internal control system.
C.The external audit is performed by management to identify areas of eficiency within A. company and to make recommendations to mitigate those eficiencies.
D. The external audit provides negative assurance on the truth and fairness of A.company's financial statements

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Is the following statement regarding stewardship true or false? Directors are stewards of the investment made by shareholders in a company.

True
False

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

A.(1) and (2) only
B.(1) and (3) only
C.(2) and (3) only
D (1) and (4) only

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Who normally appoints the external auditors of A company?

A Directors
B Shareholders
C Audit committee
D Senior management

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The level of assurance provided by an external audit is absolute. Is this statement true or false?

True
False

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following could cause ADVOCACY?

‘a. Audit team to be offered a balloon flight entertainment
‘b. Tax fee to be based on a percentage of tax saved
‘c. Firm to represent Stark in a dispute with the tax authorities

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

You are an audit manager of Ali & Co and have just been assigned the audit of Stark Co (Stark). In an initial meeting with the finance director of Stark, you learn that the audit team will not be entertained on Stark's yacht this year, instead, he has arranged a balloon flight costing less than one-tenth of the expense of using the yacht and hopes this will be acceptable. Which of the following actions should be taken to ensure the firm complies with ACCA’s Code of Ethics and Conduct?

‘a. The gift may be accepted as Stark has taken appropriate measures to reduce the value of the gift compared to previous years.
‘b. The value of the gift should be assessed to determine whether it is of material value to the financial statements.
‘c. The gift should only be accepted if its value is trivial and inconsequential to the recipients. ‘d. Only the audit partner and audit manager should accept the gift.

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