Non-Audit Work – Knowsia

AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

Question

Which of the following are functions of the audit committee?

1 Policy on giving non-audit work to the audit firm

2 Review of the performance of the external auditor

3 Review of the external auditor’s working papers

4 Review with the external auditors their report on the financial statements

A 1,2 and 3 only

B 1,3 and 4 only

C 2,3 and 4 only

D 1,2 and 4 only

Answer

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Tags: Audit committee, Auditor performance, Financial Statements, Governance, Non-Audit Work
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q1.3 – IESBA Code

Correct statement about IESBA Code.

Question

Which of the following statements is correct with regards to the IESBA Code?

A A key audit partner of a listed company shall be rotated after seven years serving as the key audit partner.

B non-audit work from a client must not exceed in amount 100% of the income obtained from audit work for the client.

C Accountancy work shall not be carried out for an unlisted company client.

D Overdue fees from a client are permissible provided that this arrangement has been agreed between the audit firm and the client.

Answer

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Tags: Auditor Rotation, ICAG, IESBA Code, Non-Audit Work
Level: Level 3

Topic: Rules of Professional Conduct

Tag (SQ): Non-Audit Work

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AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

AAA – L3 – SA – Q1.3 – IESBA Code

Correct statement about IESBA Code.

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Tag (SQ): Non-Audit Work

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AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

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AAA – L3 – SA – Q1.3 – IESBA Code

Correct statement about IESBA Code.

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