please give plagiarism free answer QUESTION 15A member of a public company audit committee isOA always an executive directorB. none of these answer choices are correctOC. either an executive or non-executive directorD. always a non-executive director QUESTION 24Which of the following statements is true?1) Client acceptance or a continuance decision is the first stage of any audit2) The competence issues influences olient acceptance and retention decisions with respect to whether the accounting frm has the expertise to perform the services requested by the clientOA NeitherOB Both 1 and 2OC1 onlyOD.2 only

Audit Committee: It is a regulatory requirement to form an audit committee. Which is form by the…

Answered: A member of a public company audit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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26. As per the corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to choose from the following the role of an audit committee. a. Decide the Directors remuneration b. Approve remuneration and terms of engagement of the external auditor c. Appoint all the Directors in a board d. Appoint the CEO of the company
{Auditing} 49. While addressing the auditor’s report by an auditor whom does it is addressed to depending upon the circumstances? a. Shareholders b. Board of Directors c. All the options d. Owners
44. Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit Executive (CAE) who shall oversee and be responsible for the internal audit activity of the organization and must be appointed by the Board, subject to the Principle of Proportionality. Statement 2. Internal Auditors are challenged to recognize and evaluate ethical and unethical situations often encountered in practice and it is important to be alert to situations that may threaten these fundamental principles. This is the concept of Ethical Intelligence. Which of the following statements is/are false? Group of answer choices Statements I and II Statement II only Statement I only None of the statements
Please answer all 3 subparts Question 1 (i) A board committee is best described as a subset of the board formed to achieve which one of the following outcomes?A. enhance the effectiveness of the board B. Report to shareholders on specific issues.C. enable directors to reduce their individual liabilityD. being independent by having exclusively independent directors (ii) Which of the following would NOT be an example of an agency cost?A. Audit fees.B. DividendsC. Delegated authoritiesD. Information asymmetry. (iii) The board of directors is:A. The only governance mechanism in an organisation.B. Only a fiction according to the managerial definition of corporate governance. C. Have the power to monitor managerial opportunism only.D. The main principal in an agency relationship.
47 Who could decide the terms and conditions of appointment of internal auditor? a. Management of the company b. It is decided by the external Auditor c. It is decided by the shareholders d. None of the options
22-In good corporate governance________, must be involved in decisions related to developing strategies in the organization. a. None of the options O b. Non-Executive O c. Board of directors O d. Executive
18-from the options given below identify which of the following is not responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor b. Restricted access to personnel within entity c. Additional information that the auditor may require d. Information of minutes of the Board meetings
4. As per the guidelines of corporate governance code, an audit committee should be set up and it should be comprised of minimum 3 nonexecutive directors. You are required to identify from the following any one drawback an audit committee? a. Broader skills within the board b. More trust in the credibility of the audit report c. Better position for the entity if looking to obtain a listing d. Difficult to find Audit Committee members with the relevant qualification, skill and experience
5.Which of the following is not the function of audit committee?Single choice. (1 Point) To make recommendations about auditor's fee To advice the removal of the external auditors To look after the internal control in company All of above
Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit Executive (CAE) who shall oversee and be responsible for the internal audit activity of the organization and must be appointed by the Board, subject to the Principle of Proportionality. Statement 2. Internal Auditors are challenged to recognize and evaluate ethical and unethical situations often encountered in practice and it is important to be alert to situations that may threaten these fundamental principles. This is the concept of Ethical Intelligence. Which of the following statements is/are false? choices None of the statements Statement I only Statement II only Statements I and II
30-Which of the following statements relating to internal and external auditors is correct? i) Internal auditors are required to be members of a professional body ii) Internal auditors’ scope of work should be determined by the management iii) External auditors are trusted by government agencies, investors, and public. iv) Internal auditors can never be independent of the company a. i and iii b. i and ii c. ii and iii d. iii and iv
{Auditing} 12. An auditor has provided the financial statements of the company to a Senior Diploma for his project work without proper and specific authority from the management of the company. Which of the ethical code for professional accountant is not complied by the auditor? a. All of the options b. Confidentiality c. Professional behavior d. Professional competence

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A member of a public company audit committee is OA always an executive director O B. none of these answer choices are correct OC either an executive or non-executive director OD. always a non-executive director