ACA Assurance exam 2023 with 100% correct answers

5 key elements of audit - correct answer 1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report ISA 200 - what are the objectives of auditors? - correct answer - obtain reasonable assurance f/s are free from material misstatement (fraud or error) - express opinion whether f/s prepared in accordance w/ financial reporting framework Exemption from statutory audit - correct answer - CA 2006 exempts small p. ltd. if 2/3: -> 50 employees or less -> turnover £10.2m or less -> gross assets £5.1m or less Auditor requirements - correct answer basic: - employment by firm controlled by qualified persons - CA2006 no officers/employees of company or partner of above qualified auditors: - membership of recognised supervisory body Money laundering check (client due diligence) - correct answer - req. per. Money Laundering Regulations 2007 - client id docs retained 5 yrs