QUESTION: 1

Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

Are involved in the technical matters relating to accounting standards
Are mainly from Europe and the USA
Receive funding by donations from the general public
Responsible for appointing members of the IA5B
Responsible of appointing members of the IFRS interpretations committee

Answer(s): A,B,C

While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope of their audit, however they did run into problems in that they disagreed with the management on facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion of the business.
Which of the following statements should auditor 0 issue?

Emphasis of matter
Unqualified report
'Except for' qualification
Adverse audit opinion
Disclaimer of opinion

Answer(s): A

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QUESTION: 3

Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?

Role and responsibilities of the board
Rights and equitable treatment of shareholders
Interests of other stakeholders
Integrity and ethical behaviour
Disclosure and transparency

Answer(s): A

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QUESTION: 4

It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs £5.00 to package product H and £15 to deliver product H to customers. PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price.
Which of the below options represent the correct inventory price for product I?

£2.50
£7.50
£20.00
£3.50

Answer(s): A

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