Question 1

To do an audit, the auditor needs information in a verifiable form and some criteria by which to evaluate that information.(A)What information and criteria would an independent public accounting firm use when auditing a company's financial statements? (B)What information and criteria would a taxation auditor use when auditing that same company's tax return? (C)What information and criteria would an internal auditor use when performing a performance audit to evaluate whether the company's computerised payroll processing system is operating efficiently and effectively?

Accepted Answer

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Question 2

Since 2004 the Corporations Act has provided for the issuance of auditing standards by the Auditing and Assurance Standards Board.

Accepted Answer

The Corporations Act has provided for the issuance of auditing standards by the Auditing and Assurance Standards Board since 2004.

Question 3

Explain what is meant by information risk, and discuss the four causes of this risk.

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The answer of Explain what is meant by information risk,...

Question 4

Completion of Client Evaluation forms is an example of the quality control objective of Ethical Requirements.

Accepted Answer

Completion of Client Evaluation forms is primarily related to monitoring and improving service quality rather than directly addressing ethical requirements. Ethical requirements typically involve maintaining professional behavior, confidentiality, and integrity.

Question 5

Discuss the impact of e-commerce on public accountants.

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Question 6

Discuss the similarities and differences between the roles of independent auditors, officers serving the Auditor-General, taxation auditors, and internal auditors.

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Question 7

Discuss the similarities and differences between financial statement audits, performance (operational)audits, and compliance audits.Give an example of each type.

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Question 8

Why are the auditing standards referred to as the 'force of law' standards?

Accepted Answer

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Question 9

Discuss four factors that are likely to significantly reduce information risk in the next five to ten years.

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The answer of Discuss four factors that are likely to...

Question 10

Discuss the advantages and disadvantages of making auditing standards more specific.

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Question 11

Two types of attestation services provided by public accounting firms are audits and reviews.Discuss the similarities and differences between these two types of attestation services.Which type provides the most assurance?

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Question 12

List the six mandatory elements of a system of quality control for audit engagements listed under ASA 220.

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Question 13

Discuss the similarities and differences between the roles of accountants and auditors.What additional expertise must an auditor possess beyond that of an accountant?

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