ACCA - AAA Exam
Comprehensive Questions
with Verified Answers
Graded A+
1. What are the three main roles for the Financial Reporting Council?
Answer: 1 - Independent oversight of the regulation of the audit profession
2 - Independent oversight of the regulation of the accounting profession
3 - Monitoring of the quality of major audits
2. What are the main responsibilities of an audit committee? Answer: 1
- Reviewing systems of internal control
2 - Agreeing agenda of work for the internal audit department
3 - Reviewing the results of internal audit work
4 - Reviewing accounting policies
5 - Managing the relationship with the external audit firm
6 - Oversight and approval of services by external auditor
7 - Liaising with the external auditor
3. What are the five fundamental principles of standards? Answer: 1 -
Integrity
2 - Objectivity
3 - Confidentiality
4 - Professional behaviour
5 - Professional competence and due care
1/
10
, 4. What are the threats to compliance with the fundamental
principles of stan- dards? Answer: 1 - Self interest threat
2 - Self review threat
3 - Advocacy threat
4 - Familiarity threat
5 - Intimidation threat
6 - Management threat
5. What 8 elements of quality management of audits must be
assessed? Answer: 1 - Risk assessment
2 - Governance
3 - Ethical requirements
4 - Continuance and acceptance
2/
10
Comprehensive Questions
with Verified Answers
Graded A+
1. What are the three main roles for the Financial Reporting Council?
Answer: 1 - Independent oversight of the regulation of the audit profession
2 - Independent oversight of the regulation of the accounting profession
3 - Monitoring of the quality of major audits
2. What are the main responsibilities of an audit committee? Answer: 1
- Reviewing systems of internal control
2 - Agreeing agenda of work for the internal audit department
3 - Reviewing the results of internal audit work
4 - Reviewing accounting policies
5 - Managing the relationship with the external audit firm
6 - Oversight and approval of services by external auditor
7 - Liaising with the external auditor
3. What are the five fundamental principles of standards? Answer: 1 -
Integrity
2 - Objectivity
3 - Confidentiality
4 - Professional behaviour
5 - Professional competence and due care
1/
10
, 4. What are the threats to compliance with the fundamental
principles of stan- dards? Answer: 1 - Self interest threat
2 - Self review threat
3 - Advocacy threat
4 - Familiarity threat
5 - Intimidation threat
6 - Management threat
5. What 8 elements of quality management of audits must be
assessed? Answer: 1 - Risk assessment
2 - Governance
3 - Ethical requirements
4 - Continuance and acceptance
2/
10
