
Chap 15
Authored by ly hinh
Mathematics
7th Grade
Used 2+ times

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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
AA LLP, a large assurance firm, has been asked to carry out recruitment services for its client, Laty plc, by recruiting senior accounting staff. Which TWO of the following threats to independence would arise if AA LLP agree to provide such services?
Self-review
Management.
Advocacy
Familiarity.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For the situation as follow: A client has offered the auditor an audit fee based on a percentage of reported profits. Which ONE of the following actions be taken by the auditor?
Accept with no safeguards
Accept with safeguards
Take legal advice
Reject.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
ATC & Co is the statutory auditor of Blue Co, a public interest entity. Which of the following services is ATC & Co prohibited from providing to Blue Co under any circumstances?
Internal audit services
Assistance in the resolution of tax disputes
Preparing accounting records and financial statements
Valuation services
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
AAT & Co audits Grey Co. In accordance with ICAEW Code of Ethics which TWO of the following circumstances would constitute a threat to objectivity?
The best friend of the engagement partner owns a significant indirect financial interest in Grey Co
The audit manager of Grey Co owns a small number of shares in Grey Co
The husband of the audit partner owns shares in Grey Co
An employee of AAT & Co owns shares in Grey Co but is not part of the audit team
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
In respect of conflicts of interest, Which TWO of the following statements are true?
Where adequate safeguards are available the parties involved do not need to be informed of the conflict of interest
Where a conflict of interest exists between two audit clients, the auditor must cease to act for one party
If the effects of a conflict of interest can be mitigated by safeguards these should be recorded.
Where a conflict of interest exists between two audit clients, the auditor can consider to cease to act for one party.
6.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which THREE of the following are areas in which a self-interest threat might arise?
Where there is close business relationship between the auditor and the client
Where the auditor prepares and audits the financial statements
Where the auditor has a financial interest in the client
Where there are a significant amount of overdue fees
Where the audit firm provides internal audit services and significant reliance is to be placed on the internal audit work for the purposes of the external audit.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Blue Ltd is applying to its bank for a business loan, and as part of its application it is required to submit a business plan and forecast financial statements. Believing that it would add credibility to its application, it has engaged Yellow LLP to provide an assurance report on the forecast financial statements. George Cameron, the chief executive of Blue Ltd, has proposed that a fee only be payable to Yellow LLP if the loan application is successful.
Advocacy threat
Self-interest threat
Intimidation threat.
Familiarity threat
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