Conceptual And Regulatory Framework

Question 1

Role of external auditors

Answer 1

Appointed by the shareholders to report their opinion on the truth and fairness of the financial statements

Question 2

Who’s responsibility is it to prevent errors and fraud

Answer 2

Director’s

Question 3

IFRS F ( international financial reporting standards foundation)

Answer 3

The main body
Fundraised activities
Development and promotion

Question 4

IASB( international accounting standards board)

Answer 4

Independent

Responsible for creating accounting standards

Question 5

IFRS AC ( ifrs advisory council)

Answer 5

Acts as a personal assistant

Question 6

IFRS( IFRS interpretations committee)

Answer 6

Helps the advisory council

Question 7

Qualitative characteristics of financial statements include

Answer 7

Relevance
- appropriate to the matter being discussed

Faithful representation
- complete, neutral, free from error

Question 8

Enhancing qualitative characteristics

Answer 8

Comparability
Consistency
Timeliness
Understandability

Question 9

Role of directors include

Answer 9

Prepare statements appropriate to standards

Approve only true and fair view

Select suitable acc policies

Make estimates reasonable and prudent

Prepare statements on a going concern basis

Keep adrquate acc records

Safeguard assets of company

Prevent and detect fraud

Question 10

What is corporate government concerned about

Answer 10

Reducing the extent the conflicts of interest arising between various stakeholder groups

Question 11

What is corporate governance

Answer 11

System by which organisations are directed and controlled