The audit quality conundrum

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

  1. What did the World Bank in its February 2012 Report on the Observance and Codes in Accounting and Auditing (ROSCAA) state about the audit quality in Malaysia?

  2. The Committee to Strengthen the Accountancy Profession (CSAP) was set up in response to the ROSCAA report. What is its function?

  3. Which of the following is not one of the recommendations raised in the CSAP Report on Strengthening of the Accounting Profession in Malaysia issued in December 2014?

  4. What are the primary objectives of the Framework for Audit Quality developed and issued by the International Auditing and Assurance Standards Board (IAASB) in February 2014?

  5. The Framework for Audit Quality is made up of five inter-connected elements that encompass the following, EXCEPT -

  6. Under the input factors, the Framework for Audit Quality underscores that quality audits will require auditors to have or demonstrate the following -

  7. The input factors can then be applied at various levels as follows -

  8. The framework also denotes that the factors in this element not only involve the engagement and firm levels, but also national level whereby activities undertaken by national audit regulatory bodies such as the MIA and AOB also impact the audit process. Practice reviews would be an example of such activities. This statement best describes which part of the Framework for Audit Quality?

  9. Which of the following entails the output factors that affect audit quality as denoted by the Framework for Audit Quality?

  10. When is the effective date for the adoption of the Framework for Audit Quality by the IAASB for audit practitioners in Malaysia?