Question Tag: Audit

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

Question

Regarding the audit of a non-life insurance company, which of the following reserves may NOT be reviewed?
A. Reserve for unexpired risks
B. Reserve for outstanding claims
C. Contingent reserve
D. External reserve
E. Statutory reserve

Answer

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Tags: Audit, Non-Life Insurance, Reserves, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

Question

The following are examples of assurance engagement, EXCEPT
A. Reporting on environmental performance
B. Carrying out statutory audit
C. Reviewing of accounting and internal control system
D. Reporting on statements of accounting policies and goodwill
E. Reviewing of corporate governance within an entity

Answer

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Tags: Assurance Engagement, Audit, Reporting Standards, Review
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

Question

In order to understand the internal control system of a computerized accounting system of a client, which of the following computer documentation will assist the auditor the most?
A. System narrative
B. Record layout
C. Programme listing
D. Record counts
E. System flow charts

Answer

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Tags: Audit, Internal Control, IT Systems
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Which of the following may NOT be taken into consideration when writing a report of an investigation?
A. The language of the report must take into consideration the technical knowledge of the users
B. The computation should be detailed in the body of the report
C. The subject-matter of the investigation must be clear from the heading of the report
D. Any reservation should be clearly stated in the body of the report
E. The users of the report must be clearly identifiable

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries

This question explores the challenges faced in auditing a teaching hospital and the peculiarities of auditing farm accounts.

Question

You are the audit manager of Kunle Segun & Co (Chartered Accountants) which has been appointed as auditors to St. Anne’s Teaching Hospital and Agrocom Farms Limited.

Required:
a. State FIVE problems associated with the audit of a Teaching Hospital. (10 Marks)

b. List the types of farms and explain the peculiar characteristics associated with the audit of farm accounts. (5 Marks)
(Total 15 Marks)

Answer

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Tags: Agriculture, Audit, Audit Challenges, Farm Accounts, Healthcare, Teaching Hospital
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

Your firm, Alheri & Co, has been appointed to carry out an audit assignment on Barders Bank Limited. The Bank’s year ended 30 September 2010. In the process of carrying out this assignment, it was discovered that no provision was made for doubtful debts. Total loans and advances of N50 billion consisting of 200 customers were found to be at various stages of performance except a N1 billion term loan granted to a Director’s relation’s company on 31 December 2009 to be repaid in N100 million monthly equal instalments commencing from 31 January 2010. Interest was simply agreed at N100,000 per month.

As at the time of this audit, no repayment had been made on this loan.

Required:
a. What audit steps should be taken to ascertain the true position of the loan portfolio? (5 Marks)
b. State the basis and determine the provision that should be made on the loan portfolio. (10 Marks)
(Total 15 Marks)

Answer

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Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

Question

To examine financial statements, in Assurance Engagements, “Responsible Parties” are linked to ………………

Answer

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Tags: Assurance engagements, Audit, Financial Statements, Responsible Parties, Stakeholders
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

Question

There is a growing concern that organizations should act in a responsible manner to ensure sustainability of their environment. To this end, environmental reporting has become an important part of the reporting obligation of firms. Hence, you have been approached for advice by a manufacturing company that seeks to incorporate environmental reporting into its annual reports. You are to present to the management a report detailing the following:

a. Nature and benefits of environmental reporting. (5 Marks)

i. Key elements of the Sustainability Balanced Scorecard (SBSC) as a measure of a firm’s performance. (2 Marks)
ii. Elements of an environmental audit. (4 Marks)

c. Nature and use of Environmental Management Accounting (EMA). (9 Marks)

Answer

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Tags: Audit, Corporate Social Responsibility, EMA, Environmental Reporting, SBSC
Level: Level 2

Topic: Environment analysis
Series: MAY 2022

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

Question

i. Distinguish between Board of Survey and Board of Enquiry.
(5 Marks)

ii. Under what conditions would a Board of Enquiry be constituted?
(6 Marks)

Answer

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Tags: Audit, Board of Enquiry, Board of Survey, Public Fund Loss
Level: Level 2

Topic: Government Expenditure
Series: NOV 2016

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

Question

Answer

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Tags: Audit, Non-Life Insurance, Reserves, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

Question

Answer

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Tags: Assurance Engagement, Audit, Reporting Standards, Review
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

Question

Answer

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Tags: Audit, Internal Control, IT Systems
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries

This question explores the challenges faced in auditing a teaching hospital and the peculiarities of auditing farm accounts.

Question

You are the audit manager of Kunle Segun & Co (Chartered Accountants) which has been appointed as auditors to St. Anne’s Teaching Hospital and Agrocom Farms Limited.

Required:
a. State FIVE problems associated with the audit of a Teaching Hospital. (10 Marks)

b. List the types of farms and explain the peculiar characteristics associated with the audit of farm accounts. (5 Marks)
(Total 15 Marks)

Answer

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Tags: Agriculture, Audit, Audit Challenges, Farm Accounts, Healthcare, Teaching Hospital
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

As at the time of this audit, no repayment had been made on this loan.

Answer

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Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

Question

To examine financial statements, in Assurance Engagements, “Responsible Parties” are linked to ………………

Answer

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Tags: Assurance engagements, Audit, Financial Statements, Responsible Parties, Stakeholders
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

Question

a. Nature and benefits of environmental reporting. (5 Marks)

i. Key elements of the Sustainability Balanced Scorecard (SBSC) as a measure of a firm’s performance. (2 Marks)
ii. Elements of an environmental audit. (4 Marks)

c. Nature and use of Environmental Management Accounting (EMA). (9 Marks)

Answer

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Tags: Audit, Corporate Social Responsibility, EMA, Environmental Reporting, SBSC
Level: Level 2

Topic: Environment analysis
Series: MAY 2022

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

Question

i. Distinguish between Board of Survey and Board of Enquiry.
(5 Marks)

ii. Under what conditions would a Board of Enquiry be constituted?
(6 Marks)

Answer

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Tags: Audit, Board of Enquiry, Board of Survey, Public Fund Loss
Level: Level 2

Topic: Government Expenditure
Series: NOV 2016

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries"

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements"

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

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AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries

This question explores the challenges faced in auditing a teaching hospital and the peculiarities of auditing farm accounts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries"

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements"

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

You're reporting an error for "CSME – May 2022 – L2 – SB – Q3 – Environment analysis"

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4b – Government Expenditure"

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries"

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements"

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics"

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting"

AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries

This question explores the challenges faced in auditing a teaching hospital and the peculiarities of auditing farm accounts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q5 – Audit of Specialized Industries"

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements"

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

You're reporting an error for "CSME – May 2022 – L2 – SB – Q3 – Environment analysis"

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q4b – Government Expenditure"

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