The term 'privity of contract' refers to:Group of answer choicesthe fact that an auditor appointed to conduct a statutory audit cannot reduce their liability by contractthe mandatory requirement that there must be an engagement letter setting out the terms of the audit contractthe fact that an audit is to be performed in accordance with professional standardsthe contractual relationship that exists between two or more contracting parties

The Doctrine of Privity states that only parties to a contract may _____or ______under the contract.

How can the privity rule be circumvented?Question 4Select one or more:a) Estoppel may be asserted by the person seeking to take the benefit of the contract.b) By the parties to a contract conferring a benefit on a non-party.c) The person seeking to take the benefit of the contract may be able to claim misleading or deceptive conduct.d) There may be an entitlement to claim damages in tort by the person seeking to benefit under the contract.

Which of the following refers to a contract by which one party promises to save the other from loss caused to him by the conduct of the Promisor himself, or by the conduct of any other person'?A.Contract of guaranteeB.Contract of suretyC.Contract of indemnityD.Contract of liability

What is the significance of contract management in public procurement?Question 13Answera.It facilitates preferential treatment of certain vendorsb.It ensures that contracts are executed in accordance with agreed terms and conditionsc.It ensures that government officials receive kickbacks from suppliersd.It allows government agencies to change contract terms at their discretion

The auditor shall document:Select one:a.Conclusions reached regarding the acceptance and continuance of client relationships and audit engagements.b.Issues identified with respect to compliance with relevant ethical requirements and how they were resolved.c.All of these must be documentedd.Conclusions on compliance with independence requirements that apply to the audit engagement, and any relevant discussions with the firm that support these conclusions.