8/5/2018 Online Quiz Week 4 (5%)

Home / My courses / ACC300_0218 / Topic 4 / Online Quiz Week 4 (5%)

Started on Friday, 3 August 2018, 10:30 PM

State Finished
Completed on Sunday, 5 August 2018, 7:16 PM
Time taken 1 day 20 hours
Grade 4.0 out of 5.0 (80%)

Question 1
Correct

Mark 0.5 out of 0.5

The fundamental ethical characteristics required of professional accountants are:

Select one or more:

a. authority, community sanction and knowledge

b. Competence, objectivity and integrity


c. self-interest, self review and familiarity

d. professionalism, experience and expertise

Question 2
Correct

Mark 0.5 out of 0.5

Which of these bodies in Australia have jointly established a code of professional conduct?

Select one or more:

a. ICAA and CPA Australia

b. ASIC and CALDB

c. ICAA and ASIC

d. AARF and AASB

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8/5/2018 Online Quiz Week 4 (5%)

Question 3
Correct

Mark 0.5 out of 0.5

Using the same senior personnel on an assurance engagement over a long period of time may create
what type of threat to audit independence?

Select one or more:

a. Advocacy

b. Intimidation

c. Self-interest

d. Familiarity


Question 4
Correct

Mark 0.5 out of 0.5

Which case prompted the development of more specific and comprehensive Auditing Standards in
Australia

Select one or more:

a. AWA

b. Pacific Acceptance

c. AWA

d. Cambridge Credit

e. McKesson and Robbins

Question 5
Correct

Mark 0.5 out of 0.5

The separation of ownership and control in large organisations has resulted in:

Select one or more:

a. an audit expectation gap

b. an agency problem

c. the insurance hypthesis

d. CLERP

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8/5/2018 Online Quiz Week 4 (5%)

Question 6
Incorrect

Mark 0.0 out of 0.5

The statutory body that is responsible for hearing applications in Australia as to whether auditors and
liquidators have breached the Corporation Act is:

Select one or more:

a. CALDB

b. AUASB

c. ASIC

d. FRC

Question 7
Correct

Mark 0.5 out of 0.5

It is NOT a requirement to be registered as an auditor in Australia to: 

Select one or more:

a. have a degree or diploma from a course in accounting (including auditing) of not less than 3
years duration and in commercial law (including company law) of not less than 2 years duration
and in commercial law (including company law) of not less than 2 years duration or have other
equivalent qualifications acceptable to ASIC.

b. be a fit and proper person

c. be a member of CPA Australia, the ICAA or other approved body

d. all are requirements to be registered as an auditor in Australia



Question 8
Correct

Mark 0.5 out of 0.5

The landmark case for the pronciple of contributory negligence is:

Select one or more:

a. Segenhoe Ltd

b. Kingston Cotton Mill

c. Pacific Acceptance

d. AWA Ltd


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8/5/2018 Online Quiz Week 4 (5%)

Question 9
Incorrect

Mark 0.0 out of 0.5

What is the term used when a failure on the part of a plaintiff to meet certain required standards of
care is a factor leading to a loss of the plaintiff?

Select one or more:

a. damages

b. negligence

c. contributory neligence

d. reasonable foreseeability

Question 10
Correct

Mark 0.5 out of 0.5

The key benefit to management of there being an internal audit function is that:

Select one or more:

a. It provides assurance to management that the organisation is complying with its legal
requirments 
b. It aid management in the areas of risk management, control and governance processes

c. It provides assurance to management that fraudulent activities will be detected

d. External audit costs are reduced

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