In Addition to the Requirements of ASA and the ISA

question 13

Multiple Choice

In addition to the requirements of ASA and the ISA standards, the Corporations Act also prescribes the auditor's reporting duties.Which of the following does not constitute one of those duties?

• A)Forming an opinion on whether the financial reports are presented fairly.
• B)Forming an opinion as to whether financial records have been kept to enable the preparation and audit of the financial reports.
• C)Forming an opinion that all information, explanation and assistance necessary for the conduct of the audit have been provided.
• D)Forming an opinion that the records and registers have been kept as required by law.

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Definitions:

Strip Bond

A bond that has had its coupon payments and principal repayment separated, creating zero-coupon securities from a regular bond.

Yield to Maturity

The total return anticipated on a bond if the bond is held until its maturity date, taking into account both interest payments and capital gain or loss.

Term to Maturity

The remaining time until a debt instrument, such as a bond or loan, reaches its due date and the principal must be repaid.

Priced

Determination of the value or amount that must be paid to acquire a good, service, or asset.