Audit Approach – NBC Institute

CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

Question

There are different models of relationship between a professional accountant and his/her clients. In the context of the above:

a. Explain the different models of relationship between a professional accountant and his/her clients. (16 Marks)

b. Which of the models in (a) above would you recommend, and which do you consider to be the least recommended? (Provide justification for your choices) (4 Marks)

Answer

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Tags: Audit Approach, Client Relationships, Control Environment, Inherent Risk, Nonprofit risk management, Professional Ethics
Level: Level 2

Topic: Ethics in Business

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

Question

Greater Tomorrow Foundation (GTF) was established with the aim of providing support to children from disadvantaged backgrounds who wish to participate in sports, such as tennis, athletics, and football. It has benefited the country, with some beneficiaries representing the nation in international competitions.

GTF has a constitution detailing how income can be spent and limits administrative expenditure to one-eighth of its income annually.

GTF’s income comes solely from voluntary donations, including:

Cash collected by volunteers from the public.
Direct donations from generous individuals.

Certain donations specify that the principal amount cannot be spent, with income generated (interest) allocated to specific activities, like providing sports equipment (e.g., footballs, boots, rackets, sportswear, etc.).

Required:

a. Explain FIVE areas of inherent risk in Greater Tomorrow Foundation (GTF) and explain the effect of each risk on the audit approach. (10 Marks)

b. Explain FIVE reasons why the control environment may be weak in GTF. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Approach, Compliance, Control Environment, Donations, Financial Controls, Inherent Risk, Non-profit
Level: Level 2

Topic: Audit of Public Sector Entities

CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

Question

There are different models of relationship between a professional accountant and his/her clients. In the context of the above:

a. Explain the different models of relationship between a professional accountant and his/her clients. (16 Marks)

b. Which of the models in (a) above would you recommend, and which do you consider to be the least recommended? (Provide justification for your choices) (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Approach, Client Relationships, Control Environment, Inherent Risk, Nonprofit risk management, Professional Ethics
Level: Level 2

Topic: Ethics in Business

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

Question

GTF has a constitution detailing how income can be spent and limits administrative expenditure to one-eighth of its income annually.

GTF’s income comes solely from voluntary donations, including:

Cash collected by volunteers from the public.
Direct donations from generous individuals.

Required:

a. Explain FIVE areas of inherent risk in Greater Tomorrow Foundation (GTF) and explain the effect of each risk on the audit approach. (10 Marks)

b. Explain FIVE reasons why the control environment may be weak in GTF. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Approach, Compliance, Control Environment, Donations, Financial Controls, Inherent Risk, Non-profit
Level: Level 2

Topic: Audit of Public Sector Entities

Question Tag: Audit Approach

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CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

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CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

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AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

You're reporting an error for "AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities"

CSME – Nov 2023 – L2 – Q4 – Ethics in Business

Discuss the relationship models between accountants and clients, recommending the most suitable and least suitable models.

You're reporting an error for "CSME – Nov 2023 – L2 – Q4 – Ethics in Business"

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

You're reporting an error for "AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities"

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