The Corporations Act Requires That Auditors Are Competent

question 9

Multiple Choice

The Corporations Act requires that auditors are competent. To be suitably qualified the person must:

• A) be a member of the ICAA, CPA Australia, the National Institute of Accountants or other prescribed body.
• B) hold a degree, diploma or certificate from a university or other prescribed body.
• C) be a fit and proper person to be registered as an auditor.
• D) all of the above.

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Definitions:

Lead Time

The time interval between the initiation and completion of a process, such as the period from ordering to receiving goods.

Free Float

In project management, the amount of time that a project task can be delayed without causing a delay to subsequent tasks or the project's overall deadline.

Current Schedule

The latest version of the project schedule, reflecting all known updates, changes, and progress.

Contingency Time

Additional time allocated within a project schedule to account for potential unforeseen delays.