Commercial Transactions

AAA – L3 – SA – Q5.2 – Rules of professional conduct

Which statement about auditor independence is incorrect?

Question

Which of the following statements is INCORRECT?

A An auditor may serve on the board of directors of an audit client.

B An auditor who is an immediate family member of the director of an audit client must not be assigned to the audit team.

C Purchasing goods from an audit client on normal commercial terms does not create a threat to the auditor’s independence.

D An auditor who was recently a director of an audit client must not be assigned to the audit team for that client.

Answer

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Tags: Auditor Independence, Board of Directors, Commercial Transactions, Family members
Level: Level 3

Topic: Rules of Professional Conduct

BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

Question

In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes.

A Voidable at the option of the other party

B Void and cannot be enforced

C Illegal for noncompliance of legal terms

D Enforceable in higher court only

Answer

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Tags: Commercial Transactions, Contract Law, Time Essence, Voidable Contract
Level: Level 1

Topic: Contract Law

Tag (SQ): Commercial Transactions

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AAA – L3 – SA – Q5.2 – Rules of professional conduct

Which statement about auditor independence is incorrect?

BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

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Tag (SQ): Commercial Transactions

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AAA – L3 – SA – Q5.2 – Rules of professional conduct

Which statement about auditor independence is incorrect?

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BCL – L1 – SA – Q57 – Contract Law

Effect of failing to perform a contract on time in commercial transactions.

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