WorksheetsKnowledge Check Part 2 (Project Management and Roles)
Total questions: 15
Worksheet time: 8mins
This is a key aspect in a successful engagement. Except one, effective supervision includes:
Tracking the progress of the engagement
Considering whether the individual members of the engagement team understand the instructions and ensuring that the work is being carried out in accordance with the planned approach.
Addressing minor issues arising during the engagement, considering their relevant and modifying the planned approach.
Identifying matters for consultation or consideration by more experienced engagement team members.
Except one, the use of pre-printed forms, programs and standard letters is to:
Help ensure the quality of work.
Provide an aid to training and for guidance purposes.
Help achieve efficiency.
Provide accuracy
Which of the following statements is/ are true. The role of the Engagement Quality Reviewer includes:
I. Discussing the scope of the assignment with the engagement partner.
II. Reviewing the independence of the firm and the engagement team.
III. Ensuring that the working papers selected for review reflect the work performed in relation to significant judgements and support the conclusions reached.
IV. Assisting the audit manager in drafting the audit plan and programs
IV only
I, II only
I, II and IV only
I, II, III only
Which of the following statements is/ are true. The role of the Senior Auditor or Assistant Auditor includes:
I. Assisting the audit manager in preparing time costs and expenses budgets and briefing assistants.
II. Setting the overall objectives for the assignment
III. Completing the work in accordance with the timetable and budgets;
IV. Allocating work to and controlling the work of assistants;
IV only
I, II only
I, III and IV only
I, II, III only
Which of the following is a role of a Senior Auditor or Assistant Auditor?
Reviewing judgements made, particularly with respect to materiality and significant risks.
Ensuring that appropriate consultations have taken place on matters involving differences of opinion or on difficult and contentious matters, and that the matters have been satisfactorily concluded.
Reviewing the financial statements and drafting points for partner’s attention.
Reviewing the significance and disposition of adjusted and unadjusted misstatements identified during the assignment.
Under the Execution Stage, which of the following is a role of a Manager?
Completing the work in accordance with the timetable and budgets.
Allocating work to and controlling the work of assistants
Providing on-the-job training to assistants
Monitoring the progress of the audit against audit plan and the performance of the engagement team.
Which of the following statements is “false” regarding the roles of an Engagement Partner?
The engagement partner has the principal responsibility for the assignment and for the overall quality on each audit.
The engagement partner should review all documentation in all circumstances.
The engagement partner should conduct timely reviews at appropriate stages to ensure significant matters are resolved and audit plan is modified
He should review critical areas especially those relating to judgment, contentious matters identified, significant risks and other areas considered important.
This is an attitude that includes a questioning mind and a critical assessment of audit evidence.
Good moral character
Independence in appearance
Professional skepticism
Objectivity
Which of the following is not a role of the Engagement Partner under the Preliminary Engagement Activities?
Acceptance and continuation procedures
Appraisal and identifying areas of potential training
Agreeing the terms of engagement in writing
Ensuring compliance to the ethical and independence requirements
Which of the following is not a role of the Manager under the Execution Stage?
Monitoring the progress of the audit against audit plan and the performance of the engagement team.
Developing the audit strategy and audit plan for partner approval.
Approving any changes to the audit plan and programs after consultation with the partner.
Keeping the partner abreast of the progress of the audit and any important issues arising.
What is the definition of a project?
A long-term endeavor to create a specific product, service or result
A temporary endeavor to create a specific product, service or result
A short-term endeavor to create a specific product, service or result
A temporary endeavor to create a specific product
Which of the following are the components of Iron Triangle of Project Management?
Time, Scope and Cost
Time, Scope and Resources
Time, Cost and Risk
Time, Cost and Resources
What is the definition of project management?
Using team management skills to assign project tasks
Using negotiation skills to balance customer desires with project needs
Using specific knowledge, skills, tools and techniques to ensure project activities meet the project goals
Predicting risk and formulating solutions.
Who is ultimately responsible for the quality management of the project?
Project engineer
Project manager
Quality manager
Team member
The project manager meets with the project team to review lessons learned from previous projects. In what activity is the team involved?
Performance management
Scope identification
Project team status meeting
Risk identification
