In an Effort to Harmonize International Auditing Standards on a Regional

question 39

Multiple Choice

In an effort to harmonize international auditing standards on a regional level, the European Union has issued directives pertaining to this end. Its Eighth Directive caused the United Kingdom to change the country's long-held standard for individuals wishing to be auditors. Which of the following is a new requirement for auditors in the UK?

• A) Auditors must be members of a recognized professional association, such as the ICAEW.
• B) New entrants to the auditing profession must hold a university degree in accountancy.
• C) Auditors may now be a citizen of any country in the European Union rather than just the UK.
• D) New members of the auditing profession must have a university degree.

---

Definitions:

Insurance Premiums

The amounts paid for insurance coverage, typically charged monthly or annually, to maintain the insurance policy.

High Deductible

A high deductible refers to the larger initial amount paid by an insured person before insurance coverage for healthcare costs begins, often leading to lower premium costs.

Low-risk Drivers

Individuals who are considered to have a lower probability of filing an insurance claim due to their safe driving habits, often resulting in lower insurance premiums.

Lemons

A citrus fruit with a bright yellow color and sour taste, often used in cooking and beverages.