Block 1 - Opening Balances and Joint Audit

Question 1

Newly audited client

Question 2

Previous auditor

Question 3

Resigned

Question 4

Prior year financial statements

Question 5

Change in auditor

Question 6

Professional competence

Question 7

Independence

Question 8

Who

Question 9

Working papers

Question 10

Professional courtesy

Question 11

Capable

Question 12

Current

Question 13

Trust

Question 14

Review

Question 15

Closing balances

Question 16

Investigate

Question 17

Discussing with management

Question 18

Modified audit report

Question 19

Current year’s audit

Question 20

Classify

Question 21

High risk

Question 22

Other matter paragraph

Question 23

Conditional paragraph

Question 24

Modified report

Question 25

Name, opinion type, date of report

Question 26

Liable

Question 27

Contacted

Question 28

Exemption/“exempt previously”

Question 29

First time audit

Question 30

Responsibilities

Question 31

Change

Question 32

Workload

Question 33

Support

Question 34

Distrust

Question 35

Collection

Question 36

Payment

Question 37

Opening receivables

Question 38

Opening payables

Question 39

Fictitious transactions

Question 40

Circularize

Question 41

Confirmation letters

Question 42

Current year/previous year

Question 43

Year end physical inventory

Question 44

Rollback procedure

Question 45

Goods delivered note

Question 46

Goods received note

Question 47

Post year end selling price

Question 48

Cost

Question 49

NRV

Question 50

Decline

Question 51

Records

Question 52

Records

Question 53

Loan agreements

Question 54

Bank

Question 55

Management letter

Question 56

Joint audit

Question 57

Two firms

Question 58

A single entity

Question 59

Marketing practice

Question 60

Joint opinion

Question 61

Issued

Question 62

Single audit report

Question 63

Two signatures

Question 64

Opportunity

Question 65

Synergy

Question 66

Experience

Question 67

Efficient conduct

Question 68

Workload split

Question 69

Growth

Question 70

Detection risk

Question 71

Conflicts

Question 72

Clashes

Question 73

Resolved

Question 74

Costly

Question 75

Fees increase

Question 76

Rivalries

Question 77

Jealousies

Question 78

Differences of opinions

Question 79

Transnational audit

Question 80

Home jurisdiction

Question 81

Forum of firms

Question 82

Foreign stock market

Question 83

Foreign loans

Question 84

Cheaper industry rates

Question 85

Achieve

Question 86

Abroad listing/loans