Q1) A description of which of the following should be documented in an audit plan in accordance with ISA 300 Planning an Audit of Financial Statements?

The factors that are significant in directing the engagement teams efforts

The nature, timing and extent of planned audit procedures

The nature, timing and extent of resources necessary to perform the audit

The scope, timing and direction of the audit

Q2) In respect of the International Standards on Auditing (ISAs), which of the following statements is most accurate?

ISAs are only applicable to the audit of listed and other public interest companies

ISAs contain the general responsibilities of an auditor to be applied in the audit of financial statements

ISAs should always be adhered to by ACCA members irrespective of the country in which the audit is taking place

In the most part ISAs only represent formalisation of existing good practice