第1部分審計介紹

SectionA:

Comprises8twomarkand4onemarkmultiplechoicequestions.

SectionB:

Four10markquestions.

Two20markquestions.

Theexaminationisathreehourpaperwith15minutesreadingandplanningtime.

Allquestionsarecompulsory.

Somequestionswilladoptascenario/casestudyapproach.Allthosequestionswillrequiresomeformofwrittenresponsealthoughquestionsonplanningorreviewmayrequirethecalculationandinterpretationofsomebasicratios.

Definitionofaudit

CONCEPTOFAUDIT-sourceofaudit

Theauditorcanbeseenasanagentoftheshareholders.Underlaw,theyreporttoandareappointedbytheshareholders

Externalauditsprovideassurancetoshareholdersthatthefinancialstatementsareprepared,inallmaterialrespects,inaccordancewithanapplicablefinancialreportingframework.

Theultimateaimoftheauditprocessisfortheauditorstobeinapositiontoexpresstheiropiniontotheshareholdersastowhetherthefinancialstatementshavebeenprepared,inallmaterialrespects,inaccordancewiththeapplicablefinancialreportingframework.

Opinion

Inouropinion,thefinancialstatementspresentfairly,inallmaterialrespects,(orgiveatrueandfairviewof)thefinancialpositionofABCCompanyasat31December20X1,and(of)itsfinancialperformanceanditscashflowsfortheyearthenendedinaccordancewithInternationalFinancialReportingStandards.

Materiality

Informationismaterialifitsomissionormisstatementcouldinfluencetheeconomicdecisionsofuserstakenonthebasisofthefinancialstatements

Boththeamount(quantity)andnature(quality)ofmisstatementsneedtobeconsidered.e.g.lackofdisclosureregardingongoinglitigationislikelytobeconsideredmaterial.

Thecalculationofmateriality(eg):

between5and10%ofprofitbeforetax.

Reasonableassurance

Noauditorcangive100%assurance(absoluteassurance).Thehighestlevelofassurancegiven,asinthecaseofstatutoryaudit,isdescribedas'reasonableassurance'.

'Reasonableassurance'isnotabsoluteassurancebecausethereareinherentlimitationsofanauditwhichresultintheauditorforminganopiniononevidencethatispersuasiveratherthanconclusive.

Limitationsoftheaudit,eg:

Auditisnotobjective.Judgementhastobemade.Notallitemsinthefinancialstatementaretested.

Assuranceengagement

'Anassuranceengagementisanengagementinwhichapractitionerexpressesaconclusiondesignedtoenhancethedegreeofconfidenceoftheintendedusersotherthantheresponsiblepartyabouttheoutcomeoftheevaluationormeasurementofasubjectmatteragainstcriteria.'

Otherexamplesofassuranceengagementsinclude:

Areviewoftheeffectivenessofanentity’sinternalcontrolorcomputersystems

Areviewofanentity’shalfyearresults

Anassurancereportprovidesthefollowingbenefitstotheusersofinformation:

Independentopinionfromanexternalsourcethatenhancesthecredibilityoftheinformation

Therelevanceoftheinformationmaybeimprovedbytheexpertiseandknowledgeoftheassurancefirm.

Allassuranceengagements,whethersubjectedtolegalregulationsuchasstatutoryauditoracontractualarrangementshouldbeperformedinasimilarmanner:

Agreethescopeofworktobeperformed

Formaliseallofthetermsoftheengagementinacontract(engagementletter)

Planthework

Obtainsufficientappropriateevidenceonwhichtobasetheconclusion

Performoverallreviewandformopinion

Issuereporttotheclient

Levelsofassurance

Engagement

LevelofAssurance

Examples

Externalaudit

Reasonableassurance–Positiveexpression

Inouropinion,thefinancialstatementspresentfairly,inallmaterialrespects,inaccordancewithInternationalFinancialReportingStandards.

Review

Limitedassurance–

Negativeexpression

Basedonourworkdescribedinthisreport,nothinghascometoourattentionthatcausesustobelievethatthefinancialstatementsdonotpresentfairly,inallmaterialrespects,inaccordancewithInternationalFinancialReportingStandards.

You’reaChampion!

Thanksforstayingwithus.Youhavefinishedthistask.

Test1

Theconceptofaudit&assurance

Test使用說明

講義里面會附帶幾部分選擇題形式的小測試，做完這些測試就可以完全搞定考試中20分選擇題部分

測試丌公布答案，全部會錄制視頻進(jìn)行講解，在網(wǎng)課視頻中以紅色部分顯示的選項(xiàng)即是答案

強(qiáng)烈強(qiáng)烈建議凡事根據(jù)進(jìn)度來到測試部分時，首先獨(dú)立完成，然后在聽視頻進(jìn)行核對！?。。?！

測試題為了完全覆蓋考試，以及照顧到丌同基礎(chǔ)的所有學(xué)生，難免會有重復(fù)或者看上去過于簡單，諸位完全可以根據(jù)自己實(shí)際情況快進(jìn)來聽

（這就更顯得之前獨(dú)立完成重要性），對于會了部分對答案即可，丌會的重點(diǎn)來聽

快進(jìn)的最佳選擇推薦使用Ipad下載“高頓網(wǎng)?！钡腁PP

錯題（難題）部分，丌妨自己整理一本錯題集，到了考前沖刺階段自己進(jìn)行測試，丌會的再回來聽視頻絕對事半功倍

Isthefollowingstatementregardingstewardshiptrueorfalse?

Directorsarestewardsoftheinvestmentmadebyshareholdersinacompany.

ATrue

BFalse

Whonormallyappointstheexternalauditorsofacompany?

ADirectors

BShareholders

CAuditcommittee

DSeniormanagement

Whichofthefollowingisthemostappropriatedefinitionoftheexternalaudit?

ATheexternalauditisanexercisecarriedoutbyauditorsinordertogiveanopiniononwhetherthefinancialstatementsofacompanyaremateriallymisstated.

BTheexternalauditisanexercisecarriedoutinordertogiveanopinionontheeffectivenessofcompany'sinternalcontrolsystem.

CTheexternalauditisperformedbymanagementtoidentifyareasofdeficiencywithinacompanyandtomakerecommendationstomitigatethosedeficiencies.

DTheexternalauditprovidesnegativeassuranceonthetruthandfairnessofacompany'sfinancialstatements.

Oneoftheprimarysourcesofinformationaboutacompanyisthefinancialstatements.Thedirectorsareresponsibleforpreparingthefinancialstatements.

whichofthefollowingisoneexplanationoftheneedforanindependentauditofthesefinancialstatements?

AThedirectorsmaylackthenecessaryskillsorknowledgetopreparefinancialstatementsthataretureandfair.

BAllcompaniesarerequiredbylawtohavetheirfinancialstatementsauditedbyanindependent,professionallyqualifiedaccountant.

CAnindependentauditwillensurethatthecorrecttaxispaidtothetaxauthorities.

DThedirectorsoftendirectlybenefitfromreportinghigherprofitsasdirector'sremunerationmayincludebonuseslinkedtothelevelofprofitsachieved.thiscreatesaconflictofinterest.

Inrelationtothemeaningof“trueandfair,isthefollowingstatementtrueorfalse?

ThereisnodefinitionintheinternationalstandardsonAuditingoftrueandfair,butitisgenerallyconsideredtohavethefollowingmeaning:

True:Factual,conformswithaccountingstanardsandrelevantlegislationandagreeswithUnderlyingrecords.

Fair:Clear,impartialandreflectsthecommercialsubstanceofthetransactionsoftheentity.

ATrue

BFalse

Inanstatutoryauditengagementtheauditpractitionershouldgathersufficientappropriateevidencetobeableto:

Drawplausibleconclusions

Drawreasonableconclusions

Drawlimitedconclusions

Thelevelofassuranceprovidedbyanexternalauditisabsolute.

Isthisstatementtrueorfalse?

ATrue

False

whichofthefollowingisthecorrectdefinitionofanassuranceengagement?

A‘Anengagementinwhicharesponsiblepartyexpressesaconclusiondesignedtoenhancethedegreeofconfidenceofintendedusersabouttheoutcomeoftheevaluationormeasurementofasubjectmatteragainstcriteria’

B‘Anengagementinwhichapractitionerexpressesaconclusiondesignedtoenhancethedegreeofconfidenceofintendedusersotherthantheresponsiblepartyabouttheoutcomeoftheevaluationormeasurementofasubjectmatteragainstcriteria’

C‘Anengagementinwhichapractitionerexpressesaconclusiondesignedtoenhancethedegreeofconfidenceofintendedusersotherthantheresponsiblepartyaboutasubjectmatter’

Whichofthefollowingarepartiesinvolvedwithinanassuranceengagement?

Directors

Auditors

ResponsibleParty

Practitioner

Intendedusers

A 1,2,5

B 2,3,5

3,4,5

1,3,4

WhichTwoofthefollowingareelementsofanassuranceengagement.

shareholders

Anappropriatesubjectmatter

Aregisteredauditor

Awrittenassurancereportinanappropriateform.

A1and3

2and3

2and4

3and4

Whichtwoofthefollowingareelementsofanassuranceengagement?

Athree-partyrelationship

Suitablecriteria

Determinationofmateriality

Anengagementletter

A(1)and(2)only

B(1)and(3)only

C(2)and(3)only

D(1),(2)and(3)(2marks)

Whichofthefollowingappropriatelyexplainsthedifferencebetweenalimitedassuranceengagementandreasonableassuranceengagement?

Limitedassuranceisgivenwhenamaterialmisstatementhasbeenidentifiedinthesubjectmatterbutsomeassurancecanstillbegiven,whereasreasonableassuranceisgivenwhennomaterialmisstatementshavebeenidentified.

Inalimitedassuranceengagement,thepractitionerwillgatherlimitedevidence.Inareasonableassuranceengagementthepractitionerwillgathersufficientappropriateevidence.

Inareasonableassuranceengagement,thepractitionerisfullyliableifthefinancialstatementarelaterfoundtocontainamaterialmisstatement;inalimitedassuranceengagement,thepractitionerhaslimitedliability

Inalimitedassuranceengagementthepractitionerwillconcludewhetherthesubjectmatter,willrespecttoidentifiedsuitablecriteria,isplausibleinthecircumstances.Inareasonableassuranceengagementthepractitionerwillconcludewhetherthesubjectmatterconformsinallmaterialrespectswithidentifiedsuitablecriteria.