Audit Standards – Knowsia

AAA – L3 – SA – Q5.4 – Evaluation and review

What is the key objective of an engagement quality review?

Question

The key objective of an engagement quality review is to:

A monitor the firm’s system of quality management

B ensure the audit procedures were carried out in accordance with professional standards

C ensure the auditor’s report issued is appropriate in the circumstances

D perform an objective evaluation of the significant judgments made by the audit team and the conclusions reached

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor judgments, Engagement quality review, Quality management
Level: Level 3

Topic: Evaluation and review

AAA – L3 – SA – Q4.1 – International Standards on Auditing

True statement about ISAs.

Question

Which of the following is true about ISAs?

A They are statutory

B An auditor shall follow them in the conduct of his audit

C An auditor does not have to follow all ISAs

D If uncertain about interpretation, the auditor should contact the IAASB

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor Compliance, ICAG, ISAs
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section

Non-allowable position for responsibilities section.

Question

Which of the following is NOT an allowable position for the Auditor’s Responsibilities for the Financial Statements section of the auditor’s report?

A On a website of an appropriate authority and this website is referenced within the auditor’s report

B Within the body of the auditor’s report

C In an appendix to the auditor’s report that is referenced within the report itself

D In an introductory paragraph at the start of the report

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor’s Report, ICAG, Responsibilities Section
Level: Level 3

Topic: Reporting

AAA – L3 – Q19 – Professional Responsibility and Liability

Evaluate factors in deciding whether to contest or settle a negligence claim by Adom Bank against KT Ampofo & Co. for audit errors.

Question

Adom Bank Limited gave a loan to Kintampo Limited on 15 October 2015 and a review of the first six months of operation in May 2016 of the new shops revealed that the company was not doing well and could not pay the first instalment for the loan from Adom Bank Limited. Further investigation revealed that the audited financial statements signed by KT Ampofo & Co. which showed a profit of GH¢20.2M should have been of a loss of GH¢4.3M.
Adom Bank Limited has indicated its intention to sue your firm for negligence on the basis that it placed reliance on the financial statements audited by your firm.
Required:
Comment on the matters that you should consider in deciding whether your firm will contest the matter in court or seek an out of court settlement with the bank.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor Liability, Duty of care, Financial Loss, Litigation, Negligence, Out-of-Court Settlement, Professional Ethics
Level: Level 3

Topic: Professional responsibility and liability

AA – L2 – Q13 – Audit of Public Sector Entities

Identify key differences between private and public sector auditing in Ghana.

Question

Public Sector Auditing

Identify the key differences between audits in the private sector and audits in the public sector in Ghana.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Compliance Audits, Financial Reporting Frameworks, Performance Audits, Private Sector Auditing, ublic Sector Auditing
Level: Level 2

Topic: Audit of Public Sector Entities

Tag (SQ): Audit Standards

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

AAA – L3 – SA – Q5.4 – Evaluation and review

What is the key objective of an engagement quality review?

AAA – L3 – SA – Q4.1 – International Standards on Auditing

True statement about ISAs.

AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section

Non-allowable position for responsibilities section.

AAA – L3 – Q19 – Professional Responsibility and Liability

Evaluate factors in deciding whether to contest or settle a negligence claim by Adom Bank against KT Ampofo & Co. for audit errors.

AA – L2 – Q13 – Audit of Public Sector Entities

Identify key differences between private and public sector auditing in Ghana.

Our offerings

Community

Contact Info

Customer

Get In Touch

Tag (SQ): Audit Standards

Filter by Professional Bodies

Filter by Subject

Filter by Topics

Filter by Levels

AAA – L3 – SA – Q5.4 – Evaluation and review

What is the key objective of an engagement quality review?

You're reporting an error for "AAA – L3 – SA – Q5.4 – Evaluation and review"

AAA – L3 – SA – Q4.1 – International Standards on Auditing

True statement about ISAs.

You're reporting an error for "AAA – L3 – SA – Q4.1 – International Standards on Auditing"

AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section

Non-allowable position for responsibilities section.

You're reporting an error for "AAA – L3 – SA – Q3.10 – Auditor’s Responsibilities Section"

AAA – L3 – Q19 – Professional Responsibility and Liability

Evaluate factors in deciding whether to contest or settle a negligence claim by Adom Bank against KT Ampofo & Co. for audit errors.

You're reporting an error for "AAA – L3 – Q19 – Professional Responsibility and Liability"

AA – L2 – Q13 – Audit of Public Sector Entities

Identify key differences between private and public sector auditing in Ghana.

You're reporting an error for "AA – L2 – Q13 – Audit of Public Sector Entities"

Our offerings

Community

Contact Info

Customer

Get In Touch

admin

Pick a Form