Independent Auditor – NBC Institute

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

Question

The International Standards on Auditing 200 (ISA 200) made some important pronouncements on the Independent Auditor.

Required:

a. Explain two objectives of the Independent Auditor as specified in ISA 200. (4 Marks)

b. Explain four tasks ISA 200 requires the Independent Auditor to perform. (8 Marks)

c. Explain the roles of auditing standards in the accounting profession. (3 Marks)

Answer

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Tags: Audit Roles, Auditing Standards, Ethical Compliance, Independent Auditor, ISA 200
Level: Level 2

Topic: Introduction to Auditing
Series: MAY 2024

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

Question

Over time, the annual audit was developed as a way of adding credibility to the financial statements produced by management. The statutory audit is now a key feature of company law throughout the world.

You are required to:

a. Identify and explain THREE key features of an audit report. (12 Marks)

b. Explain the conditions under which a company can be classified as a small company in order to be exempted from an audit. (5 Marks)

c. Identify THREE points that would be included in the scope of the statutory audit as described in the independent auditor’s report. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Audit Scope, Financial Statements, Independent Auditor, Small Company Exemption
Level: Level 2

Topic: Audit Reports
Series: MAY 2019

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

Question

The International Standards on Auditing 200 (ISA 200) made some important pronouncements on the Independent Auditor.

Required:

a. Explain two objectives of the Independent Auditor as specified in ISA 200. (4 Marks)

b. Explain four tasks ISA 200 requires the Independent Auditor to perform. (8 Marks)

c. Explain the roles of auditing standards in the accounting profession. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Roles, Auditing Standards, Ethical Compliance, Independent Auditor, ISA 200
Level: Level 2

Topic: Introduction to Auditing
Series: MAY 2024

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

Question

You are required to:

a. Identify and explain THREE key features of an audit report. (12 Marks)

b. Explain the conditions under which a company can be classified as a small company in order to be exempted from an audit. (5 Marks)

c. Identify THREE points that would be included in the scope of the statutory audit as described in the independent auditor’s report. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Audit Scope, Financial Statements, Independent Auditor, Small Company Exemption
Level: Level 2

Topic: Audit Reports
Series: MAY 2019

Question Tag: Independent Auditor

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AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

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Question Tag: Independent Auditor

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AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

You're reporting an error for "AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing"

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

You're reporting an error for "AA – May 2019 – L2 – Q4 – Audit Reports"

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

You're reporting an error for "AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing"

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

You're reporting an error for "AA – May 2019 – L2 – Q4 – Audit Reports"

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