info gotten wrong- QB

Question 1

annual fee income from all services to client will regularly exceed 15% of gross practice income

presumption of dependence or not?

Answer 1

it is a presumption of dependence

Question 2

which threat do the statements refer to?

1. preparing FS for a listed company on a regular basis
2. Carrying out valuations of various non-current property assets
3. promoting tax structures where there is scope for doubt about the appropriateness of the accounting treatments involved to achieve tax benefits

Answer 2

all refer to self-review threat

Question 3

when is it a legal duty to breach confidentiality

Answer 3

when terrorist activity has taken place (report to police)

when regulatory breaches taken place at charity (report to charities commission)

when money laundering is suspected (report to national crime agency)

Question 4

true/false?

1. UK GDPR obliges auditors to secure any data held on an audit client company
2. misplacing a memory stick that contained personal data on individuals working at audit client is a breach of UK GDPR
3. auditor has primary responsibility to report nay breaches of UK GDPR by clients to Information Commissioner’s Offic

Answer 4

1. false
2. true
3. false