Questions from General Auditing

Q: You are the engagement partner of an audit assignment with an entity

You are the engagement partner of an audit assignment with an entity specializing in the provision of information technology services and software. At the beginning of the financial year the company e...

Q: Your firm has been external auditor of Elgol plc for some years

Your firm has been external auditor of Elgol plc for some years. Elgol has an internal audit department engaged in both compliance and operational auditing. You have a high opinion of the quality of i...

Q: The EU Audit Regulation (537/2014) states:’

The EU Audit Regulation (537/2014) states:’ In order to increase the confidence in … the statutory auditors and the audit firms carrying out the statutory audit of public interest entities, it is impo...

Q: Audit evidence is required to be both sufficient and appropriate. Explain

Audit evidence is required to be both sufficient and appropriate. Explain what is meant by this statement giving appropriate examples.

Q: In 2014, Lord Myners set out the need to reform the

In 2014, Lord Myners set out the need to reform the Cooperative Group after near ruinous failure at the bank, describing ‘a dysfunctional board in which some directors did not know the difference betw...

Q: Explain why you believe auditors have been reluctant to report on the

Explain why you believe auditors have been reluctant to report on the directors’ reviews of the effectiveness of internal controls.

Q: Discuss how corporate governance mechanisms will impact on audit quality and the

Discuss how corporate governance mechanisms will impact on audit quality and the audit expectations gap.

Q: Discuss what are likely to be the main limitations a company faces

Discuss what are likely to be the main limitations a company faces in establishing an effective audit committee.

Q: Good corporate governance is more likely to exist in companies where there

Good corporate governance is more likely to exist in companies where there are large institutional shareholders holding a substantial proportion of the shares than in companies where the shares are he...

Q: Why do you think it is important to have NEDs on the

Why do you think it is important to have NEDs on the board?