Facelift for auditors

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. Which of the following auditing standards have NOT been revised as a result of the changes to the auditor report which is effective for audits of financial statements for periods ending on or after 15 December 2016

  2. What is one of the most notable change in terms of the presentation of the auditor report according to the requirements of the revised ISA 700?

  3. Which of the following is the NEW addition to the Basis of Opinion paragraph in the auditor report resulting from the changes to ISA 700?

  4. Which of the following is NOT distinct new and enhanced representations are to be made in the Auditors Responsibilities for the Audit of the Financial Statements section of the report -

  5. A statement that the auditor has complied with relevant ethical requirements regarding independence to be included in the Auditors Responsibilities for the Audit of the Financial Statements section of the report is required for what type of audits?

  6. As a starting point in determining Key Audit Matters as required by ISA 701 Communicating Key Audit Matters in the Independent Auditor Report, the auditor should determine -

  7. The following situation or circumstance is usually NOT considered as a Key Audit Matter that is reported in the auditors report -

  8. What are the factors that may affect the number of Key Audit Matters that will be communicated in the auditor report?

  9. One of the key changes to ISA 570 Going concern is in relation to report on close call situations. Which of the following BEST describes such situations?

  10. The following statements are included in the Auditors Responsibilities for the Audit of the Financial Statements section of the audit report relating to going concern, EXCEPT -