ACCA考试P8模拟测试题及答案解析

　　Question：Which of the following statements regarding audit committees is not true?

　　A. The role and responsibilities of the audit committee should be set out in written terms of reference.

　　B. Every company must have an audit committee.

　　C. The audit committee must meet every month.

　　D. The audit committee should include at least three non-executive directors.

　　The correct answers are: The audit committee must meet every month; Every company must have an audit committee.

　　解析：The UK Corporate Governance Code recommends that the audit committee should include at least three non-executive directors (two in smaller companies) and that the role and responsibilities should be set out in written terms of reference.

　　There are no requirements for how often the audit committee should meet. Every company does not have to have an audit committee - such a committee may not be feasible in some companies such as small companies, where the costs of establishing and maintaining an audit committee may outweigh the benefits.

　　Question：Substantive procedures can never be eliminated entirely.

　　Is this statement:

　　A. True, except when the auditors have carried out a separate controls testing engagement.

　　B. True, although in exceptional circumstances where control risk is zero, they can be eliminated except for disclosures.

　　C. Entirely false.

　　D. Entirely true.

　　The correct answer is: Entirely true.

　　Substantive procedures can never, never be entirely eliminated, even if the only such procedures that are carried out are analytical procedures. Control risk can never be zero, as there are inherent limitations in every control system. The auditors need to carry out audit tests to come to an audit opinion, so the fact that they have carried out a different engagement does not eliminate the need to carry out substantive audit procedures.