
AA tutorial 8
Quiz
•
Mathematics
•
University
•
Practice Problem
•
Hard
Mir Zohid
Used 3+ times
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13 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
The audit engagement partner has asked you to prepare some information ready for the tender. Indicate which of the following would be included in the tender for the audit of Severn Co?
A. The proposed fee for the initial audit of Severn Co
Include in tender
Do not include in tender
2.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
The audit engagement partner has asked you to prepare some information ready for the tender. Indicate which of the following would be included in the tender for the audit of Severn Co?
B. A description of Rivers & Co, including the curriculum vitae of key staff likely to be assigned to the client
Include in tender
Do not include in tender
3.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
The audit engagement partner has asked you to prepare some information ready for the tender. Indicate which of the following would be included in the tender for the audit of Severn Co?
C. Overall level of materiality to be used in the audit
Include in tender
Do not include in tender
4.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
The audit engagement partner has asked you to prepare some information ready for the tender. Indicate which of the following would be included in the tender for the audit of Severn Co?
D. A summary of potential other services Rivers & Co could provide to Severn Co
Include in tender
Do not include in tender
5.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
You have identified a number of issues which should be considered prior to tendering for a new client. Given what you already know of Severn Co, which TWO of these are most important to consider further prior to tendering for the audit?
The firm is independent of the potential client
The firm has the appropriate resources to conduct the audit of the potential client
The preconditions of audit will be met
The outgoing auditors will give Rivers & Co access to working papers
6.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
You are reappraising whether it is appropriate for the firm to accept the engagement. Which of the following issues arising would cause Rivers & Co to decline the engagement?
The engagement letter not being received by Rivers & Co
Rivers & Co losing a major client meaning Severn's audit fee would represent 20% of annual firm income
A reply from the outgoing auditors stating that they declined to seek reappointment to the audit of Severn Co due to a disagreement over accounting policies
A request from Severn Co that the audit be carried out in March, when Rivers & Co already works at maximum capacity
7.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
Indicate which TWO of the following issues must be included in the engagement letter?
Scope of the audit
Responsibilities of management of Severn Co
Timetable for the provision of accounting information by Severn Co
Fees and billing arrangements
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