12The process of 'final evidence accumulation' is always done late in the engagement. Which one of the following would be done the earliest in the engagement?

a.

Acquire the management representation letter.

b.

Search for contingent liabilities.

c.

Perform final analytical procedures.

d.

Evaluate the going concern assumption.

15When an adverse, qualified, or disclaimer of opinion is issued, ASA 705 requires that the auditor's report includes:

a.

the substantive reasons for the opinion and a quantification of the possible effect on the finacial report.

b.

a clear description of all the substantive reasons for the opinion.

c.

none of the choices is correct.

d.

where practicable, a quantification of the possible effect on the financial report.

16Auditors sometimes encounter situations in which the outcome of a matter cannot be reasonably estimated at the time the financial report is issued. These matters are referred to as:

a.

inestimable matters.

b.

significant uncertainties.

c.

non sequiturs.

d.

in suspense matters.

17Compliance audits ordered by the regulator under the National Greenhouse and Energy Reporting Act 2007 would be at the cost of:

a.

both the government and the entity.

b.

the entity.

c.

none of the choices is correct.

d.

the government.

19The auditing standards to be utilised by an auditor in undertaking public sector financial audits for the Commonwealth are prescribed by the:

a.

Corporations Act 2001.

b.

Auditor-General.

c.

Audit and Assurance Standards Board.

d.

Relevant Minister.

20The Institute of Internal Auditors Professional Practice Standards require that internal auditors should be independent of:

a.

the activities they audit.

b.

the controller's function within their organisation.

c.

the line function within their organisation.

d.

their employer.