1
What are standats and principles related with auditing ?
These standards and principles are : generally accepted auditing standards, international auditin standartds, code of ethics, quality control standards.
Auditing Standards
- 20 soru-cevap
- Audıtıng (ENG)
2
What is IFAC?
IFAC is the global organization for the accountancy profession, comprising more than 175 members and associate organization in 130 countries and jurisdictions, representing nearly 3 million professional accountants It was founded in 1977.
3
What are the strategic objectives of IFAC’s strategic actions?
Integrity, expertise, transparency
4
What are the three strategic objectives of IFAC?
- Contributing to and promoting the development, adoption, and implementation of high-quality international standards, specifically for audit and assurance, ethics, education, and international public sector accounting standards.
- Preparing a future-ready profession by equipping professional accountants and professional accountancy organizations for the future.
- Speaking out as the voice for the global profession in a trusted and inffuential way
5
Standards of fieldwork address the planning and performing of the audit. What are these fieldwork standards?
- Adequate planning and supervision
- Understand clients international control
- Sufficient competent evidence
6
What are the main functions of KGK (Accounting and auditing standards authority of Turkey)?
- Setting accounting standards
- Setting auditing standards
- Authorizing and registering auditors and audit firms
- Overseeing, inspecting, and applying legal enforcement to auditors and audit firms
7
What are the general standards of auditing?
- Adequate technical and proficiency
- Independence in mental attitude
- Due Professional Care
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What are the standards of reporting?
- Whether Statements were Prepared in Accordance With GAAP,
- Circumstances When GAAP not Consistently Followed,
- Adequacy of Informative Disclosures,
- Expression of Opinion on Financial Statements,
- Unmodified Opinion
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What are the reports of auding?
Unmodified opinion, qualified opinion, disclaimer opinion, adverse opinion
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What are the fundamental principles of the accountant?
Integrity, objectivity, professional competence and due care, confidentially, professional behavior.
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What is the self-interest threat? Give an example.
Self-interest threat is the threat that a financial or other interest will inappropriately inffluence a professional accountant’s judgment or behavior
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What is a self-review threat? Explain with a sample.
Self-review threat is the threat that a professional accountant will not appropriately evaluate the results of a previous judgment made; or an activity performed by the accountant, or by another individual within the accountant’s firm or employing organization, on which the accountant will rely when forming a judgment as part of performing a current activity;
Example: A professional accountant issuing an assurance report on the effectiveness of the operation of financial systems after implementing the systems.
13
What is the advocacy threat? Explain with a sample.
Advocacy threat is the threat that a professional accountant will promote a client’s or employing organization’s position to the point that the accountant’s objectivity is compromised;
Example: A professional accountant lobbying in favor of legislation on behalf of a client.
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What is a familiarity threat? Explain with a sample.
Familiarity threat is the threat that due to a long or close relationship with a client, or employing organization, a professional accountant will be too sympathetic to their interests or too accepting of their work. Example: A professional accountant having a close or immediate family member who is a director or o icer of the client.
15
What is the intimidation threat? Explain with a sample.
Intimidation threat: the threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures, including attempts to exercise undue influence over the accountant.Example: A professional accountant being threatened with dismissal from a client engagement or the firm because of a disagreement about a professional matter.
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What are safeguards?
Safeguards are actions, individually or in combination, that the professional accountant takes that effectively reduce threats to compliance with the fundamental principles to an acceptable level.
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There are two methods for safeguards. What are they?
- Safeguards created by the profession, legislation, or regulation
- Safeguards in the actual working environment
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What are the situations that prevent compliance with basic ethical principles that have been identified for Professional Accountants in Public Practice in the Code of Ethics?
- Conflicts of interest
- Professional appointments
- Second opinions
- Fees and other types of remuneration
- Inducements, including gifts and hospitality,
- Custody of clients assets
- Responding to non-compliance with law and regulations
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What is the concern of this International Standard for Quality Control (ISQC)?
International Standard on Quality Control (ISQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements. And also standard maintain responsibilities of practicing firm of auditors according to its quality control policies and procedures.
20
It is stated in the standard (ISQC) that firms should establish and maintain a system of quality control that includes their policies and procedures regarding the items. What are these items?
a. Leadership responsibilities for quality within the firm
b. Relevant ethical requirements
c. Acceptance and continuance of client relationships and specific engagements
d. Human resources
e. Engagement performance
f. Monitoring