Question 1 (i) Which committee is responsible for succession planning? A. The audit committee B. The nomination committee C. The remuneration committee D. The corporate governance committee (ii) In which of the following scenarios would there be more rules and regulations? A. A jurisdiction where there are majority individual shareholders. B. A jurisdiction where there are a majority family-owned businesses. C. A jurisdiction where there are a majority institutional shareholders. D. A jurisdiction where there are a majority governmental shareholders. (iii) Which one of the following is not a responsibility of the external auditor? A. Responsibility for the ‘true and fair view’ of the financial statements. B. Responsibility to obtain reasonable assurance, in their professional opinion, that the financial statements are free from material error or misstatement. C. That financial statements comply with the relevant laws D. Responsibility to carry out checks of control procedures, documents and transactions in the course of their audit work.
Question 1
(i) Which committee is responsible for succession planning?
A. The audit committee
B. The nomination committee
C. The remuneration committee
D. The corporate governance committee
(ii) In which of the following scenarios would there be more rules and regulations?
A. A jurisdiction where there are majority individual shareholders.
B. A jurisdiction where there are a majority family-owned businesses.
C. A jurisdiction where there are a majority institutional shareholders.
D. A jurisdiction where there are a majority governmental shareholders.
(iii) Which one of the following is not a responsibility of the external auditor?
A. Responsibility for the ‘true and fair view’ of the financial statements.
B. Responsibility to obtain reasonable assurance, in their professional opinion, that the financial statements are free from material error or misstatement.
C. That financial statements comply with the relevant laws
D. Responsibility to carry out checks of control procedures, documents and transactions in the course of their audit work.
(iv) Which of the following is not an example of internal control risk?
A. Risks of errors or fraud in accounting systems and accounting and finance activities.
B. Risks that important laws and regulations will not be complied with properly.
C. Risks that arise in the business environment and markets in which the company operates
D. The risk of losses resulting from inadequate or failed internal processes, people and systems or external events.
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