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Question 1

True/False?

1. Audit firms should rotate its senior staff.
2. The profession regularly suggest new practices and procedures designed to improve auditor independence

Answer 1

Both are true

Question 2

Can the provision of a non-audit service such as tax planning create a threat to objectivity?

Answer 2

Yes

Question 3

If an IFRS disagrees with the conceptual framework - then what should be followed?
=> IFRS? Conceptual framework?

Answer 3

IFRS

Question 4

Is a Good Relationship with customers an Intangile asset?

Answer 4

No

Question 5

So we have decided to build a new cowshed for our students. We’ve bought the land but not got any planning permission

Is this an Investment Property?

Answer 5

Yes.
This is land held for long-term capital appreciation, which makes it IAS 40 investment property whether you like it or not