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CA Final International Ethics Standards Board for Accountants — practice questions — page 2

Explore 87 free International Ethics Standards Board for Accountants questions in CA Final Auditing. Open each question or exercise to read its content, reference answers and available explanation.

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International Ethics Standards Board for Accountants questions and exercises with answers

Showing questions 31–60 of 87.

IFAC's quality control standard says the Code requires key audit partner rotation after normally no more than how long?Read the answer and worked solution →The IESBA Code stresses rotation for listed entity audits because which threat is especially relevant?Read the answer and worked solution →An audit committee is typically formed of which members?Read the answer and worked solution →Which 2002 law reacted to audit-plus-consulting conflicts?Read the answer and worked solution →What does IFAC recommend on rotation?Read the answer and worked solution →Why did the PCAOB not enforce mandatory audit firm rotation?Read the answer and worked solution →Why do auditors argue against banning advisory services to audit clients?Read the answer and worked solution →For non-issuer audits in the US, peer review is required how often?Read the answer and worked solution →The word professionalism originally applied to what?Read the answer and worked solution →Which early example of professional ethics is still followed by doctors?Read the answer and worked solution →Which was one of the three original learned professions?Read the answer and worked solution →Separatists argue that professional ethical codes may do what?Read the answer and worked solution →Where ethical standards are statutory, breaches can become a matter for whom?Read the answer and worked solution →Which is typically listed as a component of professional ethics?Read the answer and worked solution →What is the risk when professional bodies regulate their own ethics?Read the answer and worked solution →Who may a CA allow to practise in his name under First Schedule Part I item (1)?Read the answer and worked solution →Paying a commission to an outsider for sending clients falls under which Schedule and Part?Read the answer and worked solution →Accepting a part of the profits of a non-member's professional work is First Schedule Part I item:Read the answer and worked solution →Securing professional business through an outsider who is not an employee or partner is Part I item:Read the answer and worked solution →Soliciting clients by circular or personal interview is which First Schedule Part I item?Read the answer and worked solution →What may a CA do without breaching the ban on soliciting work in Part I item (6)?Read the answer and worked solution →A write-up advertising a member's services must follow guidelines issued by whom?Read the answer and worked solution →Before taking over an audit held by another CA, a member must first do what under item (8)?Read the answer and worked solution →Fees contingent on the findings of an engagement are barred unless permitted by:Read the answer and worked solution →A practising CA may be a non-executive director of a company unless he or a partner is its:Read the answer and worked solution →Which Part of the First Schedule covers members of the Institute who are in service?Read the answer and worked solution →An employee-member accepts gratification from a broker engaged by his employer. This is:Read the answer and worked solution →Acting as a Fellow without being one is covered by which Part of the First Schedule?Read the answer and worked solution →Not supplying information called for by the Council or its Committees is misconduct for:Read the answer and worked solution →An offence punishable with jail not exceeding six months is dealt with under:Read the answer and worked solution →

Worked practice questions

IFAC's quality control standard says the Code requires key audit partner rotation after normally no more than how long?

  1. Five years
  2. Seven years
  3. Twelve years
  4. Three years
Show answer and solution

Correct answer: B. Seven years

For listed entity audits, the key audit partner rotates after a pre-defined period, normally no more than seven years.

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The IESBA Code stresses rotation for listed entity audits because which threat is especially relevant?

  1. Intimidation
  2. Advocacy
  3. Familiarity
  4. Self-review
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Correct answer: C. Familiarity

Long association with a listed client breeds closeness, so the familiarity threat is particularly relevant.

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An audit committee is typically formed of which members?

  1. Three to five executives
  2. Three to five non-executives
  3. Two to four shareholders
  4. Six to eight auditors
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Correct answer: B. Three to five non-executives

The committee has three to five non-executive directors who are meant to give an objective view of the audit.

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More Auditing topics

Auditor's ReportOverview of Audit of Public Sector UndertakingsInternal AuditStandards on Auditing and Professional EthicsRisk Assessment and Internal ControlSpecial Features of Audit of Banks and Non-Banking Financial CompaniesAuditor's Report on Financial StatementsAudit Planning Strategy and Execution