Directors Responsibilities

AA – L2 – SA – Q2.10 – Directors’ Responsibilities

Identify non-responsibility of directors.

Question

Which of the following is NOT a responsibility of the directors in practice?

A Establishment of internal controls

B The supply of information and explanations to the auditor

C Drafting a written representation letter, if needed

D Safeguarding of a company’s assets

Answer

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Tags: Directors Responsibilities, ICAG, Internal controls, Written Representation
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities

AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

Question

(a) Briefly highlight the directors’ responsibilities relating to the financial statements at Apex Ventures.

(b) During the audit team planning meeting for Apex Ventures, a member of the audit team passed a comment that, based on past experience with the client, he was confident that the management of the client was honest and there was no issue as regards management integrity or risk of fraud in the company. The audit manager responded that the auditor should always maintain an attitude of professional scepticism throughout the audit.

Briefly describe ‘professional scepticism’ and elaborate on the response of the audit manager.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Corporate Governance, Directors Responsibilities, Fraud RiskFinancial Statements, Management Integrity, Professional Scepticism
Level: Level 2

Topic: The Role and Responsibilities of Auditors

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AA – L2 – SA – Q2.10 – Directors’ Responsibilities

Identify non-responsibility of directors.

AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

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Tag (SQ): Directors Responsibilities

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AA – L2 – SA – Q2.10 – Directors’ Responsibilities

Identify non-responsibility of directors.

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AA – L2 – Q7 – The Role and Responsibilities of Auditors

Highlight directors' responsibilities for financial statements at Apex Ventures. Describe professional scepticism and explain its importance in auditing Apex Ventures.

You're reporting an error for "AA – L2 – Q7 – The Role and Responsibilities of Auditors"

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