AUE2601
Assignment 1 – 2021
Unique number: 311496
1. There are several types of auditors. Which one of the following statements best
describes the role of a registered auditor?
1. Investigate and gather evidence where there is a case of alleged financial
mismanagement, theft or fraud.
2. Evaluate the efficiency, economy and effectiveness of the company’s internal
control systems and business activities; and evaluate whether the company has
identified and is responding to the business risks it faces.
3. Express an independent opinion on whether the annual financial statements
fairly present the financial position and results of the company’s operations.
4. Evaluate the financial affairs of government departments and assist the
government in meeting its responsibilities in running the financial affairs of the
country and increasing public confidence in the government’s financial
management.
2. Which one of the following individuals may be offered a shareholding in a
registered auditing firm, VVF Auditors (VVF) in accordance with Sections 37 and
38 of the Auditing Profession Act?
1. R Klaasen is a valued advisor of VVF, who resides permanently in Ireland.
2. S Malebo is a registered auditor, who runs his own sole proprietary firm that is
registered with the IRBA. Mr Malebo has expressed interest in closing down his
firm and joining VVF on a full-time basis.
3. Y Smith has passed both her Initial Test of Competence (ITC) and the
Assessment of Professional Competence (APC) examinations. She will be
completing her training contract at the end of the year.
Assignment 1 – 2021
Unique number: 311496
1. There are several types of auditors. Which one of the following statements best
describes the role of a registered auditor?
1. Investigate and gather evidence where there is a case of alleged financial
mismanagement, theft or fraud.
2. Evaluate the efficiency, economy and effectiveness of the company’s internal
control systems and business activities; and evaluate whether the company has
identified and is responding to the business risks it faces.
3. Express an independent opinion on whether the annual financial statements
fairly present the financial position and results of the company’s operations.
4. Evaluate the financial affairs of government departments and assist the
government in meeting its responsibilities in running the financial affairs of the
country and increasing public confidence in the government’s financial
management.
2. Which one of the following individuals may be offered a shareholding in a
registered auditing firm, VVF Auditors (VVF) in accordance with Sections 37 and
38 of the Auditing Profession Act?
1. R Klaasen is a valued advisor of VVF, who resides permanently in Ireland.
2. S Malebo is a registered auditor, who runs his own sole proprietary firm that is
registered with the IRBA. Mr Malebo has expressed interest in closing down his
firm and joining VVF on a full-time basis.
3. Y Smith has passed both her Initial Test of Competence (ITC) and the
Assessment of Professional Competence (APC) examinations. She will be
completing her training contract at the end of the year.
