PROFESSIONAL PROGRAM – Page 23

AA – L2 – SA – Q1.6 – Current File Content

Identify what is not expected in a current file.

Question

Which of the following would you NOT expect to see in a current file?

A Bank reconciliation

B Inventory count details

C Engagement letter

D Replies from customers relating to a circularization

Answer

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Tags: Audit Evidence, Current File, Engagement Letter, ICAG
Level: Level 2

Topic: Audit and Assurance Evidence

BMIS – L1 – SA – Q14.2 – Management and leadership

Defines the role of leading in achieving organizational objectives.

Question

Leading involves:

A controlling others

B directing and influencing others towards the achievement of organisational objectives

C ensuring that activities conform to planned events

D setting timetables and work schedules

Answer

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Tags: Directing, Influencing, Management, Organizational Objectives
Level: Level 1

Topic: Management and leadership

BMIS – L1 – SA – Q14.1 – Management and leadership

Identifies Frederick Taylor's contribution to management theory.

Question

Frederick Taylor was a US engineer who is considered the founder of which of the following?

A Classical school of management thinking

B Specialisation

C Scientific management

D Bureaucracy

Answer

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Tags: Classical Management, Frederick Taylor, Leadership, Management, Scientific Management
Level: Level 1

Topic: Management and leadership

AA – L2 – SA – Q1.5 – Audit Planning

Identify what is not considered at the audit planning stage.

Question

At the planning stage you would NOT consider:

A the timing of the audit

B whether corrections from the inventory count have been implemented

C last year’s audit

D the potential use of internal audit

Answer

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Tags: Audit Planning, ICAG, Internal Audit, Inventory Count
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements

AA – L2 – SA – Q1.4 – Internal Audit Functions

Identify two effective internal audit functions.

Question

The objectives and scope of the internal audit function vary widely and depend on the structure and size of the entity plus the requirements of management. Which TWO of the following functions could internal audit perform and still operate effectively? A Examining financial and operational information for management B Reviewing accounting systems and related controls C Approving annual budgets D Preparing reconciliations between the receivables ledger control account and the receivables ledger

Answer

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Tags: Audit functions, Controls, ICAG, Internal Audit, Management
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit

AA – L2 – SA – Q1.3 – Professional Ethics Guidance

True/false on ICAG ethical guidance and rules-based codes.

Question

For each of the following statements, in relation to guidance on professional ethics, select whether they are true or false.

Ethical guidance from ICAG is in the form of rules rather than principles
A True
B False
Rules-based codes offer a more straightforward ethical framework as they cover specific situations
C True
D False
A rules-based ethical framework can more effectively accommodate a fast-changing environment
E True
F False

Answer

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Tags: Ethical Framework, ICAG, Principles-Based, Professional Ethics, Rules-Based
Level: Level 2

Topic: Professional and Ethical Issues in Financial Reporting

AA – L2 – SA – Q1.2 – Auditor Rights

Identify which is not a right of an auditor.

Question

Which of the following is NOT the right of an auditor?

A The right of access to accounting records and financial statements

B The right to requisition a general meeting on material audit matters

C The right to receive necessary information and explanations

D The right to receive advance notice of any general meeting

Answer

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Tags: Audit Responsibilities, Auditor Rights, Companies Act, ICAG
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – SA – Q1.1 – True and Fair View

Meaning of 'true and fair view' in financial statements.

Question

Although the phrase ‘true and fair view’ has no legal definition, which of the following most accurately describes its meaning with regard to the financial statements of a company?

A The financial statements have been properly prepared in accordance with the law

B The financial statements are free from material misstatements, and they are presented in an understandable and unbiased way

C All items in the financial statements are factually accurate

D The financial statements have been audited

Answer

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Tags: Assurance, Auditing, Financial Statements, ICAG, True and Fair View
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements

BMIS – L1 – SA – Q13.5 – Professional ethics in accounting and business

Identifies what is not a key element of an ethical code.

Question

Which of the following is NOT a key element of an ethical code?

A Adhering to the highest standards of honesty, integrity and fairness

B Seeking or accepting favours which are beneficial to the business

C Avoiding involvement in any decisions that could bring about conflict of interest

D Avoiding any financial interest in contracts awarded by the company

Answer

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Tags: Conflict of Interest, Ethical code, Ethics, Fairness, Integrity
Level: Level 1

Topic: Professional ethics in accounting and business

BMIS – L1 – SA – Q13.4 – Professional ethics in accounting and business

Defines whistleblowing as reporting unethical or improper activities.

Question

Whistleblowing is the reporting by employees of suspected unethical or improper activity by colleagues, managers or other individuals.

A True

B False

Answer

Find Related Questions by Tags, levels, etc.

Tags: Employee reporting, Ethics, Unethical conduct, Whistleblowing
Level: Level 1

Topic: Professional ethics in accounting and business

Program (SQ): PROFESSIONAL PROGRAM

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AA – L2 – SA – Q1.6 – Current File Content

Identify what is not expected in a current file.

BMIS – L1 – SA – Q14.2 – Management and leadership

Defines the role of leading in achieving organizational objectives.

BMIS – L1 – SA – Q14.1 – Management and leadership

Identifies Frederick Taylor's contribution to management theory.

AA – L2 – SA – Q1.5 – Audit Planning

Identify what is not considered at the audit planning stage.

AA – L2 – SA – Q1.4 – Internal Audit Functions

Identify two effective internal audit functions.

AA – L2 – SA – Q1.3 – Professional Ethics Guidance

True/false on ICAG ethical guidance and rules-based codes.

AA – L2 – SA – Q1.2 – Auditor Rights

Identify which is not a right of an auditor.

AA – L2 – SA – Q1.1 – True and Fair View

Meaning of 'true and fair view' in financial statements.

BMIS – L1 – SA – Q13.5 – Professional ethics in accounting and business

Identifies what is not a key element of an ethical code.

BMIS – L1 – SA – Q13.4 – Professional ethics in accounting and business

Defines whistleblowing as reporting unethical or improper activities.

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Program (SQ): PROFESSIONAL PROGRAM

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Identify what is not expected in a current file.

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Defines the role of leading in achieving organizational objectives.

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Identifies Frederick Taylor's contribution to management theory.

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Identify what is not considered at the audit planning stage.

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Identify two effective internal audit functions.

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True/false on ICAG ethical guidance and rules-based codes.

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Identify which is not a right of an auditor.

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Meaning of 'true and fair view' in financial statements.

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Identifies what is not a key element of an ethical code.

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Defines whistleblowing as reporting unethical or improper activities.

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