Quality Control and Engagement Standards- Test 8

After the financial statements have been issued the auditor has_______to perform any audit procedures regarding such financial statements. If the auditor becomes aware of a fact which existed at the date of the auditor’s report, the new or amended auditor’s report should include a/an________.

Which of the following is not an example of subsequent events relating to conditions that existed at period end which require adjustment in the financial statements?

Which of the below mentioned indicators are classified as financial indicators that may cast doubt about going concern assumption:

As per SA 570, if auditor concludes that use of going concern basis of accounting by management in preparation of financial statements is inappropriate, auditor shall issue________.

As per SA 570, if events or conditions have been identified that may cast significant doubt on the entity’s ability to continue as a going concern, the auditor shall determine whether or not a material uncertainty exists that may cast significant doubt on the entity’s ability to continue as a going concern through performing additional audit procedures. Additional Procedures may comprise of:

Which of the following auditing procedures most likely would assist an auditor in identifying conditions and events that may indicate substantial doubt an entity’s ability to continue as a going concern?

When an auditor concludes there is substantial doubt about a continuing audit client’s ability to continue as a going concern for a reasonable period of time, the auditor’s responsibility is to

As per SA 580 “Written Representations” the uditor shall disclaim the opinion on the financial statements in accordance with SA 705 if:

A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence is known as __________.

Which of the following is true?

SA 600 deals with:

The principal auditor, if decides to use the work auditor of component in relation to audit of consolidated financial statements, he should comply with requirements of:

If auditor of parent company is also the auditor of all of the components, this association requires the auditor:

If auditor of parent company is not the auditor of the components, the auditor of parent company while auditing the consolidated financial statements is required to:

When planning to use the work of another, the principal auditor need not to consider the professional competence of the other auditor in the context of specific assignment if the other auditor is

SA 610 primarily deals with the

If the entity has an internal audit function, the requirements of SA 610 relating to using the work of that function do not apply if:

SA 610 defined internal audit function as a function of an entity that performs__________designed to evaluate and improve the effectiveness of the entity’s governance, risk management and internal control processes.

As 610 defines the term direct assistance as the use of internal auditors to perform audit procedures under the direction, supervision and review of the___________.

The external auditor shall not use the work of the internal audit function if the external auditor determines that-

The external auditor shall not use an internal auditor to provide direct assistance if:

The external auditor shall not use internal auditors to provide direct assistance to perform procedures that:

As per SA 610, the objectives and scope of internal audit functions typically include assurance and consulting activities designed to evaluate and improve the effectiveness of the entity’s

Coordination between the external auditor and the internal audit function is effective when

The procedures the external auditor may perform to evaluate the quality of the work performed and the conclusions reached by the internal audit function, in addition to re performance, include which of the following:

As per SA 620, the auditor should not refer to the work of an expert in their report as such a reference might be misunderstood to be a qualification of the auditor’s opinion or a division of responsibility when expressing what type of opinion?

An auditor’s expert may be needed to assist the auditor in

The agreement between the auditor and an auditor’s external expert is often in the form of

When there is no written agreement between the auditor and the auditor’s expert, evidence of the agreement may be included in:

The auditor shall evaluate the adequacy of the auditor’s expert’s wotk for the auditor’s purposes, including: