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The majority of developed countries require publicly quoted companies and large companies to produce annual financial statements which are then audited by an external auditor.

Which of the following statements regarding the requirement for external audit is Incorrect?

Options:

Independent external audit gives confidence in the financial statements which is required as the directors have incentives to manipulate the financial statements presented to the shareholders

As the directors are responsible for the day-to-day management of the company, they hold more detailed information which is resolved by the presentation of financial statements to the shareholders and this needs to be guaranteed by independent external audit.

Independent external audit gives confidence in the financial statements by including the auditor's opinion on whether or not they show a true and fair view.

As the directors are responsible for the day-to-day management of the company, they hold more detailed information which is resolved by the presentation of financial statements to the shareholders and there is a need for this to be assured by independent external audit

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Question 2

Which of the following is correct?

(i) A decision of the Supreme Court is binding on all lower courts which are called upon to decide a case based on similar material facts.

(ii) If there is a conflict between European Law and English law, European Law prevails.

(iii) Parliament may delegate authority to the government to make law.

Options:

(i) only

(i) and (ii) only

(ii) and (iii) only

(i), (ii) and (iii).

Question 3

Which of the following statements is correct in relation to the civil law?

Options:

All civil cases commence in the County Court.

A breach of the civil law does not enable an injured party to claim compensation.

A person may be prosecuted for a breach of the civil law.

A tort is a civil wrong.

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