Term
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Definition
| International Federation of Accountants |
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Term
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Definition
| International Auditing and Assurance Standards Board |
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Term
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Definition
| International Ethics Standards Board for Accountants |
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Term
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Definition
| Global organisation for the accounting profession |
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Term
| IFAC over sees the operations of |
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Definition
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Term
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Definition
| An independant standard setting body |
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Term
| IAASB sets international standards for |
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Definition
Auditing
Quality Control
Reviews
Other assurance service |
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Term
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Definition
| An independant standard setting board |
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Term
| IESBA sets international standards for |
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Definition
Ethics
Other issues effecting accountants |
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Term
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Definition
| Auditing and Assurance Standards Board |
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Term
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Definition
| Financial Reporting Council |
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Term
| The FRC was created under which Act? |
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Definition
| The Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) |
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Term
| The FRC's responsibilities are |
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Definition
Oversight of the AUASB
Monitoring development of international auditing standards
Furthering the development of a single set of Auditing Standards for use worldwide |
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Term
| What is the primary responsibility of the AUASB |
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Definition
| Developing and maintaining Auditing and Assurance Standards and related guidance in Australia |
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Term
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Definition
| Australian Auditing Standard |
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Term
| What are "force of law" auditing standards? |
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Definition
| Standards that are legislative instruments created by the AUASB under s.336 of the Corporations Act, which apply to entities registered under the Corporations Act, and are legally enforceable. |
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Term
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Definition
| Accounting Professional and Ethical Standards Board |
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Term
| APESB is an initiative of |
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Definition
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Term
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Definition
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Term
| APES standards issued by APESB outline |
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Definition
| the reponsibilities of professional accountants to act professionally and ethically |
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Term
| APESB issued standards are consistent with |
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Definition
| IESBA issued standards and tailored for the Australian business environment |
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Term
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Definition
| Code of Ethics for Professional Accountants |
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Term
| APES 110 is the equivalent of the |
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Definition
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Term
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Definition
| Companies Auditors and Liquidators Disciplinary Board |
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Term
| CALDB was established under what Act? |
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Definition
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Term
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Definition
| enforce penalties if it determines that a registered company auditor has failed to carry out their duties properly or is unfit to be registered |
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Term
| Which sections of the Corporations Act requires certain entities to prepare an annual financial report and have it audited? |
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Definition
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Term
| If an auditor faily to comply with the mandatory paragraphs of the standards for "other engagements" they are subject to |
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Definition
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Term
| If an auditor faily to comply with the mandatory paragraphs of the standards for "and audit of an entity registered under the Corporations Act" they are subject to |
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Definition
| professional penalties and legal penalties |
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Term
| The International Framework is issued by |
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Definition
| IAASB (International Auditing and Assurance Standards Board |
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Term
| The International Framework defines and describes |
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Definition
| the elements and objectives of an assurance engagement |
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Term
| The International Framework identifies |
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Definition
| the engagements to which Auditing and Assurance Standards apply |
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Term
| What are the five elements of an assurance engagement |
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Definition
1 - a three party relationship involving a practitioner, a responsible party, and intended users
2 - an appropriate subject matter
3 - suitable criteria
4 - sufficient appropriate evidence
5 - a written assurance report in the form appropriate to a reasonable assurance engagement or a limited assurance engagement |
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Term
| What are the two types of assurance engagements |
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Definition
Reasonable assurance engagements
Limited assurance engagements |
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Term
| What are the five key principles regarding assurance engagements |
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Definition
1. Assurance engagement acceptance
2. Professional scepticism
3. Materiality
4. Assurance Risk |
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Term
| What are the requirements for Assurance engagement acceptance and what part of the standards addresses this key principal? |
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Definition
1. Ethical requirements will be satisfied
2. The five elements of an assurance engagement are present
3. Framework para 17 |
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Term
| What are the requirements for professional scepticism and what part of the standards addresses this key principal? |
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Definition
1. Using a questioning mind
2. Being alert to evidence the contradicts the reliability of documents
3. Framework para 40 |
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Term
| What are the requirements for materiality and what part of the standards addresses this key principal? |
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Definition
1. amounts considered to small to affect users' decisions are given little or no audit effort
2. Framework para 47 |
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Term
| What are the requirements for assurance risk and what part of the standards addresses this key principal? |
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Definition
1. practitioner must reduce assurance risk to an acceptably low level by obtaining sufficient appropriate evidence
2. Framework para 48 |
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Term
| What are the key differences between the International Framework and the Australian Framework |
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Definition
| Paras 7 - Aus 7.8 in the definitions section and para 39 - Aus 39-4 in the evidence section |
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Term
| Under what section of the Corporations Act are auditors compelled to comply with Australian Auditing Standards? |
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Definition
s.307A
(for other assurance engagements not performed under the corporations act, APES 210 requires members of ICAA, CPA and IPA to comply with AUASB standards |
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Term
| What are three overarching pronouncements issued by the IAASB? |
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Definition
1. International Preface (Preface to the International Quality Control, Auditing, Review, Other Assurance and Related Services Pronouncements)
2. International Standard on Quality Control 1 (ISQC1), Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements
3. International Framework for Assurance Engagements |
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Term
| What are the four types of engagements |
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Definition
1. Audits of historical financial information
2. Reviews of historical financial information
3. Assurance engagements other than audits or reviews of historical financial information
4. Related services (non-assurance engagements) |
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Term
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Definition
| International Standards on Auditing |
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Term
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Definition
| International Standards on Review Engagements |
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Term
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Definition
| International Standards on Assurance Engagements |
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Term
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Definition
| International Standards on Related Services |
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Term
| ISA's, ISRE's, ISAE's and ISRS's are collectively referred to as.... |
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Definition
| IAASB's Engagement Standards |
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Term
| Name the two types of engagement when the subject matter is historical financial information such as financial statements |
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Definition
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Term
| What is the level of assurance for a financial statement audit |
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Definition
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Term
| What is the level of assurance for a financial statement review |
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Definition
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Term
| Which standards apply to a financial statement audit |
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Definition
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Term
| Which standards apply to a finanicial statement review |
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Definition
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Term
| What is a force of law standard? |
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Definition
| AUASB standards issued under s.336 of the Corporations Act to be used in the audit of entities regulated under this Act. |
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Term
| Force of Law Standards include |
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Definition
Most ASA's
ASQC1
AREA 2410 and ASRE 2415 |
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Term
| What are the two key differences between the IAASB pronouncements and AUASB pronouncements |
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Definition
1. AUASB Forward
2. ASA 101 |
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Term
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Definition
| all firms that conduct any audits, reviews or other assurance engagements |
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Term
| Which ASA prescribes which sections of an ASA are mandatory and which contain explanatory material? |
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Definition
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Term
| Name the mandatory components of an ASA |
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Definition
1. Application
2. Operative Date
3. Objective(s)
4. Definiation(s)
5. Requirements |
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Term
| Name the explanatory material included in an ASA |
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Definition
1. Application
2. Introduction
3. Application and other Explanatory Material
4. Conformity with International Standards on Auditing
5. Appendices |
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Term
| If an engagement provides no assurance, what type of AUASB Standards will apply? |
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Definition
| ASRS (Standards on Related Services) |
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Term
| If an engagements provides assurance but the subject matter is not historical, what type of AUASB standards will apply? |
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Definition
| ASAE (Standards on Assurance Engagements) |
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Term
| If the engagement will provide assurance, uses historical data and is a review, what type of AUASB standards will apply? |
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Definition
| ASRE (Standards on Review Engagements) |
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Term
| If the engagement will provide assurance, uses historical data and is an audit, what type of AUASB standards will apply? |
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Definition
| ASA (Australian Auditing Standards) |
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Term
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Definition
| the auditor's overall responsibilities when conducting and audit of financial statements |
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Term
| The auditors overall objectives when conducting an audit of financial statements (ISA 200) are |
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Definition
1 - to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement
2. To report on the financial statements and communicate those findings as required by ISA's |
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Term
| The five key requirements for an auditor in the conduct of an audit (ISA 200) relate to: |
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Definition
Ethics
Professional scepticism
Professional judgement
Sufficient appropriate audit evidence and audit risk
Conduct of an audit in accordance with ISA's |
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