QUESTION 1
IESBA Code establishes the fundamental principles of professional ethics relevant to the auditor
when conducting an audit of financial statements and provides a conceptual framework for
applying those principles. As an auditor you are supposed to work within that framework and abide
to those fundamental principles.
Required:
List and explain in detail those principles according to International Ethics Standard Board for
Accountants' code of ethics for professional Accountants (IESBA Code) (25marks).
QUESTION 2
Auditing can be defined as a process carried out by a suitably qualified, competent and
independent auditors whereby the accounting records underlying a financial statement of an
enterprise are subjected to scrutiny. The auditing process should enable and auditor to form an
opinion as to whether the financial statements give a true and fair view of the business
performance and standing.
Required:
a) State and explain the key factors that constitute the definition of auditing (15 marks)
b) List and describe in detail audit risk components. (10 marks).
QUESTION 1 IESBA Code establishes the fundamental principles.pdf
1. QUESTION 1
IESBA Code establishes the fundamental principles of professional ethics relevant to the auditor
when conducting an audit of financial statements and provides a conceptual framework for
applying those principles. As an auditor you are supposed to work within that framework and abide
to those fundamental principles.
Required:
List and explain in detail those principles according to International Ethics Standard Board for
Accountants' code of ethics for professional Accountants (IESBA Code) (25marks).
QUESTION 2
Auditing can be defined as a process carried out by a suitably qualified, competent and
independent auditors whereby the accounting records underlying a financial statement of an
enterprise are subjected to scrutiny. The auditing process should enable and auditor to form an
opinion as to whether the financial statements give a true and fair view of the business
performance and standing.
Required:
a) State and explain the key factors that constitute the definition of auditing (15 marks)
b) List and describe in detail audit risk components. (10 marks)
