To receive your CPD points, please complete and submit this assessment.

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1. Which of the following is not a principle of auditor independence? *

a) Integrity

b) Objectivity

c) Professional skepticism

d) “Chinese wall” separation of duties

2. True or false: The independence requirements do not necessary apply as stringently to SMSFs as they are considered small closely held entities. *

a) True

b) False

3. The revised independence guide is mandatory from 1 January 2020. However, taking into consideration the ATO educational approach, which SMSF audits must be audited by an SMSF auditor who satisfies the revised independence guide? *

a) All SMSF audits conducted from 1 January 2020

b) All SMSF audits conducted from 1 July 2021

c) SMSF audits of financial statements commencing with the year ending 30 June 2020

d) SMSF audits of financial statements commencing with the year ending 30 June 2021

4. Which of the following is not an example of ‘routine or mechanical’? *

a) Posting client-approved entries to the trial balance

b) Calculating depreciation on fixed assets when the client determines the accounting policy and estimates of useful life and residual values

c) An SMSF with assets that are on data feeds through SMSF-specific software

5. For an individual who sets up their own SMSF audit firm, which of the following threats to independence should be considered in relation to audit engagements? *

a) Self interest threat

b) Familiarity threat

c) Intimidation threat

d) All of the above