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Quiz 5 :

Overview of the Audit Financial Reports

Quiz 5 :

Overview of the Audit Financial Reports

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The Corporations Act requires that auditors are competent.To be suitably qualified the person must:
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D

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The work of an internal auditor can be used to complement, but not substitute for, the work of the independent auditor.Which of the following factors is not one of the considerations listed by ASA 610 that is relevant in determining the effect of an internal auditor's work on the audit?
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A

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The Australian Securities Exchange (ASX):
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B

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Which of the following is not a benefit arising from having the financial reports audited?
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The body that prepares the auditing standards that apply in Australia is:
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An auditor must be registered:
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It is regarded as best practice in regard to the composition of audit committees to:
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As a general rule, the auditor is appointed by the shareholders at the annual general meeting.Which of the following is not true concerning the appointment of an auditor?
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The group which has the legal responsibility for removal of the auditor is:
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The primary reasons for the existence of Auditing Standards is:
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The Corporations Act does not require the audit of which of the following type of entity, except in specified circumstances?
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Audit committees are perceived to strengthen the independence of auditors.Which of the following is normally an objective of an audit committee?
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S.308 of the Corporations Act requires certain implied conditions to be reported on in an audit report if there is any deficiency, or failure to comply.Which of the following is one of those implied conditions?
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Which of the following is not an inherent limitation of an audit?
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The removal and resignation of auditors must be:
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An engagement letter contains express or implied terms of the contractual arrangement with the client.Which of the following is not one of those terms?
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Which of the following is a benefit of the ASIC register of company auditors?
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Who is responsible for the appointment of the auditor to a company?
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The words that best describes the relationship which should exist between the external auditor and the management of the client company are:
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When auditors issue an audit report that expresses an audit opinion what duty are they fulfilling?
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