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9 Which of the following statements, relating to the auditor’s responsibilities regarding subsequent events, if any,
is/are correct?
(1) Auditors do not have a responsibility to perform procedures to identify subsequent events after the date of the
auditor’s report
(2) Where a material adjusting subsequent event is identified after the financial statements are issued, but prior to
approval by the shareholders, the auditor should include a qualified opinion in their audit report if management
refuses to adjust the financial statements for the event
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2
(2 marks)
10 Is the following statement true or false?
A significant change in the ownership of an existing audit client is a factor which makes it appropriate for the auditor
to review the terms of engagement.
A True
B False
(1 mark)
11 Which of the following statements relating to internal and external auditors is correct?
A Internal auditors are required to be members of a professional body
B Internal auditors’ scope of work should be determined by those charged with governance
C External auditors report to those charged with governance
D Internal auditors can never be independent of the company
(2 marks)
12 Which TWO of the following controls of a sales system ensure that all goods despatched are completely and
accurately invoiced?
(1) Good despatched notes are matched to sales invoices
(2) Sales invoices are sequentially numbered
(3) Sales invoices are matched to customer orders
(4) Regular review of unfulfilled orders
A 1 and 2
B 2 and 4
C 2 and 3
D 1 and 4
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