Quality Control and Engagement Standards- Test 2

Which of the following is not a SA 200 requirement relating to an audit of financial statements?

As per SA-200 “Overall Objectives of the Independent Auditor”, in conducting an audit of financial statements, the overall objective of the auditor is:

As per SA 200, the overall objective of the auditor is to obtain reasonable assurance about whether the F.S. as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the F.S. are prepared, in all material respects, in accordance with an applicable FRF. The term reasonable assurance in this context implies:

Professional judgement is defined as:

Professional judgement is the application of relevant training, knowledge and experience, with in the context provided by___________, in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement.

The auditor shall comply with relevant ethical requirements, including independence. The term ‘independence’ comprises of:

An attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of sudit evidence, is known as_______.

The auditor shall exercise professional judgment

Which of the following organisational set International Standards on Auditing?

Auditing and Assurance Standards Board issues all of the following standards except:

The IAASB functions as an independent standard-setting body under the auspices of__________:

Which of the following standards are not issued by the International Auditing and Assurance Standards Board?

In a limited assurance engagement, the practitioner:

Hoe does the related services framework differ from the assurance framework?

An assurance report:

What is the type of assurance engagement that has as its subject matter non-historical financial information?

What standards are practitioners who perform assurance engagements governed by no matter what type of assurance audit they are performing?

Which of the following is not one of the major categories if auditors’ services?

As per SQC 1, the objective of the firm is to established and maintain a system of quantity control to provide it with reasonable assurance:

As per SQC-1, which of the following element is not part of the firm’s system of quality control:

A process designed to provide an objective evaluation, before the report is issued, of the significant judgments the engagement team made and the conclusions they reached in formulating the report, is known as:

A process comprising an ongoing consideration and evaluation of the firm’s system of quality control, including a periodic inspection of a selection of completed engagements, designed to enable the firm to obtain reasonable assurance that its system of quality control is operating effectively, is known as:

The audit firm must establish, maintain, document and communicate to their personnel a system of quality control that includes policies and procedures that address each of the following elements except:

As per requirements of SQC 1, firm should obtain written confirmation of compliance with its polices and procedures on independence from all firm personnel required to be independent in terms of the requirements of the Code

As per requirements of SQC 1, the firm should establish policies and procedures for the acceptance and continuance of client relationships and specific engagements, designed to provide it with reasonable assurance that it will undertake or continue relationships and engagements only where is:

SQC 1 requires firms to establish policies an procedures for the timely completion of the assembly of audit files. An appropriate time limit within which to complete the assembly of the final audit file is ordinary

SQC 1 requires the firm to obtain information before accepting an engagement. Which of the following information will not assist the engagement partner in determining whether the decisions regarding the acceptance and continuance of audit engagements are appropriate:

To obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to_______and thereby enable the auditor to draw reasonable conclusions on which to base the__________.

Which of the following is true?

Ethical requirements are defined as the Code of Ethics issued by the ICAI which establishes the fundamental principles of professional ethics. Which of the following is not specified in Code of Ethics, as such?