Questions and Answers of Principles Of External Auditing

Explain briefly the auditor's duty when (s)he has unresolved doubts about the ability of the auditee to continue as a going concern.
Explain briefly the difference between a scope limitation and an inherent uncertainty.
Distinguish between a material inherent uncertainty and a fundamental inherent uncertainty and explain how each is reflected in the auditor's report.
List six factors of the law relating to the liability of auditors to third parties that have emerged from cases settled subsequent to the Caparo decision, and identify the common theme that can be
List eight environmental quality control elements audit firms should implement to help ensure that high quality audits are performed by the firm.
Describe briefly the key features of the Joint Monitoring Unit's monitoring process.
List two ways in which monitoring by the Joint Monitoring Unit and the ACCA monitoring unit differ and give reasons to explain these differences.
Give two reasons to explain why a company usually seeks to manage rather than eliminate its risks.
State the key objectives of an internal audit.
Outline the steps involved in:(a) planning(b) executing(c) reporting(d) following up an internal audit.
Distinguish between a financial statement audit, performed by external auditors, and a financial audit, performed by internal auditors.
Briefly describe the key features of a Control Risk Self Assessment (CRSA) system.
State the advantages of a CRSA system for:(a) company managers(b) risk managers(c) internal auditors(d) companies as a whole.
Define the following terms:(i) an environmental management system;(ii) an internal environmental audit;(iii) an external verification (or assurance) engagement.
Explain briefly how the scope of internal environmental audits has developed over the past 20 or so years.
Outline the various forms in which a company may report its environ- mental performance and distinguish between an "environmental report' and a 'sustainability report'.
Discuss briefly the objective and requirements of the ISO 14001 scheme and Europe's eco-management and audit scheme (EMAS), and list the key differences in the requirements of the two schemes.
Explain briefly the difficulties for internal environmental auditors and external environmental verifiers that result from the absence of environ- mental reporting and verification standards.
List the professional requirements for internal environmental auditors and external environmental verifiers and identify the groups which may be equipped to undertake this work.
Outline the usual contents of:(i) an internal environmental audit report to management;(ii) a verification (or assurance) report attached to a company's published environmental report.
List and briefly explain the advantages that may accrue to companies as a consequence of conducting internal environmental audits and publishing independently verified environmental (or
List and briefly explain the disadvantages that companies may experience as a consequence of conducting internal environmental audits and publishing independently verified environmental (or
List four ways in which environmental factors may impact upon the statutory audit of companies' financial statements.

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