Question 1

Which one of the following is NOT one of the objectives of the National Greenhouse and Energy Reporting Act 2007?

Accepted Answer

A)  Meet Australia's international reporting obligations. 
B)  Penalise corporations with excess emissions. 
C)  Inform government policy formulation and the Australian public. 
D)  Avoid duplication of similar reporting requirements in the States and Territories. 
A)  Meet Australia's international reporting obligations. 
B)  Penalise corporations with excess emissions. 
C)  Inform government policy formulation and the Australian public. 
D)  Avoid duplication of similar reporting requirements in the States and Territories.

Question 2

The National Greenhouse and Energy Reporting Act 2007 establishes the legislative framework for:

Accepted Answer

A)  reporting greenhouse gas emissions. 
B)  energy consumption and production. 
C)  greenhouse gas projects. 
D)  all of the above 
A)  reporting greenhouse gas emissions. 
B)  energy consumption and production. 
C)  greenhouse gas projects. 
D)  all of the above

Question 3

Discuss each of the three phases of a performance audit.

Accepted Answer

.Planning.In the planning phase, the aud

Question 4

In a bicameral parliament, the Auditor-General reports directly to both chambers simultaneously.

Accepted Answer

A) True 
 B)False

Question 5

An assurance report in a prospectus is traditionally called:

Accepted Answer

A)  a statutory review report. 
B)  a special purpose report. 
C)  an independent accountant's report. 
D)  an investigating accountant's report. 
A)  a statutory review report. 
B)  a special purpose report. 
C)  an independent accountant's report. 
D)  an investigating accountant's report.

Question 6

Which of the following is true when the auditor is engaged to report on internal control?

Accepted Answer

A)  All areas of internal control will be included unless specifically excluded by agreement. 
B)  The time period covered must coincide with the financial period of the annual audit. 
C)  Certain areas are not examined if reduced control risk in those areas is not planned. 
D)  all of the above 
A)  All areas of internal control will be included unless specifically excluded by agreement. 
B)  The time period covered must coincide with the financial period of the annual audit. 
C)  Certain areas are not examined if reduced control risk in those areas is not planned. 
D)  all of the above

Question 7

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is an assurance engagement that results in a negative assurance conclusion?

Accepted Answer

A)  review 
B)  compilation 
C)  examination 
D)  audit 
A)  review 
B)  compilation 
C)  examination 
D)  audit

Question 9

Which of the following is the most difficult part of auditing a forecast?

Accepted Answer

A)  ensuring adequacy of disclosure 
B)  evaluating the reasonableness of the assumptions used in its preparation 
C)  establishing the likelihood of future events occurring 
D)  establishing the real purpose of the forecast 
A)  ensuring adequacy of disclosure 
B)  evaluating the reasonableness of the assumptions used in its preparation 
C)  establishing the likelihood of future events occurring 
D)  establishing the real purpose of the forecast

Question 10

Describe how the amount of evidence collected varies between an examination, a review, and agreed-upon procedures.

Accepted Answer

An examination requires an extensive amo

Question 11

Which of the following would NOT be a source that the performance auditor can utilise in developing specific evaluation criteria?

Accepted Answer

A)  discussion and agreement between the management of the entity to be audited, the operational auditor, and the entity or persons to whom the findings will be reported 
B)  generally accepted accounting principles 
C)  benchmarking, such as the data of comparable entities 
D)  historical performance, such as results from prior periods 
A)  discussion and agreement between the management of the entity to be audited, the operational auditor, and the entity or persons to whom the findings will be reported 
B)  generally accepted accounting principles 
C)  benchmarking, such as the data of comparable entities 
D)  historical performance, such as results from prior periods

Question 12

Professional expertise and qualifications are important for those auditors undertaking greenhouse gas emission assurance engagements.Identify and describe the expertise and qualifications required.

Accepted Answer

The required level of expertise and qual

Question 13

It is usually easier for an auditor to evaluate effectiveness in the public sector than the private sector.

Accepted Answer

A) True 
 B)False

Question 14

Which one of the following is NOT one of the broad categories of performance audits?

Accepted Answer

A)  organisational audits 
B)  special assignment audits 
C)  single audit act audits 
D)  functional audits 
A)  organisational audits 
B)  special assignment audits 
C)  single audit act audits 
D)  functional audits

Question 15

The Institute of Internal Auditors Professional Practice Standards require that internal auditors should be independent of:

Accepted Answer

A)  their employer. 
B)  the controller's function within their organisation. 
C)  the line function within their organisation. 
D)  the activities they audit. 
A)  their employer. 
B)  the controller's function within their organisation. 
C)  the line function within their organisation. 
D)  the activities they audit.

Question 16

'An engagement in which a practitioner is engaged to issue a written communication that expresses a conclusion with respect to the reliability of a written assertion that is the responsibility of another party' is the definition of:

Accepted Answer

A)  an audit engagement. 
B)  a review engagement. 
C)  an assurance engagement. 
D)  a compilation engagement. 
A)  an audit engagement. 
B)  a review engagement. 
C)  an assurance engagement. 
D)  a compilation engagement.

Question 17

Projections are:

Accepted Answer

A)  more hypothetical than forecasts. 
B)  forecasts that have been audited. 
C)  more reliable than forecasts. 
D)  management's best estimate of the future financial position. 
A)  more hypothetical than forecasts. 
B)  forecasts that have been audited. 
C)  more reliable than forecasts. 
D)  management's best estimate of the future financial position.

Question 18

Which of the following is NOT an example of an inefficiency that could be uncovered in a performance audit?

Accepted Answer

A)  The administration work could be completed effectively with fewer employees. 
B)  Bids for purchases of materials are not required. 
C)  The assembly line shut down, as necessary materials were not ordered. 
D)  Purchases of inventory must be from approved suppliers. 
A)  The administration work could be completed effectively with fewer employees. 
B)  Bids for purchases of materials are not required. 
C)  The assembly line shut down, as necessary materials were not ordered. 
D)  Purchases of inventory must be from approved suppliers.

Question 19

The statement that 'nothing came to our attention which would indicate that these statements are not fairly presented' expresses which of the following?

Accepted Answer

A)  negative assurance 
B)  piecemeal opinion 
C)  negative confirmation 
D)  disclaimer of an opinion 
A)  negative assurance 
B)  piecemeal opinion 
C)  negative confirmation 
D)  disclaimer of an opinion

Question 20

The auditing standards to be utilised by an auditor in undertaking public sector financial audits for the Commonwealth are prescribed by the:

Accepted Answer

A)  Corporations Act 2001. 
B)  Audit and Assurance Standards Board. 
C)  Auditor-General. 
D)  Relevant Minister. 
A)  Corporations Act 2001. 
B)  Audit and Assurance Standards Board. 
C)  Auditor-General. 
D)  Relevant Minister.

Which one of the following is NOT one of the objectives of the National Greenhouse and Energy Reporting Act 2007?

The National Greenhouse and Energy Reporting Act 2007 establishes the legislative framework for:

Discuss each of the three phases of a performance audit.

In a bicameral parliament, the Auditor-General reports directly to both chambers simultaneously.

An assurance report in a prospectus is traditionally called:

Which of the following is true when the auditor is engaged to report on internal control?

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

Which of the following is an assurance engagement that results in a negative assurance conclusion?

Which of the following is the most difficult part of auditing a forecast?

Describe how the amount of evidence collected varies between an examination, a review, and agreed-upon procedures.

Which of the following would NOT be a source that the performance auditor can utilise in developing specific evaluation criteria?

Professional expertise and qualifications are important for those auditors undertaking greenhouse gas emission assurance engagements.Identify and describe the expertise and qualifications required.

It is usually easier for an auditor to evaluate effectiveness in the public sector than the private sector.

Which one of the following is NOT one of the broad categories of performance audits?

The Institute of Internal Auditors Professional Practice Standards require that internal auditors should be independent of:

'An engagement in which a practitioner is engaged to issue a written communication that expresses a conclusion with respect to the reliability of a written assertion that is the responsibility of another party' is the definition of:

Projections are:

Which of the following is NOT an example of an inefficiency that could be uncovered in a performance audit?

The statement that 'nothing came to our attention which would indicate that these statements are not fairly presented' expresses which of the following?

The auditing standards to be utilised by an auditor in undertaking public sector financial audits for the Commonwealth are prescribed by the:

Demand for audit and assurance services

Auditors’ legal environment

Audit quality and ethics

Audit responsibilities and objectives

Audit evidence

Audit planning and documentation

Materiality and risk

Internal control and control risk

Fraud auditing

The impact of information technology on the audit process

Overall audit plan and audit program

Audit of the sales and collection cycle: Tests of controls and substantive tests of transactions

Completing tests in the sales and collection cycle: Accounts receivable

Audit sampling

Audit of transaction cycles and financial statement balances I

Audit of transaction cycles and financial statement balances II

Completing the audit

Audit reporting

Filters

Exam 19: Other auditing and assurance engagements

Which one of the following is NOT one of the objectives of the National Greenhouse and Energy Reporting Act 2007?

The National Greenhouse and Energy Reporting Act 2007 establishes the legislative framework for:

Discuss each of the three phases of a performance audit.

In a bicameral parliament, the Auditor-General reports directly to both chambers simultaneously.

An assurance report in a prospectus is traditionally called:

Which of the following is true when the auditor is engaged to report on internal control?

One disadvantage of functional auditing is the failure to evaluate interrelated functions.

Which of the following is an assurance engagement that results in a negative assurance conclusion?

Which of the following is the most difficult part of auditing a forecast?

Describe how the amount of evidence collected varies between an examination, a review, and agreed-upon procedures.

Which of the following would NOT be a source that the performance auditor can utilise in developing specific evaluation criteria?

Professional expertise and qualifications are important for those auditors undertaking greenhouse gas emission assurance engagements.Identify and describe the expertise and qualifications required.

It is usually easier for an auditor to evaluate effectiveness in the public sector than the private sector.

Which one of the following is NOT one of the broad categories of performance audits?

The Institute of Internal Auditors Professional Practice Standards require that internal auditors should be independent of:

'An engagement in which a practitioner is engaged to issue a written communication that expresses a conclusion with respect to the reliability of a written assertion that is the responsibility of another party' is the definition of:

Projections are:

Which of the following is NOT an example of an inefficiency that could be uncovered in a performance audit?

The statement that 'nothing came to our attention which would indicate that these statements are not fairly presented' expresses which of the following?

The auditing standards to be utilised by an auditor in undertaking public sector financial audits for the Commonwealth are prescribed by the:

Demand for audit and assurance services

Auditors’ legal environment

Audit quality and ethics

Audit responsibilities and objectives

Audit evidence

Audit planning and documentation

Materiality and risk

Internal control and control risk

Fraud auditing

The impact of information technology on the audit process

Overall audit plan and audit program

Audit of the sales and collection cycle: Tests of controls and substantive tests of transactions

Completing tests in the sales and collection cycle: Accounts receivable

Audit sampling

Audit of transaction cycles and financial statement balances I

Audit of transaction cycles and financial statement balances II

Completing the audit

Audit reporting

Filters