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Final Quiz
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Final Quiz
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Question 1 of 10
1. Question
Which is the most prevalent ISA (International Standard of Auditing) that apply to transactions not at arm’s length?
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Question 2 of 10
2. Question
Did the IRBA issue a Staff Audit Practice Alert to provide auditors with guidance and considerations to be made with respect to transactions that are not at arm’s length, and the possible auditor’s…
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Question 3 of 10
3. Question
Where do you find a definition of a related party?
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Question 4 of 10
4. Question
Transactions that are not at arm’s length may pose risks in an audit of the financial statements. True or False?
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Question 5 of 10
5. Question
The auditor does not need to be concerned about transactions that are not at arm’s length, because it close family relationships reduce audit risk in general. True or False?
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Question 6 of 10
6. Question
Arms-length and conflict of interest are two totally different concepts. True or False?
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Question 7 of 10
7. Question
An arm’s length price takes the personal relationship out of the equation. It’s the price that a willing buyer and willing seller would freely agree to if they were not related. True or False?
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Question 8 of 10
8. Question
An arm’s length price takes the personal relationship out of the equation. It’s the price that a willing buyer and willing seller would freely agree to if they were not related. True or False?
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Question 9 of 10
9. Question
The auditor shall perform risk assessment procedures to provide a basis for the identification and assessment of risks of material misstatement at the financial statement and assertion levels. This…
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Question 10 of 10
10. Question
An arms-length transaction is a way of looking at transactions between parties who are closely related, either family relationships or business relationships (like a company and a subsidiary). To …