Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung für Wirtschaftsprüfer (Statutory Auditor Examination) Exam - Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung für Wirtschaftsprüfer (Statutory Auditor Examination) Exam

Question 1

Under International Standard on Auditing (ISA) 200 and § 269 of the Austrian Commercial Code (UGB), what is the overall objective of the statutory auditor in conducting a financial statement audit?

To obtain reasonable assurance (hinreichende Sicherheit) about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, enabling the auditor to express an independent audit opinion To guarantee 100% absolute assurance that every individual transaction and euro in the accounts is mathematically error-free To directly manage the audited company's day-to-day accounting department and prepare tax returns To act as a state criminal prosecutor with powers to arrest corporate executives

Correct Answer:

Question 2

Under ISA 315 (Revised) and Austrian auditing standards (KFS/PG 1), what is the purpose of the auditor's Risk Assessment Procedures?

To identify and assess the Risks of Material Misstatement (RoMM) at both the financial statement level and assertion level (Aussageebene) through understanding the entity, its environment, and its internal control system To determine how many advertising billboards the company should purchase To set the retail prices of the company's consumer goods To calculate the personal income tax rate of the supervisory board chairman

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Question 3

Under ISA 320, how does the auditor determine Planning Materiality (Gesamtwesentlichkeit), Performance Materiality (Toleranzwesentlichkeit), and the Clearly Trivial Threshold (Nichtaufgriffsgrenze)?

Planning Materiality is set using a percentage of a chosen benchmark (e.g. 0.5%–1% of revenue or 5% of profit before tax); Performance Materiality is set lower (e.g. 60%–75% of planning materiality) to reduce aggregation risk; Clearly Trivial is set at 3%–5% of planning materiality All three thresholds must be set at exactly €100 for all companies in Austria Materiality is set at 50% of total balance sheet equity in every audit Auditors are prohibited from calculating mathematical materiality under Austrian law

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Question 4

An audited Austrian corporation reports Profit Before Tax (EBT) of €10,000,000 and Total Revenue of €120,000,000. The auditor sets Planning Materiality at 5% of EBT (€500,000). If Performance Materiality is set at 70% and the Clearly Trivial Threshold at 4%, what are the respective amounts?

Performance Materiality = €350,000; Clearly Trivial Threshold = €20,000 Performance Materiality = €500,000; Clearly Trivial Threshold = €50,000 Performance Materiality = €700,000; Clearly Trivial Threshold = €40,000 Performance Materiality = €100,000; Clearly Trivial Threshold = €5,000

Correct Answer:

Performance Materiality = €350,000; Clearly Trivial Threshold = €20,000

Question 5

Under ISA 240 (The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements), what mandatory fraud risk presumptions must the auditor apply?

A rebuttable presumption that there are risks of fraud in Revenue Recognition, and a non-rebuttable risk that management can override internal controls (Management Override of Controls) A presumption that all corporate employees are committing petty theft A presumption that suppliers are paying secret kickbacks on 100% of purchase orders There are no fraud presumptions in professional auditing standards

Correct Answer:

A rebuttable presumption that there are risks of fraud in Revenue Recognition, and a non-rebuttable risk that management can override internal controls (Management Override of Controls)

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Prepare with the Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung für Wirtschaftsprüfer (Statutory Auditor Examination) Exam practice quiz. This question bank includes 100 questions covering auditor, audit, financial, austrian, and ifrs. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung für Wirtschaftsprüfer (Statutory Auditor Examination) Exam

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Fachprüfung Wirtschaftsprüfer Practice Questions - Austria Fachprüfung für Wirtschaftsprüfer (Statutory Auditor Examination) Exam

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