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Scenario based question Mia by laws
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Course
Auditing (AUD339)
402 Documents
Students shared 402 documents in this course
University
Universiti Teknologi MARA
Academic year: 2022/2023
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Question 1 on MIA By-Law ( Scenario-Based Questions are not included)
DEC 2019 (12 marks) Part A
- State two fundamental principles(2 marks) -Integrity (1 m), Confidentiality (1m)
- Explain implications of not complying with such principles - Explain the definition of each principle negatively (3 marks) Each point carry 1 marks, need to further elaborate
- Explain possible threats for each given situation: I) A sole proprietor in public practice plans to establish a department that provide internal audit service to audit clients II) Client had been traditionally presenting the audit team with New Year gifts. This year, each audit team member is given a book voucher worth RM2,000 because of company’s good performance Part B
- Explain the difference between independence of mind and independence in appearance - if they ask for 1 difference, the easiest is to give the meaning (4 marks) Each point carry 2 marks. Elaborate further.
JUNE 2019 (12 marks) Part A
- State two types of independence – Independence in mind, independence in appearance
- Explain 2 consequences if the auditor is not independent
- Auditor’s opinion adds credibility to the FS, the value is lost if the auditor not perceived to be independent by outsiders
- The auditor reputation will be tarnished and auditing profession will be impaired
- Determine 2 safeguards to eliminate self-interest threat Part B
- Explain 1 requirement that auditor has to comply with as per MIA-By-Law: i. Accepting loan – If it is made under the normal lending procedures or the loan is immaterial to the auditor ii. Advertising & promoting – If it is honest and truthful and professionally dignified and not making exaggerated claims about services, qualifications and experiences
DEC 2018 (12 marks) Part A
- State 2 Fundamental principles of ethics stated in MIA By Law
- Explain briefly two types of threats
- Determine two situations that allow auditors to disclose confidential information Part B
- Explain 2 conditions for public Accountant to involve in advertising, marketing & promotional
JUNE 2018(12 MARKS) Part A
- Define integrity
- Distinguish between competence & due care
- Distinguish means explain the definition.
- Explain 2 implications if external auditor not independent from audit client
- If he is not independent, he might not be able to perform audit objectively and lead to giving a biased viewpoint over client’s financial performance. Users might be reluctant to rely on his opinion. Part B
- 2 factors to be considered when determining audit fee as per MIA By Law
JAN 2018 (12 MARKS)
- State 2 fundamental principles in MIA By LAW to comply with
- No need to explain further. Just state ‘integrity’, ‘confidentiality’
- Explain confidentiality
- Discuss statement ‘ As a member of MIA, am I bound with ethical guidance of the Institute?’ (3 marks) As a member of MIA, I am bound with ethical guidance because 1) MIA exhibits the highest standards of ethics & professionalism that is expected of the profession and 2) Ensure that the public has trust on the quality & reliability of services provided by the chartered accountant Part B
- 2 rules for Advertising, Marketing & Promotions as per MIA-By-Law
MAR 2017(12 MARKS)
- Importance of MIA By-Law
- Explain competence
- Implication if auditor not independent from his client Part B
- Explain 2 type of threats
OCT 2016 (12 MARKS)
- State 2 fundamental principles
- Discuss 2 ways to safeguard independence
- Explain 2 matters when deciding professional fees Part B
- Explain with reason possible threats i. Client indicates that a planned non-assurance contract will not be awarded to audit firm if the firm continues to disagree with client’s accounting treatment ii. Audit firm enters into a contingent fee arrangement related to an assurance engagement with client
MAR 2016 (4 MARKS)
- 2 situations where member can disclose confidential information without Client’s consent
NOV 2015 (12 MARKS)
- State main objective of MIS-By-Law
- Describe meaning of independence in auditing
- Taking an unbiased viewpoint throughout audit process. Users might be reluctant to rely on auditor’s opinion if they believed auditors were biased in issuing audit opinion
- Explain ethical way of advertising accountant’s work Part B
- Explain difference between competence and due care
SEPT 2015 (12 MARKS)
- State professional standards relating to financial reporting & auditing
- Explain 2 reasons why Chartered Accountant is required to comply with MIA-By-Law
- Give the objective of MIA-By-Law
- Explain meaning of objectivity Part B
- Explain 2 circumstances where auditor may disclose confidential information of the client
MAR 2013 (4 marks)
- Differentiate independence in fact and independent in appearance APR 2009 (2 marks)
- Explain the term independence of mind OCT 2007 (5 marks)
- Explain why independent is essential in performing audit work and what is meant by independence in fact and independence in appearance
OCT 2006 (7 marks)
- State 4 circumstances/activities by a member that would pose significant threat to his professional independence
- explain about factors that compromise Independence
- Every MIA is required to fulfill CPE in order to retain membership. Identify 3 forms of structured CPE activities.
- attendance of short course, conferences and seminar organized by MIA or other organizations
- attendance of study programs designed specifically for members
- Study in preparation for a post-graduate degree
- Writing of technical articles, books
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Scenario based question Mia by laws
Course: Auditing (AUD339)
402 Documents
Students shared 402 documents in this course
University: Universiti Teknologi MARA
Was this document helpful?
Question 1 on MIA By-Law ( Scenario-Based Questions are not included)
DEC 2019 (12 marks)
Part A
1. State two fundamental principles(2 marks)
-Integrity (1 m), Confidentiality (1m)
2. Explain implications of not complying with such principles - Explain the definition of each principle negatively (3 marks)
Each point carry 1.5 marks, need to further elaborate
3. Explain possible threats for each given situation:
I) A sole proprietor in public practice plans to establish a department that provide internal audit service to audit clients
II) Client had been traditionally presenting the audit team with New Year gifts. This year, each audit team member is given a book voucher
worth RM2,000 because of company’s good performance
Part B
1. Explain the difference between independence of mind and independence in appearance - if they ask for 1 difference, the easiest is to give the
meaning (4 marks)
Each point carry 2 marks. Elaborate further.
JUNE 2019 (12 marks)
Part A
1. State two types of independence – Independence in mind, independence in appearance
2. Explain 2 consequences if the auditor is not independent
- Auditor’s opinion adds credibility to the FS, the value is lost if the auditor not perceived to be independent by outsiders
- The auditor reputation will be tarnished and auditing profession will be impaired
3. Determine 2 safeguards to eliminate self-interest threat
Part B
1. Explain 1 requirement that auditor has to comply with as per MIA-By-Law:
i. Accepting loan – If it is made under the normal lending procedures or the loan is immaterial to the auditor
ii. Advertising & promoting – If it is honest and truthful and professionally dignified and not making exaggerated claims about services,
qualifications and experiences
DEC 2018 (12 marks)
Part A
1. State 2 Fundamental principles of ethics stated in MIA By Law
2. Explain briefly two types of threats
3. Determine two situations that allow auditors to disclose confidential information
Part B
1. Explain 2 conditions for public Accountant to involve in advertising, marketing & promotional
JUNE 2018(12 MARKS)
Part A
1. Define integrity
2. Distinguish between competence & due care
- Distinguish means explain the definition.
3. Explain 2 implications if external auditor not independent from audit client
- If he is not independent, he might not be able to perform audit objectively and lead to giving a biased viewpoint over client’s financial
performance. Users might be reluctant to rely on his opinion.
Part B
1. 2 factors to be considered when determining audit fee as per MIA By Law
JAN 2018 (12 MARKS)
1. State 2 fundamental principles in MIA By LAW to comply with
- No need to explain further. Just state ‘integrity’, ‘confidentiality’
2. Explain confidentiality
3. Discuss statement ‘ As a member of MIA, am I bound with ethical guidance of the Institute?’ (3 marks)
As a member of MIA, I am bound with ethical guidance because 1) MIA exhibits the highest standards of ethics & professionalism that is expected
of the profession and 2) Ensure that the public has trust on the quality & reliability of services provided by the chartered accountant
Part B
1. 2 rules for Advertising, Marketing & Promotions as per MIA-By-Law
MAR 2017(12 MARKS)
1. Importance of MIA By-Law
2. Explain competence
3. Implication if auditor not independent from his client
Part B
1. Explain 2 type of threats
