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

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

The Accounting firm appointed to act as auditors can also provide the following services EXCEPT A. Taxation B. Systems advisory C. Executive accounting functions D. Accounting E. Share valuations

In New Zealand, all of the following entities are required to have annual audit by a licensed auditor except for:Group of answer choicesIncorporated societiesFMC Reporting entitiesListed companiesBanks

In Australia and New Zealand, ASX guidelines encourage the appointment and evaluation of performance of external auditors to be carried out by:Question 5AnswerSelect one:a.Audit committeeb.Chief Executive Officer (CEO)c.Chief Financial Officer (CFO)d.Board of directors

Which two requirements must accounting firms that audit public companies meet under the Sarbanes-Oxley Act?Choose 2 answers Firms must not provide certain nonaudit services to audit clients, such as management functions or legal services. Firms must not audit the same public company for more than five consecutive years. Firms must report to and be retained by the audit committee rather than the CFO or other company management. Firms must help to develop and enforce a code of ethics on audit clients.