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The primary role and responsibility of independent external auditors is to

•  A. Prepare a company's annual financial statements and notes.
•  B. Perform an audit and provide an opinion on the financial statements of a company.
•  C. Provide business consulting advice to audit clients.
•  D. Obtain an understanding of a client's internal control system and prepare a report for management about control weaknesses.

Why is it important to Canadian auditors to understand the rules of the Security and Exchange Commission?

•  A. Many Canadian companies are finding it cheaper to raise money on U.S. stock exchanges.
•  B. Canadian investors think these rules apply to Canadian companies.
•  C. The Free Trade Act requires Canadian companies to follow U.S. rules.
•  D. There is no similar body in Canada regulating the stock markets.

What is one of the factors mentioned that is driving the international harmonization of auditing standards?

•  A. Increased ownership of Canadian companies by companies outside North America.
•  B. Increased overseas investment by Canadians.
•  C. Improved living standards throughout the world.
•  D. Technological change permitting world wide trading in financial securities.

Reducing information risk means the same as:

•  A. Serving the public interest.
•  B. Monitoring economic activities.
•  C. Improving the credibility of information.
•  D. Ensuring generally accepted accounting principles are used to measure profit.

In operational auditing, the auditor studies business operations and makes recommendations about all of the following except

•  A. Economic and efficient use of resources.
•  B. Effective achievement of business objectives.
•  C. The fairness of the financial statements.
•  D. Compliance with company policies.

The underlying conditions that create demand by users for reliable financial information include the fact that

•  A. More reliable information will allow investors to calculate the rate of return on their investment.
•  B. Users are separated from accounting records by distance and time.
•  C. Governments rely on such information to create tax policies.
•  D. There is a need for the expression of an opinion as to the fairness of financial statements.

On which of the following reasons do many people blame for the profession's problems in the post-Enron world?

•  A. Inadequate training of professional accountants.
•  B. The lack of focus on fraud investigation by external auditors.
•  C. A lack of independence between audit services and non-audit services provided to the same client.
•  D. New stock trading technology causing major swings in the capital markets.

Self regulation as applied to the auditing profession means:

•  A. The profession advises the government on the laws which should be applied to the profession.
•  B. The profession is solely responsible for disciplining any member found to be engaged in wrong doing.
•  C. The profession establishes the rules that govern audit practice and monitors compliance with these rules.
•  D. The profession exists to protect the best interests of its members and not the best interests of the public.

Auditors on staff in the Office of the Auditor General (OAG) are considered to be external auditors with respect to the government agencies they audit because the OAG is

•  A. Organizationally independent.
•  B. The accounting and auditing agency of the Canadian Senate.
•  C. Funded by the federal government.
•  D. Guided by standards similar to GAAS.