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WorksheetsRegulatory Framework for Auditing
Total questions: 10
Worksheet time: 7mins
Which of the following is NOT a statutory rights of an external auditor?
Rights to attend any general meetings of the company
Rights to attend any directors meetings of the company
Rights to speak at general meetings attended on matters concerning them as auditors
External auditor shall ensure an effective and efficient control is in place to safeguard the company's assets.
True
False
Which of the following is NOT the statutory duty of an external auditor?
To report his opinion on whether the financial statements give a true and fair view.
To ensure the accounting and other records are kept as required by the Company Act 2016
To attend attend general meeting or annual general meeting where the financial statements are laid
Who should appoint the company's auditor in the first year of incorporation?
Members of the company
Board of Directors of the company
The Registrar
Statement of Circumstances are issued by the external auditor when he was being removed by the Company.
True
False
Auditor is having disagreement with the management over the audit fees to be charged and choose to resign. What is the documents that the external auditor may choose to issue together with his notice of resignation?
Statement of Circumstances
Statement of No Circumstances
Written Representation
Who is primarily responsible for prevention and detection of fraud and error in the company?
Management
External Auditor
Internal Auditor
External auditor perform or conduct the financial statements audit in accordance to International Standards on Auditing (ISAs) issued by International Federation of Accountants (IFAC).
True
False
Fraud refers to an ________________ which are more ______________ to be detected.
intentional act, easier
intentional act, difficult
unintentional act, easier
unintentional act , difficult
Error refers to an ________________ which are more ______________ to be detected.
intentional act, easier
intentional act, difficult
unintentional act, easier
unintentional act , difficult
