AA tutorial 5

AA tutorial 5

University

21 Qs

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AA tutorial 5

AA tutorial 5

Assessment

Quiz

Mathematics

University

Practice Problem

Hard

Created by

Mir Zohid

Used 3+ times

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21 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

1 min • 2 pts

From a review of the information above, your audit assistant has highlighted some of the potential risks to independence in respect of the audit of LVF. Identify which categories of threat are presented by each of the following potential threats to independence. The audit team in previous years was offered a staff discount of 10% on luxury mobile phones. Note: A potential threat may fit with more than one category.

Familiarity

Self-interest

Self-review

2.

MULTIPLE SELECT QUESTION

1 min • 2 pts

Identify which categories of threat are presented by each of the following potential threats to independence. An audit senior of Jones & Co has been on secondment as the financial controller of LVF and is part of the current audit team. Note: A potential threat may fit with more than one category.

Familiarity

Self-interest

Self-review

3.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

From a review of the information above, your audit assistant has highlighted some of the potential risks to independence in respect of the audit of LVF. Identify which categories of threat are presented by each of the following potential threats to independence. Total fee income from LVF is 27% of the total fees for the audit firm. Note: A potential threat may fit with more than one category.

Familiarity

Self-interest

Self-review

4.

MULTIPLE SELECT QUESTION

1 min • 2 pts

From a review of the information above, your audit assistant has highlighted some of the potential risks to independence in respect of the audit of LVF. Identify which categories of threat are presented by each of the following potential threats to independence. The partner and finance director know each other socially and have holidayed together. Note: A potential threat may fit with more than one category.

Familiarity

Self-interest

Self-review

5.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

In relation to the audit senior’s work on secondment and his current position as an audit senior, which of the following safeguards should be implemented in order to comply with ACCA’s Code of Ethics and Conduct?

Jones & Co should determine what areas the audit senior assisted the client on and make sure that the senior does not audit those areas

An independent review partner should be appointed to oversee the work of the audit senior

The audit senior should be removed from the engagement

No safeguards are necessary as the audit senior was only on secondment to LVF for three months

6.

MULTIPLE CHOICE QUESTION

1 min • 2 pts

In relation to the unpaid fee still outstanding for last year’s audit, what safeguard should Jones & Co implement in order to comply with ACCA’s Code of Ethics and Conduct?

Resign from the current year audit

Regard the outstanding fee to be a loan to the client and continue with the current year audit

Cease work on the current year audit until the fee is paid in full

Agree a payment schedule with LVF that results in the fees being paid before much more work is done on the current year audit

7.

MULTIPLE SELECT QUESTION

1 min • 2 pts

Which TWO of the following safeguards MUST be in place, if the consultancy project proposed by the finance director of LVF is accepted by Jones & Co?

Advice on the project must be obtained from an external IT specialist

The service must be provided by personnel who are not members of the audit team

An independent pre-issuance review of the audit engagement must be undertaken by an external professional accountant

LVF’s management must acknowledge its responsibility for the design, implementation and operation of the system and make all decisions relating to these processes

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