Commercial Pilot Licence (CPAER) – Canada · Question
During the planning phase of an audit, the auditor identifies a significant going concern risk for the client. How should this impact the auditor's approach?
Identifying a significant going concern risk requires the auditor to perform additional procedures, such as evaluating management’s plans and increasing the ext
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Question: During the planning phase of an audit, the auditor identifies a significant going concern risk for the client. How should this impact the auditor's approach?
Answer options:
- The auditor should immediately disclaim an opinion. ✅ The auditor should increase the extent of substantive procedures.
- The auditor should reduce the reliance on internal controls.
- The auditor should notify the regulatory body immediately.
Correct answer: The auditor should increase the extent of substantive procedures.
Explanation: Identifying a significant going concern risk requires the auditor to perform additional procedures, such as evaluating management’s plans and increasing the extent of substantive testing, to gather sufficient appropriate audit evidence, as per CAS 570.
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Question explanations
- What is the minimum visibility required for a commercial VFR flight in Class D airspace at or below 3,000 feet
- What is the minimum age requirement to hold a Commercial Pilot Licence in Canada?
- Scenario 1: A commercial pilot conducting an IFR flight in Canadian airspace must hold which of the following
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