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WorksheetsChampions of Audit
Total questions: 15
Worksheet time: 8mins
When assessing for independence, what period should we consider for non-audit fees for a 31/12/2022 year end.
01/01/2022 - 31/12/2022
01/01/2022 - 31/12/2023
01/01/2022 - Expected date of signing
01/01/2023 - 31/12/2023
Which of the following items would we include in the fees reconciliation within the independence section?
Fees per Audit Plan
Fees per ES5
Fees per Audit Programme Document
Fees per prior year Audit Findings Document
Where would you find the list of all directors who have served in the current year, to include within your organisation structure toolbox?
(a)
Which system/application do you use to create the engagement letter?
(a)
Which of the following TWO would indicate you need to consult with APS on your revenue ADA template?
Ship and bill revenue
Contract revenue which is recognised over time
International customers
New customers in the year
Which of the following are the two key benchmarks for determining materiality for a TRADING ENTITY?
PBT
Total assets
EBITDA
Revenue
Which of the following TWO factors would indicate the need to lower your PM % threshold
Lots of prior year misstatements
Significant estimates with high estimation uncertainty
Unstable economy
Significant external interest eg. bankers and regulators
What % of the chosen benchmark(s) would indicate a component is INDIVIDUALLY FINANCIALLY SIGNIFICANT to the group?
5%
10%
15%
25%
When performing a Group audit, what % coverage is required for a significant risk area.
55%
65%
70%
75%
Within the estimates section, which estimates require the mandatory estimates template to be completed
All estimates
Only significant estimates
Which of the following may be used as third party evidence of trade debtor existence?
Sales invoice
Purchase order
Cash receipt with remittance
Which of the following TWO assertions does stock price testing and stock NRV testing provide evidence for?
Accuracy
Existence
Valuation
Occurrence
What period must management consider in their going concern assessment?
12 months post year end
12 months from signing date
24 months post year end
36 months post year end
When assessing for impairment, management determines the recoverable amount as the...
Lower of:
Fair value less costs to sell AND
Value in use
Higher of:
Fair value less costs to sell AND
Value in use
Present value of future cash flows
Market value of the asset
Under FRS102, when should management perform an impairment assessment?
Every year end, even if there are no indicators of impairment
When there are indicators of impairment at year end
Whenever there is an indicator of impairment eg. at any point in the year
