F8 Just Quiz & Answers

[Hamdy Hafez]

Ok, because our thread (F8 quick quiz & overall view ) has became just chatting & no answer for the quiz , which cause confusing for some members to directly access to the quiz & related answer
& as refer back to the recommendations of my brother Kelly:


I think it may be an idea to filter out all the comments, general chatter, and keep F8 study session to just questions, answers and discussions about topics and nothing else. This would make it much easier for someone like me and you to go through the questions and answers

& also my brother Tracy

So we will open a new thread (F8 just Quiz & answers) so we will put another quick quiz, & we will wait for your answers till next Wednesday (3/9/2008) so you should put your answers here after the quiz

[Hamdy Hafez]

Dear F8 moderator we need your help here

We need this thread to be restricted as just Quiz & answers, so can we transfer (cut any post) or any other chatting to the hereunder link (F8 quick quiz & overall view)

http://getthroughguides.co.uk/forum/showthread.php?t=1771

Once again we need our currently pages as just F8 Quiz & answers & regarding any chatting will be only on the previous thread
http://getthroughguides.co.uk/forum/showthread.php?t=1771

See you with the new quiz :GEEK:(only the fighter ones)

[Hamdy Hafez]

The first quick quiz


Ok, in order to have a useful topic, we will deal with our topic (F8 quick quiz & overall views) as a movies' story, so the first actor in our movie is the external auditor, so the first quick quiz will be regarding the start & end of the actor life on the movie
"" There is a variety of requirements (professional & legal) regarding;
1)the appointment,
2)the removal,
3)resignation
regarding the auditors, which should be followed
So, please just list it (as brief answers from your mind, after you read the related chapter from your text book, & make a points to memorize it - keep it on your mind)
(please don't be lazy I need the fighters one)

[Hamdy Hafez]

The related answer of our respectable tutor Mr Dezy (F8 Author)


Hi Hamdy,

First of all, sorry for not answering your question. I must tell you that you are not alone. We all are here to help you. Let’s hope that all will participate actively in the quick quiz started by you. I am answering your first question from my end; let’s see who else will come forward with their views.

You are right, there are many statutory regulations governing the appointment, removal and resignation of external auditor (actor in the movie).

Appointment



External auditor is appointed by shareholders in AGM
Sometimes he can be appointed by directors or audit committee also.
Removal / resignation


Auditor is removed when there is a serious disagreement between the auditor and management

The decision is taken by majority of the shareholders

Resigning auditor should communicate about his resignation in writing to the entity

He should submit the statement of circumstances
This topic is discussed in detail in text book of F8. You can refer to page nos. A2.6 to A2.8 in the study text of F8.

Thanks and regards,

Dazy

[Hamdy Hafez]

see you with the socend Quick Quiz :cool:

[Acid]

Well done Hamdy! You are doing a great job. I m sure you will pass F8 this session!

[Hamdy Hafez]

Ok, firstly I want to confirm that you still have the chance to answer our first Quick Quiz above (at any time you need)

[Hamdy Hafez]

My answer to the first Q.Q

1- The auditors' appointment;
* appoint by member;
- At each G.M (general meeting) – because re-appoint of the external auditors are not automatic.

** By directors;
- Before company's first G.M
- to fill a casual vacancy.

***By secretary of state;
- If no auditor appointed, or re-appointed at G.M.

2- The auditors' removal:
- Notice to company – as shareholders – ask for removal (Arrange for a meeting of the shareholders)
- Send to company within 28 days of meeting
- Write to members – with agenda – before meeting
- Send copy of auditor representations to members
- Auditor right to attend meeting + speak
- Attend meeting – organize votes
- Auditor removed – statement of circumstances
- Appoint new auditor (Make arrangements)

3- The auditors' resignation:
- written notice together with a statement of circumstances or (no circumstances) by auditor
- A notice of resignation sent by company to regulatory authority.
- A statement of circumstances sent by;

* Auditor to regulatory authority

* Company to every one who receive a copy of accounts.

- The auditors can ask for attend an extraordinary G.M to discuss the circumstances.
- Finally the auditors have the right to receive G.M notices & to speak on the G.M.

[Dazy]

Hi Hamdy,

very good answer. you have covered almost all the points. while writing this answer in the examination, you have to elaborate every point with a relevant and brief introduction.

Well done.

[Hamdy Hafez]

Hi Hamdy,

very good answer. you have covered almost all the points. while writing this answer in the examination, you have to elaborate every point with a relevant and brief introduction.

Well done.

thanks a lot, & please to regularly follow up us (I fail before although I think that I keep in my mind every Q & it's related answers (from the past exams' questions))

but I think I hadn't the time to training by do more written practices to avoid the time management problems on the exam day:no:

once again please keep in touch:unsure:

[Hamdy Hafez]

Ok, firstly I want to confirm that you still have the chance to answer our Quick Quiz (1 & 2) (at any time you need)
Now let us return again to our movie (Audit & Assurance), so after we've put our first Quick Quiz regarding the first actor in our movie (the external auditor) , now we will talk about the director of the movie & his assistors (the IAASB)
Ok, let us see the Quick Quiz (3) on the next post

See you

[Hamdy Hafez]

The third Quick Quiz (3)

International Standards on Auditing (ISAs) are produced by the International Audit and Assurance Standards Board (IAASB), which is a technical committee of the International Federation of Accountants (IFAC).

Required:
Give an overall view (as a brief answers) about the regulatory framework which applies to auditors.
Where you should focus on the following points:

1) The due process of the IAASB involved in producing an ISA.
2) The extent to which an auditor must follow ISAs.
3) The overall authority of ISAs and how they are applied in individual countries.
4) The extent to which ISAs apply to small entities

[Hamdy Hafez]

Once again you need to

1)carefully read the related chapter regarding the last quiz above
2)underline the related main points
3)then to memorize it (keep it on your mind)
4)finally come here to put your answers (from your mind ),
Really you will find it a good practice to prepare your self in order to pass the F8 exam
Wait for your answers (also my answers) till next Monday (8/9/2008)

[juliana-ap]

will do that!! thanx

[Acid]

Ok, firstly I want to confirm that you still have the chance to answer our Quick Quiz (1 & 2) (at any time you need)
Now let us return again to our movie (Audit & Assurance), so after we've put our first Quick Quiz regarding the first actor in our movie (the external auditor) , now we will talk about the director of the movie & his assistors (the IAASB)
Ok, let us see the Quick Quiz (3) on the next post

See you



The third Quick Quiz (3)


International Standards on Auditing (ISAs) are produced by the International Audit and Assurance Standards Board (IAASB), which is a technical committee of the International Federation of Accountants (IFAC).

Required:
Give an overall view (as a brief answers) about the regulatory framework which applies to auditors.
Where you should focus on the following points:

1) The due process of the IAASB involved in producing an ISA.
2) The extent to which an auditor must follow ISAs.
3) The overall authority of ISAs and how they are applied in individual countries.
4) The extent to which ISAs apply to small entities



TIP : Dont spend much time on questions / topics such as these one . You need just to know about them and spend much time on other areas especially Audit procedures , test of controls , control objectives.

[Dazy]

Hi Hamdy,

It is good to see you with a new question. your participation in the QQ is appreciable.

keep it up!!!!

Just to remind, we have decided to start new question with new thread. that will be easy for all to refer the answers in future.

ok.

Thanks and Regards

[Hamdy Hafez]

Hi Hamdy,

It is good to see you with a new question. your participation in the QQ is appreciable.

keep it up!!!!

Just to remind, we have decided to start new question with new thread. that will be easy for all to refer the answers in future.

ok.

Thanks and Regards

Thanks, Assad & also our respectable F8 author Dazy for your advices