PROFESSIONAL PROGRAM – Page 14

AA – L2 – SA – Q5.2 – Ethical Threats

Threat from designing client IT system.

Question

Sapphire & Co are the auditors of Zenith plc, a listed company. Zenith plc has approached Sapphire & Co to help it design and implement a new IT system. Which of the following threats is created if Sapphire & Co accepts this assignment?

A Intimidation threat

B Self-review threat

C Advocacy threat

D Familiarity threat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Ethical Threats, ICAG, Self-Review
Level: Level 2

Topic: Professional and Ethical Considerations

AA – L2 – SA – Q5.1 – Director Responsibilities

Identifying non-director responsibility.

Question

Which one of the following is not a director’s responsibility?

A To inform the auditor of the date of the audit

B To keep proper accounting records

C To prevent fraud and error

D To supply information and explanations to the auditor

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Act, Corporate Governance, Director Responsibilities, ICAG
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – SA – Q4.10 – Auditor’s Report

Section of auditor’s report for ISA statement.

Question

Which section of the auditor’s report should include a statement that the audit has been carried out in accordance with ISAs?

A Auditor’s opinion paragraph

B Auditor’s responsibilities for the audit of the financial statements C Responsibilities for the financial statements paragraph

D Basis for opinion paragraph

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit reporting, Auditor’s Report, ICAG, ISA Compliance
Level: Level 2

Topic: Completion Procedures and Reporting

AA – L2 – SA – Q4.9 – Receivables Circularization

Feature not associated with receivables circularization.

Question

What will NEVER be a feature of receivables circularization?

A Using client headed paper to send letters out

B Asking the client if the replies have come back

C A positive circularization

D A negative circularization

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Evidence, Audit Procedures, ICAG, Receivables Circularisation
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

Question

PEFA performance assessment report?

A Ministries, departments and agencies experience delays in receiving cash funds for approved projects

B Lack of independent quality reviews

C Expenditure commitments being made outside the approved budget

D Revenue administration is weak

Answer

Find Related Questions by Tags, levels, etc.

Tags: ICAG, PEFA Assessment, Public Financial Management, Public Sector
Level: Level 2

Topic: Public sector audit

AA – L2 – SA – Q4.7 – Financial Statement Assertions

Assertions for non-current asset procedures.

Question

Identify which financial statement assertion is addressed for each of the below substantive procedures performed on a non-current asset schedule (which agrees to the financial statements).

Confirming whether the costs on the schedule are correct
Tracing items from the non-current asset register to the schedule
A Existence
B Accuracy and valuation
C Completeness
D Accuracy
E Existence
F Completeness

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assertions, ICAG, Non-current Assets, Substantive Procedures
Level: Level 2

Topic: Audit and Assurance Evidence

AA – L2 – SA – Q4.6 – Fraud Prevention Controls

Control to prevent supplier fraud.

Question

A supplier fraud has just been identified by the management of Coral Ltd. The supplier had developed the technique of delivering goods that had not been ordered by Coral Ltd. and then subsequently raised invoices for the unordered goods which Coral Ltd. then paid. Which of the following controls would have prevented this fraud?

A All invoices received are agreed to goods received notes

B All goods received are agreed to purchase orders

C All purchase orders are kept in a locked box in the purchases department office

D All orders are authorized by the purchase’s director

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fraud Prevention, ICAG, Internal controls, Purchase Controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q4.5 – Internal Controls

Identifying non-internal control activity.

Question

Which of the following is NOT an internal control?

A Authorizing purchase orders

B Ensuring cash is locked away

C Performing external confirmation of receivables

D The opening of the post should not be the same person who banks the cheques

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Control Procedures, ICAG, Internal controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q4.4 – Inherent Risk Factors

Identifying non-inherent risk factor.

Question

Which of the following is NOT an inherent risk factor?

A Control environment

B Subjectivity

C Uncertainty

D Change

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, ICAG, Inherent Risk, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Risk Environment

AA – L2 – SA – Q4.3 – Audit Threats

Threat created by client pressure on audit opinion.

Question

Jade Ltd, an audit client of Keats & Co, is unhappy with the conduct of the audit and has threatened to replace Keats & Co if the firm does not issue the opinion that Jade Ltd wants. Which of the following threats is created by this situation?

A Familiarity

B Advocacy

C Management

D Intimidation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Threats, Auditor Independence, ICAG, Intimidation, Professional Ethics
Level: Level 2

Topic: Professional and Ethical Considerations

Program (SQ): PROFESSIONAL PROGRAM

Search

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

AA – L2 – SA – Q5.2 – Ethical Threats

Threat from designing client IT system.

AA – L2 – SA – Q5.1 – Director Responsibilities

Identifying non-director responsibility.

AA – L2 – SA – Q4.10 – Auditor’s Report

Section of auditor’s report for ISA statement.

AA – L2 – SA – Q4.9 – Receivables Circularization

Feature not associated with receivables circularization.

AA – L2 – SA – Q4.8 – PFM System Weaknesses

Non-weakness in Ghana’s PFM system.

AA – L2 – SA – Q4.7 – Financial Statement Assertions

Assertions for non-current asset procedures.

AA – L2 – SA – Q4.6 – Fraud Prevention Controls

Control to prevent supplier fraud.

AA – L2 – SA – Q4.5 – Internal Controls

Identifying non-internal control activity.

AA – L2 – SA – Q4.4 – Inherent Risk Factors

Identifying non-inherent risk factor.

AA – L2 – SA – Q4.3 – Audit Threats

Threat created by client pressure on audit opinion.

Our Offerings

Contact Info

My Account

Get In Touch

Program (SQ): PROFESSIONAL PROGRAM

Search

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

Threat from designing client IT system.

You're reporting an error for "AA – L2 – SA – Q5.2 – Ethical Threats"

Identifying non-director responsibility.

You're reporting an error for "AA – L2 – SA – Q5.1 – Director Responsibilities"

Section of auditor’s report for ISA statement.

You're reporting an error for "AA – L2 – SA – Q4.10 – Auditor’s Report"

Feature not associated with receivables circularization.

You're reporting an error for "AA – L2 – SA – Q4.9 – Receivables Circularization"

Non-weakness in Ghana’s PFM system.

You're reporting an error for "AA – L2 – SA – Q4.8 – PFM System Weaknesses"

Assertions for non-current asset procedures.

You're reporting an error for "AA – L2 – SA – Q4.7 – Financial Statement Assertions"

Control to prevent supplier fraud.

You're reporting an error for "AA – L2 – SA – Q4.6 – Fraud Prevention Controls"

Identifying non-internal control activity.

You're reporting an error for "AA – L2 – SA – Q4.5 – Internal Controls"

Identifying non-inherent risk factor.

You're reporting an error for "AA – L2 – SA – Q4.4 – Inherent Risk Factors"

Threat created by client pressure on audit opinion.

You're reporting an error for "AA – L2 – SA – Q4.3 – Audit Threats"

admin

Pick a Form