Program (SQ): PROFESSIONAL PROGRAM

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  • 1 Marks

AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

Which of the following are potential advantages of having an audit committee?

1   Conflict between the auditor and the executive directors is reduced

2   Responsibility for internal control is given to independent non-executive directors and so becomes more effective

3   Costs of internal control and the external audit are reduced

4   It provides additional reassurance to shareholders about the reliability of the financial statements

A   1 and 4 only

B   2 and 3 only

C   1 and 3 only

D   2 and 4 only

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  • 1 Marks

BCL – L1 – SA – Q32 – Contract Law

Classification of a contract for an illegal substance.

Thomas and Jeremiah entered a contract whereby Thomas agreed to sell Jeremiah $1,000 worth of heroin, an illegal substance. This is an example of a:

A.  Quasi contract.

B.  Void contract.

C.  Voidable contract.

D.  Secondary party beneficiary contract.

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  • 1 Marks

BCL – L1 – SA – Q31 – Contract Law

Outcome of a lawsuit for breach of a lease agreement.

Patricia rented an apartment to David for $500 per month. Patricia and David signed a one-year lease, to be effective beginning January 1st. After three months, David decided that he did not like the apartment. He gave Patricia a 30-day written notice, stating that he would vacate the rental unit at the end of the thirty days, which was April 30th. Upon receipt of David’s notice, Patricia made reasonable efforts to find a new tenant. Nevertheless, the apartment remained vacant from May 1st through June 30th. Patricia re-rented the apartment beginning July 1st for one year. Patricia sues David in small claims court. What is the likely outcome?

A.   Patricia is entitled to the balance of the lease, or           $4,000, because David did not have a valid                   reason to breach the contract.

B.   Patricia is entitled to nothing because David                  gave Patricia thirty-days written notice.

C.  Patricia is entitled to $1,000, because she tried to        find another tenant immediately upon learning of        David’s intent to breach the contract but was                unable to re-lease the apartment until July 1st.

D. Patricia is entitled to $500, which represents one-        month’s rent.

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  • 1 Marks

AAA – L3 – SA – Q1.1 – Engagement Type

Type of engagement for preparing tax computation.

If a firm of accountants is engaged to prepare a company’s tax computation, what sort of engagement is this?

A   Compilation

B   Review

C   Limited assurance

D   Agreed-upon procedures

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  • 1 Marks

AA – L2 – SA – Q5.10 – True and Fair

Meaning of ‘true and fair’ in financial statements.

Which one of the following should be implied by the term ‘true and fair’ when applied to financial statements?

A   Independent

B   Free from misstatements

C   Meaningful presentation and disclosure of information

D   Complying with ethical standards

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  • 1 Marks

AA – L2 – SA – Q5.7 – Tests of Controls

Identifying non-test of control.

Which of the following is NOT a test of control?

A   Checking for sequential numbering of sales invoices

B   Ensuring the segregation of duties between sales ledger staff and the cashier

C   Checking for evidence of authorization for credit notes

D   Test checking from dispatch notes to sales invoices

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  • 1 Marks

AA – L2 – SA – Q5.6 – Internal Control Components

Components of internal control system.

Select the appropriate component of a system of internal controls for each of the below examples.

  1.   The authorizing of inventory write-offs prior to inventory being scrapped.
  2.   The preparation of a reconciliation between the receivable’s ledger control account and the receivables ledger
    A   Control environment
    B   Control activity
    C   Information system and communication
    D   Information system and communication
    E   Control environment
    F   Control activity

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  • 1 Marks

AA – L2 – SA – Q5.5 – Sampling Non-Current Assets Level

Factors affecting sample size for valuation testing.

When testing non-current assets for the valuation assertion, identify whether each of the below factors would necessitate a decrease in the sample size, an increase in the sample size or would have minimal impact on the sample size.

  1.  Stratification of the population
  2.  A significant increase in the number of other substantive procedures directed at the same assertion
    A   Decrease
    B   Increase
    C   Minimal impact
    D   Decrease
    E   Increase
    F   Minimal impact

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  • 1 Marks

AA – L2 – SA – Q5.4 – Detection Risk

Influence on detection risk.

Detection risk is influenced by:

A   Internal audit

B   The client

C   Executive and non-executive directors

D   The external auditor

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  • 1 Marks

AA – L2 – SA – Q5.3 – Materiality

Nature of materiality in auditing.

Materiality is a matter of:

A   Capacity

B   Liquidity

C   Profitability

D   Judgment

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