Test bank for Audit and
Assuarance,2nd edition by leung
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,Testbank
to accompany
Audit and assurance
2nd edition
by
Leung et al.
Chapter 1: Auditing and governance ©
John Wiley & Sons Australia, Ltd 2023
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Multiple-choice questions
1. The three major professional accounting bodies in Australia are:
a. CAANZ, CPA and ASIC.
b. CPA Australia, IPA and AARF.
c. ATO, AUASB and ASIC.
*d. CAANZ, CPA Australia and IPA.
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Testbank to accompany Auditing and assurance 2e
The correct option is d.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
2. Which of these was not an Australian corporate collapse?
a. Harris Scarfe.
b. HIH Insurance Ltd.
c. One.Tel.
*d. All were Australian corporate collapses.
The correct option is d.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
3. In relation to auditing the information hypothesis relates:
a. To ‘does the audit meet the demands of users’. *b. To why there is a demand for
audits. c. To what auditing is.
d. To which auditing standards are produced.
The correct option is b.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
4. Under ASA 200/ IAS 200 the primary objective of a financial report audit is to:
a. Ensure that the company is free from all fraud.
b. Provide assurance about the future viability of the entity.
*c. To express an opinion as to whether the financial report is prepared in all material
aspects, in accordance with a financial reporting framework.
d. Ensure the company complies with all aspects of Corporations Law.
The correct option is c.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
1.2
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Assuarance,2nd edition by leung
Downloaded by: studyvault1 | Want to earn $1.236 Distribution
of this document is illegal extra per year?
,Testbank
to accompany
Audit and assurance
2nd edition
by
Leung et al.
Chapter 1: Auditing and governance ©
John Wiley & Sons Australia, Ltd 2023
Downloaded by: studyvault1 | Want to earn $1.236 Distribution
of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Multiple-choice questions
1. The three major professional accounting bodies in Australia are:
a. CAANZ, CPA and ASIC.
b. CPA Australia, IPA and AARF.
c. ATO, AUASB and ASIC.
*d. CAANZ, CPA Australia and IPA.
Downloaded by: studyvault1 | Want to earn $1.236 Distribution
of this document is illegal extra per year?
, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Testbank to accompany Auditing and assurance 2e
The correct option is d.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
2. Which of these was not an Australian corporate collapse?
a. Harris Scarfe.
b. HIH Insurance Ltd.
c. One.Tel.
*d. All were Australian corporate collapses.
The correct option is d.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
3. In relation to auditing the information hypothesis relates:
a. To ‘does the audit meet the demands of users’. *b. To why there is a demand for
audits. c. To what auditing is.
d. To which auditing standards are produced.
The correct option is b.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
4. Under ASA 200/ IAS 200 the primary objective of a financial report audit is to:
a. Ensure that the company is free from all fraud.
b. Provide assurance about the future viability of the entity.
*c. To express an opinion as to whether the financial report is prepared in all material
aspects, in accordance with a financial reporting framework.
d. Ensure the company complies with all aspects of Corporations Law.
The correct option is c.
Learning objective 1.1 ~ explain the fundamental nature and value of audits.
1.2
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