Reference no: EM131788549

In an audit, the auditor is required by law to follow:

Select one:

a. The Australian Auditing Standards (ASAs)

b. The Code of Ethics for Professional Accountants (APES 110)

c. The Australian Accounting Standards (AASs)

d. Both The Australian Auditing Standards (ASAs) and The Code of Ethics for Professional Accountants (APES 110)

If an auditor, during the course of their audit, obtained some information about the client's intention to issue shares in the future and disclosed this information to a third party without authority, which ethical principle set in the Code of Ethics for Professional Accountants (APES 110) is under threat?

Select one:

a. Integrity

b. Confidentiality

c.

Ethical standards

d. Professional behaviour

Which of the following bodies monitors the operation of the Auditing and Assurance Standards Board?

Select one:

a. Australian Securities and Investments Commission.

b. Financial Reporting Council.

c. Companies Auditors and Liquidators Disciplinary Board.

d. Australian Securities Exchange

Independence in fact is where:

Select one:

a. the auditor maintains an unbiased attitude during the audit

b. the general public considers that the auditor has acted objectively

c. the audit firm does not provide any non-assurance services to the audit client

d. the audit firm has an effective quality control system in place in the conduct of an audit

Which of the following is NOT a principle of professional conduct as defined by APES 110?

Select one:

a. Integrity

b. Professional competence and due care

c. Professional behaviour

d. True and fair reporting

Under the APES 110, auditor independence means

Select one:

a. The auditor must be fair and must not be biased

b. The auditor must be, and be seen to be, without bias with respect to the client

c. The auditor must be straightforward and honest

d. The auditor must adopt a critical attitude during the audit

In an audit, the party who is responsible for the true and fair preparation of the financial statements is:

Select one:

a. all of the above parties

b. the manager of the company

c. the shareholder of the company

d. the auditor