Putting audit quality first

Multiple-choice questions. In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please reread the article before attempting the questions again.

According to the article, what is the most common cause of audit failure?

Weaknesses in organisational culture

Inadequate audit software

Lack of technical knowledge 

Insufficient regulations 

What is the main purpose of IESBA’s emerging Firm Culture and Governance Framework?

To provide a global framework for assessing ethical culture and governance

All of the other answers

To impose fee caps on audit firms 

To replace existing auditing standards 

According to ACCA's research, what percentage of professional accountants believe ethical dilemmas have become harder to resolve over the past three years?

52 percent

78 percent

45 percent 

64 percent

According to ACCA’s research, nearly one in four accountants said that they had:

Been pressured to act unethically

Reported unethical behaviour to regulators

Changed employers due to ethical concerns 

Received ethics training

Which of the following financial centres is specifically mentioned as facing acute ethical challenges due to commercial pressures?

All the other answers 

New York City 

London 

Hong Kong SAR of China

According to ACCA’s report, which ethical risk is particularly associated with Western Europe?

Bribery and the normalisation of unethical practices 

Pressure from management to compromise independence

Reluctance to challenge authority 

Lack of professional qualifications

According to ACCA’s report, which ethical risk is particularly associated with Africa?

All of the other answers

Bribery and the normalisation of unethical practices  

Pressure from management to compromise independence

Reluctance to challenge authority 

Which organisation is developing a global culture and governance framework?

IASB

IPSASB

IFRS Foundation

IESBA 

Which of the following is NOT one of the eight elements of the framework discussed in the article?

Transparency 

Profit maximisation

Continuous improvement

Speaking up 

What proportion of respondents to ACCA’s research said that they had witnessed unethical behaviour during their careers?

More than three-quarters

More than half

More than two-thirds

More than a third

1 Unit