SOCPA Saudi CPA Exam Prep
Practice Test

An audit partner owns a significant number of shares in the audit client. Which threat to independence does this create?

Under IAS 1, when an entity reclassifies amounts previously recognised in OCI to profit or loss, this transfer is called:

Under IFRS 5, if the criteria for holding-for-sale classification are met after the balance sheet date but before the financial statements are authorised for issue:

Under ZATCA regulations, the Automatic Exchange of Information (AEOI) for Saudi Arabia includes compliance with:

Under ISA 720, if the auditor identifies a material inconsistency between the other information and the financial statements, and the financial statements are correct, the auditor shall:

Under IFRS 3, the identifiable assets acquired and liabilities assumed in a business combination are measured at:

Under Saudi Labor Law, the maximum probationary period for a new employee is:

In a Mudarabah contract, how are losses borne between the parties?

Under IFRS 13 Fair Value Measurement, the fair value hierarchy prioritizes inputs. Which level gives the highest priority?

What is the key difference between zero-rated and exempt supplies under Saudi VAT law?

IFRS 6 is a temporary standard with limited scope. It applies to:

What is the minimum passing score required in each subject of the SOCPA Fellowship exam?

Under ISA 560, if an event that would have affected the financial statements had it been known at the audit report date occurs after that date and before the financial statements are issued, and the auditor's report has already been issued, the auditor shall:

An audit firm prepared the financial statements of a client and is now performing the audit of those same statements. Which threat to independence does this create?

Under ISA 610, if the internal audit function is not sufficiently independent, objective, or competent to meet the external auditor's standards, the external auditor:

Under ISA 250 Revised (2017), the auditor's responsibilities regarding non-compliance with laws and regulations are primarily to:

Under ISA 510, when a predecessor auditor's opinion on opening balances was modified, the current period auditor shall:

Under Saudi Investment Law (Foreign Investment Law 2000 as amended), the Foreign Investment license allows foreign investors to:

Under IAS 23, when funds borrowed for specific purpose remain temporarily uninvested, the entity:

Under IFRS 16, the interest expense on the lease liability is:

Under IAS 21, non-monetary items measured at historical cost in a foreign currency are translated using:

Under IFRS 9, a hedge relationship must meet certain qualifying criteria. Which of the following is NOT a qualifying criterion?

Under IAS 33, treasury shares (own shares held) are excluded from the EPS denominator. The weighted average shares for EPS purposes treat treasury shares as:

Under IFRS 5, what happens to depreciation of a non-current asset once it is classified as held for sale?

In diminishing Musharakah, what is the key feature that distinguishes it from standard Musharakah?

Under IFRS 8 Operating Segments, what threshold triggers separate segment disclosure?

The payback period method for capital investment appraisal calculates:

In financial analysis, 'earnings quality' refers to:

Under ISA 230, a working paper that is crucial to understanding audit conclusions must be retained for at least:

Under ISA 320, when the auditor sets a lower level of materiality for a specific class of transactions because misstatements below overall materiality would still influence user decisions, this is called: