Telegram group: T.me/BBCNOUN ====== ACC411 ====== 1. Refering to IAS 200 the key requirements for the auditor to obtain reasonable assurances and to express an opinion are: compliance with all IASs relevant to the audit compliance with relevant ethical requirements planning and performing an audit with professional skeptism --->> staff number and emotional dispositions 2. When establishing the overall audit strategy, the following should be considered nature , timing and extent of resources characteristics of the engagements reporting objectives , timing of the audit and nature of the communications --->> amount of audit fee charged 3. The ISA 210 suggests that the following factors may indicate the need to revise the terms of an engagements indications that the entity misunderstand the scope of the objective of the audit a recent change of senior management --->> refusal to attend to previous audit queries a change in other reporting requirements 4. While considering the risk of Material Irregularity /Mistatement the auditor may wish to consider the following except business environment Nature of the business --->> competence of control personnel Transactions with related parties 5. Management assertions embodied in financial statements include the following except completeness --->> uniformity Accuracy Existence or ocurrence 6. Some of the factors that influence inherent risk in business includes the following except nature of the entitys business --->> the level of supervision by management the financial stability of the business the susceptability of the company's assets of the fraud and misappropriation 7. While considering the entity, the auditor would want to gaiun an understanding an undestanding of the folloowing except the industry regulators and external influence including relevant financial reporting framework nature of Entity including operations, ownership and governance, structure and financing Entitys internal control --->> observation and inspection 8. What are basic audit risk faced by an auditor in the course of his assignment Inherent Risk Control Risk Detection Risk --->> Engagement Risk 9. Professional Skeptisms can be represented by the auditor being alert in the following except audit evidence that contradicts other audit evidence obtained conditions that may indicate possible fraud --->> overlooking unusual transactions indications suggestive of the need for additional audit proceduresand tests 10. Professional Judgement is required in the following areas except Determining materiality aaaaand audit risks determination of the nature , timing and extent of audit procedures --->> All evidences not subjected to external confirmation drawing conclusions based on on the audit evidence obtained