accaF8 给力背诵小册子.docx
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accaF8 给力背诵小册子.docx
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accaF8给力背诵小册子
F8
C1Auditandotherassuranceengagements
Thischapterprovidesanintroductionandexplainswhyassuranceservices(suchasexternalauditsandreviews)areneeded.
Itisimportantyougraspthekeyauditingconceptsoutlinedinthischapterbecauseitisthefoundationfortherestofyourstudies.
Checkyourmemory
Checkyourunderstanding
Anexternalauditisatypeofassuranceengagementthatiscarriedoutbyanauditortogiveanindependentopiniononasetoffinancialstatements.
Anauditprovidesassurancetotheshareholdersandotherstakeholdersofacompanyonthefinancialstatementsbecauseitisindependentandimpartial.
Assuranceservicesincludearangeofassignments,fromexternalaudits,reviewengagementsandinternalauditwork.
Internalauditorsareemployedaspartofanorganisation'ssystemofcontrols.Theirresponsibilitiesaredeterminedbymanagementandmaybewide-ranging.
Theauditor'sreportoncompanyfinancialstatementsisexpressedintermsoftruthandfairness.Thisisgenerallytakentomeanthatfinancialstatements:
Arefactual
Arefreefrombias
Reflectthecommercialsubstanceofthebusiness'stransactions
Externalauditsgivereasonableassurancethatthefinancialstatementsarefreefrommaterialmisstatement.
Thedegreeofassurancegivenbytheimpartialprofessionalwilldependonthenatureoftheexercisebeingcarriedout.
Q1
Question:
Adirectorisexpectedtojustifyactionsanddecisionstoshareholders.Thisisanexampleof:
Stewardship
Independence
Objectivity
Accountability
Answer:
Thecorrectansweris:
Accountability.
Accountabilityisthequalityorstateofbeingaccountable,thatis,beingrequiredorexpectedtojustifyactionsanddecisions.Itsuggestsanobligationorwillingnesstoacceptresponsibilityforone'sactions.
Stewardshipreferstothedutiesandobligationsofapersonwhomanagesanotherperson'sproperty.
Objectivityandindependencearefundamentalethicalprinciples.
Q2
Question:
Anauditfirmhasjustreportedthatduringarecentengagement,nothinghascometotheirattentiontosuggestthefinancialstatementsdonotshowatrueandfairview.
Whichtypeofengagementhasjustbeenundertaken?
Anauditengagement
Areviewengagement
Aninternalauditengagement
Agreeduponprocedures
Answer:
Thecorrectansweris:
Areviewengagement.
Theobjectiveofareviewengagementistoenableanauditortogiveanopiniononwhetheranythinghascometohis/herattentionthatwouldmeanthefinancialstatementswerenottrueandfair,onthebasisofprocedureswhichwouldnotconstituteanaudit.Theconclusionisexpressedintermsofnegativeassurance.
Thereportisfromtheexternal,notinternalauditorsandisnotaninternalauditengagement.
Withagreed-uponprocedurestheauditorsimplyprovidesareportofthefactualfindingsoftheengagementagreedbytheauditor,entityandanyappropriatethirdparties,sonoassuranceisexpressed.
Q3
Question:
Whichoneofthefollowingstatementsisfalse?
Acompilationengagementprovidesalimitedlevelofassurance
Youwouldexpectareportonareviewofcashflowforecaststoprovidenegativeassurance
Absoluteassuranceisnotprovidedinanauditengagement
Materialityhasbothqualitativeandquantitativeaspects
Answer:
Thecorrectansweris:
Acompilationengagementprovidesalimitedlevelofassurance.
Thestatement'acompilationengagementprovidesalimitedlevelofassurance'isfalse.
Withacompilationengagement,thepractitionerisengagedtousehisaccountingexpertise(asopposedtoauditingexpertise)tocollect,classifyandsummarisefinancialinformation.Noassuranceisexpressed.
Q4
Question:
ABCfirmauditsCDplc.Theyareallocatingresourcesfortheinterimandfinalaudit.Atwhichstagearetheymostlikelytoperformthemajorityofthecontrolstesting?
Interimaudit
Finalaudit
Answer:
Thecorrectansweris:
Interimaudit..
Theinterimauditvisitsarecarriedoutduringtheperiodofreviewandworkfocusesonplanningandriskassessmentandtestsofcontrolsandsystems,althoughsubstantiveauditproceduresmayalsobecarriedout.Thefinalauditvisitisattheyear-endorshortlyafterandworkfocusesontheauditofthefinancialstatements.
C2Statutoryauditandregulation
Avarietyofstakeholdersmightreadacompany'sfinancialstatements.Someofthesereaderswillnotjustbereadingasinglecompany'sfinancialstatements,butwillalsobelookingatthoseofalargenumberofcompanies,andmakingcomparisonsbetweenthem.Itisthereforeimportantthattheauditprofessionisregulatedandthatauditorsfollowthesamestandards.
ThischaptercontainsessentialbackgroundknowledgeabouttheregulationofauditingandtheauthorityofInternationalStandardsonAuditing(ISAs).
Checkyourmemory
Checkyourunderstanding
Mostcompaniesarerequiredtohaveanexternalauditbylaw,butsomecompaniesareexempt.Theoutcomeoftheauditistheauditreport,whichsetsouttheauditor'sopiniononthefinancialstatements.
Thelawgivesauditorsbothrightsandduties.Thisallowsauditorstohavesufficientpowertocarryoutanindependentandeffectiveaudit.
Therearevariouslegalandprofessionalrequirementsonappointment,resignationandremovalofauditorswhichmustbefollowed.
Requirementsfortheeligibility,registrationandtrainingofauditorsareextremelyimportantastheyaredesignedtomaintainstandardsintheauditingprofession.
InternationalStandardsonAuditingaresetbytheInternationalAuditingandAssuranceStandardsBoard.
Q1
Question:
AnauditreportintheUKhasbeenissued(unmodified),buttheauditreportdoesnotstateintheopinionparagraphthatallinformationandexplanationshavebeenreceivedthattheauditorsthinknecessary.
Whichofthefollowingstatementsistrue?
Theabsenceofsuchastatementindicatestheauditorsdidnotreceivealltheinformationtheyneeded.
Theauditorsdonotneedtoconsiderwhethertheyhavereceivedallthenecessaryinformation.
Thefacttheauditorshavenotreportedthattheydidnotreceiveallthenecessaryinformationandexplanationsimpliesthattheauditorsdidreceivethenecessaryinformationandexplanations.
Thereportisincompleteandtheauditorsshouldhavestatedwhetherornottheyreceivedthenecessaryinformationandexplanations.
Answer:
Thecorrectansweris:
Thefacttheauditorshavenotreportedthattheydidnotreceiveallthenecessaryinformationandexplanationsimpliesthattheauditorsdidreceivethenecessaryinformationandexplanations.
Theauditopinionmayimplycertainthingsaretrue,becauseotherwisetheauditreportwouldhavementionedthem.IntheUK,suchimplicationsinclude:
theauditorhasreceivedallinformationandexplanationsthattheauditorbelievesarenecessaryforthepurposesoftheaudit.
Q2
Question:
Personscarryingoutauditsmusthavethepermissionoftherelevantauthorities.IntheUKtherelevantauthoritiesareRecognisedSupervisoryBodies(RSBs).
WhichtwoofthefollowingareRSBs?
ACCA
ICAEW
HMRC
IFAC
Answer:
Thecorrectanswersare:
ACCAandICAEW.
TheACCAandICAEWarebothRSBsintheUK.
HMRC(HMRevenue&Customs)isataxauthority.
IFAC,basedinNewYork,isanon-profit,non-governmental,non-politicalinternationalorganisationofaccountancybodies.TheACCAisamemberofIFAC.
Q3
Question:
Whichofthefollowingisappliedinthereviewofhistoricalfinancialinformation?
IAPS
ISREs
ISAs
IAPSs
Answer:
Thecorrectansweris:
ISREs.
ISREstandsforInternationalStandardsonReviewEngagements.
C3Corporategovernance
Thischapterdiscussestheimportanceofgoodcorporategovernancewithinacompanyandtheaimsandobjectivesofauditcommittees.
Welookatanexampleofarecognisedcorporategovernancecodesettingoutcorporategovernancebestpractice-theUKCorporateGovernanceCode.
Wealsolookatmanagements'andauditors'responsibilitiesinthisarea,includingresponsibilitiesrelatingtointernalcontrol.
Checkyourmemory
Checkyourunderstanding
Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled.Goodcorporategovernanceisimportantbecausetheownersofacompanyandthepeoplewhomanagethecompanyarenotalwaysthesame.
TheOECDPrinciplesofCorporateGovernancesetouttherightsofshareholders,theimportanceofdisclosureandtransparencyandtheresponsibilitiesoftheboardofdirectors.
TheUKCorporateGovernanceCodecontainsdetailedguidanceforUKcompaniesongoodcorporategovernance.
Anauditcommitteecanhelpacompanymaintainobjectivitywithregardtofinancialreportingandtheauditoffinancialstatements.
Thedirectorsofacompanyareresponsibleforensuringthatacompany'sriskmanagementandinternalcontrolsystemsareeffective.
AuditorsshallcommunicatespecificmatterstothosechargedwithgovernanceandISA260providesguidancetoauditorsinthisarea.
Q1
Question:
Whichofthefollowingstatementsisfalse?
TheUKCorporateGovernanceCodesetsoutregulationswhichallcompaniesarerequiredbylawtocomplywith
Corporategovernanceisthesystembywhichcompaniesaredirectedandcontrolled
Corporategovernanceismoreimportantwhereacompany'smanagementandownersarenotthesamepeople.
Anauditcommitteecanbeanimportantcorporategovernancetool.
Answer:
Thecorrectansweris:
TheUKCorporateGovernanceCodesetsoutregulationswhichallcompaniesarerequiredbylawtocomplywith.
Thestatement'TheUKCorporateGovernanceCodesetsoutregulationswhichallcompaniesarerequiredbylawtocomplywith'isfa
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