A person not qualified for appointment as an auditor who acts as an auditor, commits an offence and is liable on summary conviction to a fine of not less than three hundred and twenty-five penalty units and not more than seven hundred and fifty penalty units and the company by whom that person is appointed and an officer of that company that is in default are liable each to pay to the Registrar an administrative penalty of seven hundred and fifty penalty unitsTrueFalse

To qualify for appointment as auditor of a public company, a person must be a member of the Institute of Chartered Accountants as defined under the Chartered Accountants Act 2020 (Act 1058) and must not have been disqualified from acting as an Auditor by any legislative instrument issued by the RegistrarTrueFalse

What type of penalties can be imposed against a financial advisor/financial planner for his or her failure to comply with the complaint handling process of their firm?a written warningcriminal chargessuspension of the registration of the advisor/plannermonetary finesa permanent ban of the registration of the advisor/planner

What is the role of internal auditors in responding to identified fraud risks? Group of answer choicesTake immediate disciplinary actionIgnore the risk to maintain confidentialityReport to external authoritiesEvaluate the adequacy of controls

The auditors of a company have only relied upon management representationletter regarding treatment of certain tax matters under appeal by the company. Theauditors have not carried out any other audit procedures to justify management’streatment of the said tax matters under appeal in the financial statements. What islacking on part of auditors in such a situation?

What is the worst penalty that can result from an investigation into the alleged academic misconduct of a coursework student?Question 12Select one:a.Zero for the assessment taskb.Zero for the subjectc.Exclusion from the University of Wollongongd.Suspension of enrollment