PROFESSIONAL PROGRAM – Page 19

AA – L2 – SA – Q2.6 – Audit Evidence Reliability

Most reliable source of audit evidence.

Question

Which of the following is normally the most reliable source of audit evidence?

A Internal audit

B Suppliers’ statements

C Board minutes

D Analytical review

Answer

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Tags: Analytical Review, Audit Evidence, Board Minutes, ICAG, Reliability
Level: Level 2

Topic: Audit and Assurance Evidence

BCL – L1 – SA – Q4 – Tort

Defines negligence in tort law as breach of duty.

Question

In the law of torts, what does “negligence” refer to?

A Intentional harm

B Breach of a legal duty to exercise reasonable care

C Strict liability

D Criminal misconduct

Answer

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Tags: Legal Duty, Negligence, Reasonable Care, Tort Law
Level: Level 1

Topic: Tort

AA – L2 – SA – Q2.5 – Materiality

Identify what is not true about materiality.

Question

Which of the following is NOT true about materiality?

A Certain matters are always material

B Essentially materiality is a matter of judgment

C Matters that are not material should always be considered in isolation D Materiality affects sample size

Answer

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Tags: Audit Planning, ICAG, Judgment, Materiality, Sample Size
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q2.4 – Auditor Roles

Roles of internal vs. external auditors in fraud and controls.

Question

Internal and external auditors perform a variety of roles for companies.
For each of the below examples, select whether the service could be provided by external auditors only, internal auditors only, or by either.

Investigation into a material fraud committed in the entity
A External auditors only
B Internal auditors only
C Either
Preparation of a report on the operating effectiveness of internal controls
D External auditors only
E Internal auditors only
F Either

Answer

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Tags: External Audit, Fraud Investigation, ICAG, Internal Audit, Internal controls
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit

BCL – L1 – SA – Q3 – Contract Law

Defines a contractual obligation as a legal duty.

Question

What is a contractual obligation?

A A moral duty

B A legal duty arising from a contract

C An obligation imposed by the government.

D A duty only applicable to businesses

Answer

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Tags: Business law, Contracts, Contractual Obligation, Legal Duty
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q2 – Sources of Law

Explains the role of precedent in guiding legal decisions.

Question

What is the role of precedent in the legal system?

A It creates new laws.

B It guides future decisions.

C It is irrelevant in legal proceedings.

D It only applies to criminal cases.

Answer

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Tags: Judicial Decisions, Legal System, Precedent, Stare Decisis
Level: Level 1

Topic: Sources of Law

AA – L2 – SA – Q2.3 – Ethical Threats

Threats from auditing a company with partner connections.

Question

Peak & Co has been approached to audit Skyline plc, a listed company, which is a public interest entity. A partner in Peak & Co has shares in Skyline plc and another partner’s brother is the CEO of Skyline plc.

What types of threats would taking-on the audit of Skyline plc present?

A Advocacy and self-interest threats

B Self-review and self-interest threats

C Familiarity and self-interest threats

D Advocacy and intimidation threats

Answer

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Tags: Ethical Threats, Familiarity, ICAG, Public Interest Entity, Self-Interest
Level: Level 2

Topic: Professional and Ethical Considerations

BCL – L1 – SA – Q1 – Sources of Law

Identifies primary sources of law in legal systems.

Question

What are the primary sources of law in most legal systems?

A Judicial decisions

B Legislation

C Contracts

D All of the above

Answer

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Tags: Contracts, Judicial Decisions, Legal Systems, Legislation, Sources of Law
Level: Level 1

Topic: Sources of Law

BMIS – L1 – SA – Q18.8 – Machine Learning

Defines the process of a computer system developing intelligence.

Question

The process through which a computer system develops intelligence is known as which of the following?

A Artificial intelligence

B Machine learning

C Robotic process automation

D Computer programming

Answer

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Tags: Artificial Intelligence, IT Development, Machine Learning, Technology
Level: Level 1

Topic: The internet

BMIS – L1 – SA – Q18.7 – Authentication

Identifies the security process for internet banking access.

Question

To gain access to internet banking, a customer is required to input a password and supply a one-time code that has been sent to their mobile phone. This is an example of which of the following?

A Two-factor authentication

B Physical access control

C Digital certificate

D Enforced authorisation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Authentication, Banking Security, Cybersecurity, Two-Factor Authentication
Level: Level 1

Topic: The internet

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AA – L2 – SA – Q2.6 – Audit Evidence Reliability

Most reliable source of audit evidence.

BCL – L1 – SA – Q4 – Tort

Defines negligence in tort law as breach of duty.

AA – L2 – SA – Q2.5 – Materiality

Identify what is not true about materiality.

AA – L2 – SA – Q2.4 – Auditor Roles

Roles of internal vs. external auditors in fraud and controls.

BCL – L1 – SA – Q3 – Contract Law

Defines a contractual obligation as a legal duty.

BCL – L1 – SA – Q2 – Sources of Law

Explains the role of precedent in guiding legal decisions.

AA – L2 – SA – Q2.3 – Ethical Threats

Threats from auditing a company with partner connections.

BCL – L1 – SA – Q1 – Sources of Law

Identifies primary sources of law in legal systems.

BMIS – L1 – SA – Q18.8 – Machine Learning

Defines the process of a computer system developing intelligence.

BMIS – L1 – SA – Q18.7 – Authentication

Identifies the security process for internet banking access.

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Program (SQ): PROFESSIONAL PROGRAM

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Most reliable source of audit evidence.

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