Question 1

With respect to auditors in the European Union,

Accepted Answer

A)  the 4th Directive states that accountants need to demonstrate education, examination and experience qualifications in order to be able to practice. 
B)  auditors in one country may be allowed to practice in another country under certain conditions. 
C)  reciprocity is not extended. 
D)  auditors are not allowed to engage in consulting due to concerns over independence. 
A)  the 4th Directive states that accountants need to demonstrate education, examination and experience qualifications in order to be able to practice. 
B)  auditors in one country may be allowed to practice in another country under certain conditions. 
C)  reciprocity is not extended. 
D)  auditors are not allowed to engage in consulting due to concerns over independence.

Question 2

Which of the following is not an element of the quality of the auditing profession.

Accepted Answer

A)  reputation of the profession. 
B)  the quality of the educational system. 
C)  the certification process. 
D)  the organization of the auditing firms. 
A)  reputation of the profession. 
B)  the quality of the educational system. 
C)  the certification process. 
D)  the organization of the auditing firms.

Question 3

Distance is not a problem with international auditing.
False

Accepted Answer

A) True 
 B)False

Question 4

The U.S. model of accounting education is like which of the following models?

Accepted Answer

A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above. 
A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above.

Question 5

Which country exempts small companies from an audit

Accepted Answer

A)  Germany 
B)  United Kingdom 
C)  United States 
D)  Canada 
A)  Germany 
B)  United Kingdom 
C)  United States 
D)  Canada

Question 6

The IFAD objectives include all of the following except

Accepted Answer

A)  Promote cooperation between governments, the accountancy, regulators, standard setters and capital providers 
B)  Contribute to a common strategy and framework of reference for accountancy development 
C)  Assist in defining expectations as to how the accountancy profession should carry out its responsibilities 
D)  Develop near earth orbit commerce 
A)  Promote cooperation between governments, the accountancy, regulators, standard setters and capital providers 
B)  Contribute to a common strategy and framework of reference for accountancy development 
C)  Assist in defining expectations as to how the accountancy profession should carry out its responsibilities 
D)  Develop near earth orbit commerce

Question 7

Sarbanes-Oxley prohibits auditors from doing non-audit services.
False

Accepted Answer

A) True 
 B)False

Question 8

The French model of accounting education is like which of the following models?

Accepted Answer

A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above. 
A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above.

Question 9

The IFAC has

Accepted Answer

A)  set for international development policy 
B)  issued international standards on auditing 
C)  issued numerous security regulations 
D)  none of the above 
A)  set for international development policy 
B)  issued international standards on auditing 
C)  issued numerous security regulations 
D)  none of the above

Question 10

Some countries have an apprentice approach for auditors which does not require university training.
True

Accepted Answer

A) True 
 B)False

Question 11

Sarbanes-Oxley prohibits all of the following services to audit clients except

Accepted Answer

A)  tax 
B)  bookkeeping 
C)  financial information systems design 
D)  internal audit outsourcing 
A)  tax 
B)  bookkeeping 
C)  financial information systems design 
D)  internal audit outsourcing

Question 12

International auditing standards

Accepted Answer

A)  make it more difficult for developing countries to produce domestic auditing standards 
B)  are principally generated by FASB 
C)  are created and reviewed by G11 summits 
D)  provide incentives to improve and extend the set of international accounting standards 
A)  make it more difficult for developing countries to produce domestic auditing standards 
B)  are principally generated by FASB 
C)  are created and reviewed by G11 summits 
D)  provide incentives to improve and extend the set of international accounting standards

Question 13

The British model of accounting education is like which of the following models?

Accepted Answer

A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above. 
A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above.

Question 14

Which of the following is true concerning the EU's 4th Directive?

Accepted Answer

A)  it is a source of audit requirements, standards and practices. 
B)  it is a source of audit standards and practices but not audit requirements. 
C)  it is a source of audit requirements but not standards and practices. 
D)  it describes the format and content of the audit report. 
A)  it is a source of audit requirements, standards and practices. 
B)  it is a source of audit standards and practices but not audit requirements. 
C)  it is a source of audit requirements but not standards and practices. 
D)  it describes the format and content of the audit report.

Question 15

Which of the following is not a problem that public accounting firms face when the do business overseas.

Accepted Answer

A)  restrictions on the use of the firm's name. 
B)  restrictions on the scope of practice. 
C)  tax discrimination. 
D)  understanding the different audit statement formats. 
A)  restrictions on the use of the firm's name. 
B)  restrictions on the scope of practice. 
C)  tax discrimination. 
D)  understanding the different audit statement formats.

Question 16

The IFAC is attempting to harmonize audit standards world-wide.

Accepted Answer

A) True 
 B)False

Question 17

Reciprocity in the accounting profession means that

Accepted Answer

A)  practitioners certified in one country should be allowed to practice in another country. 
B)  the U.S. will grant reciprocity to accountants from Anglo-Saxon traditions, but not from other countries. 
C)  accountants are allowed to practice but not certify outside of their countries. 
D)  audit reports should be accepted in different countries. 
A)  practitioners certified in one country should be allowed to practice in another country. 
B)  the U.S. will grant reciprocity to accountants from Anglo-Saxon traditions, but not from other countries. 
C)  accountants are allowed to practice but not certify outside of their countries. 
D)  audit reports should be accepted in different countries.

Question 18

The IFAC is

Accepted Answer

A)  an organization of national professional accountancy organizations 
B)  part of the OECD 
C)  under control of FASB 
D)  part of the UN 
A)  an organization of national professional accountancy organizations 
B)  part of the OECD 
C)  under control of FASB 
D)  part of the UN

Question 19

The IFAD was formed

Accepted Answer

A)  in order to improve Internet E-commerce 
B)  so as to reduce the dependence on the SEC 
C)  after the late 90's Asian financial crisis 
D)  to control dumping 
A)  in order to improve Internet E-commerce 
B)  so as to reduce the dependence on the SEC 
C)  after the late 90's Asian financial crisis 
D)  to control dumping

Question 20

The German model of accounting education is like which of the following models?

Accepted Answer

A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above. 
A)  Integrated system: the test of professional competence is preceded by an integrated education and practical experience approach. 
B)  Linear system: the test of professional competence is preceded by practical experience, which is preceded by university training. 
C)  Parallel system: the test of professional competence is preceded by either practical experienced which follows university education or an integrated education and practical experience. 
D)  All of the above.

With respect to auditors in the European Union,

Which of the following is not an element of the quality of the auditing profession.

Distance is not a problem with international auditing. False

The U.S. model of accounting education is like which of the following models?

Which country exempts small companies from an audit

The IFAD objectives include all of the following except

Sarbanes-Oxley prohibits auditors from doing non-audit services. False

The French model of accounting education is like which of the following models?

The IFAC has

Some countries have an apprentice approach for auditors which does not require university training. True

Sarbanes-Oxley prohibits all of the following services to audit clients except

International auditing standards

The British model of accounting education is like which of the following models?

Which of the following is true concerning the EU's 4th Directive?

Which of the following is not a problem that public accounting firms face when the do business overseas.

The IFAC is attempting to harmonize audit standards world-wide.

Reciprocity in the accounting profession means that

The IFAC is

The IFAD was formed

The German model of accounting education is like which of the following models?

International Accounting and International Business

International Accounting Patterns, Culture and Development

Comparative International Financial Accounting I

Comparative International Financial Accounting II

International Financial Statement Analysis

International Transparency and Disclosure

International Accounting Standards and Global Convergence

International Business Combinations, Goodwill and Intangibles

International Segment Reporting

Foreign Currency Transactions and Translation

International Accounting for Price Changes

Corporate Governance and Control of Global Operations

Foreign Exchange Risk Management

International Budgeting and Performance Evaluation

International Taxation Issues

Filters

Exam 15: International Auditing Issues

With respect to auditors in the European Union,

Which of the following is not an element of the quality of the auditing profession.

Distance is not a problem with international auditing. False

The U.S. model of accounting education is like which of the following models?

Which country exempts small companies from an audit

The IFAD objectives include all of the following except

Sarbanes-Oxley prohibits auditors from doing non-audit services. False

The French model of accounting education is like which of the following models?

The IFAC has

Some countries have an apprentice approach for auditors which does not require university training. True

Sarbanes-Oxley prohibits all of the following services to audit clients except

International auditing standards

The British model of accounting education is like which of the following models?

Which of the following is true concerning the EU's 4th Directive?

Which of the following is not a problem that public accounting firms face when the do business overseas.

The IFAC is attempting to harmonize audit standards world-wide.

Reciprocity in the accounting profession means that

The IFAC is

The IFAD was formed

The German model of accounting education is like which of the following models?

International Accounting and International Business

International Accounting Patterns, Culture and Development

Comparative International Financial Accounting I

Comparative International Financial Accounting II

International Financial Statement Analysis

International Transparency and Disclosure

International Accounting Standards and Global Convergence

International Business Combinations, Goodwill and Intangibles

International Segment Reporting

Foreign Currency Transactions and Translation

International Accounting for Price Changes

Corporate Governance and Control of Global Operations

Foreign Exchange Risk Management

International Budgeting and Performance Evaluation

International Taxation Issues

Filters