For a Corporations Act 2001 Audit, the Auditor Has Reporting

question 23

Multiple Choice

For a Corporations Act 2001 audit, the auditor has reporting obligations to:

• A)management and the board of directors.
• B)the employees and their union representatives.
• C)International Federation of Independent Audit Regulators (IFIAR).
• D)All of the given answers.

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Definitions:

Fair Value

The estimated price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Income Statement

A financial statement that shows a company's revenues and expenses, culminating in a net profit or loss over a specific period.

Other than Temporary

A designation for impairments or losses that are expected to be permanent or long-lasting rather than temporary fluctuations.

Available-for-sale

A classification for financial assets implying that they can be sold in the future, but are not held primarily for trading purposes.