Exam (elaborations)
AUE2602 Assessment 1 2023 of 2nd semester
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This document contains answers to assessment 1 of AUE2602 semester 2. Guaranteed 90%
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Questions and Answers of Assessment 1 of AUE2602 Semester 2 2023
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Flashcards
10 Flashcards
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Some examples from this set of practice questions
1.
The term “computerised environment” refers to any particular, unique combination of … a. data centres housing servers, routers, modems and so forth. b. computerised business cycles. c. general and application controls. d. hardware, software and personnel.
Answer: d. hardware, software and personnel.
2.
Choose the correct option below regarding the Companies Act requirements concerning the appointment of an audit committee. a. None of the options are correct. b. The audit committee must consist of at least five (5) members. c. The directors must appoint the audit committee at each annual general meeting. d. The majority of the members of the audit committee must be directors of the company.
Answer: a. None of the options are correct.
3.
Which ONE of the following alternatives is not an input application control to ensure accuracy in a computerised environment? a. Reasonableness and limit tests b. Alpha-numeric format checks c. Sign checks d. Access control
Answer: d. Access control
4.
Who is ultimately responsible for ensuring that the entity complies with the applicable laws and regulations? a. the audit committee b. the risk committee c. all the personnel of the company d. the governing body
Answer: d. the governing body
5.
Which ONE of the following statements is false? According to section 94 of the Companies Act... a. One of the duties of the audit committee is to appoint the external auditors. b. Each member of the audit committee should be a director of the company. c. The audit committee should comprise of at least three members. d. Any vacancy on the audit committee must be filled by the board within 40 days.
Answer: a. One of the duties of the audit committee is to appoint the external auditors.
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