Audit Challenges – NBC Institute

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

Find Related Questions by Tags, levels, etc.

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

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

Question

K. O. and Associates, a firm of Chartered Accountants, has accepted a statutory audit engagement from Special Cream Ltd, a bookshop with many sales points across the country. In 2021, the company implemented a computerised system that has been networked to all sales points to the Head Office in Accra. In the middle of 2021, the company started accepting mobile money as a means of payment in addition to cash and cheque payment. Mobile money payments are confirmed with an accounts staff before books are supplied.

In planning the audit of Special Cream Ltd, the Audit Manager, Samuel Alhassan, identified risks associated with electronic processing systems which provide additional challenges for auditors.

Required: i) Discuss FOUR (4) challenges K. O. and Associates would encounter in performing an assurance engagement on the electronic processing system. (4 marks)

ii) Discuss FOUR (4) audit approaches K. O. and Associates should adopt in performing an assurance engagement on an electronic processing system. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance Engagement, Audit Approaches, Audit Challenges, Audit Planning, Audit risks, E-commerce, Electronic Processing System
Level: Level 3

Topic: Assurance services, Audit evidence
Series: APR 2022

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

Question

a) You are the manager in Dee Kay Company, a firm of Chartered Accountants. You have just attended a monthly meeting of audit partners and managers at which client-related matters were discussed. Information relating to one client which was discussed at the meeting is given below.

Tap Co Tap Co is a clothing manufacturer, which has recently expanded its operations overseas. To manage exposure to cash flows denominated in foreign currencies, the company has set up a treasury management function, which is responsible for entering into hedge transactions such as forward exchange contracts. These transactions are likely to be material to the financial statements. The audit partner is about to commence planning the audit for the year ending 31 July 2014.

Required:

Discuss why the audit of financial instruments is particularly challenging, and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Challenges, Financial instruments, Forward Exchange Contracts, Planning
Level: Level 3

Topic: Audit evidence
Series: NOV 2015

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

Find Related Questions by Tags, levels, etc.

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

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

Question

In planning the audit of Special Cream Ltd, the Audit Manager, Samuel Alhassan, identified risks associated with electronic processing systems which provide additional challenges for auditors.

Required: i) Discuss FOUR (4) challenges K. O. and Associates would encounter in performing an assurance engagement on the electronic processing system. (4 marks)

ii) Discuss FOUR (4) audit approaches K. O. and Associates should adopt in performing an assurance engagement on an electronic processing system. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance Engagement, Audit Approaches, Audit Challenges, Audit Planning, Audit risks, E-commerce, Electronic Processing System
Level: Level 3

Topic: Assurance services, Audit evidence
Series: APR 2022

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

Question

Required:

Discuss why the audit of financial instruments is particularly challenging, and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Challenges, Financial instruments, Forward Exchange Contracts, Planning
Level: Level 3

Topic: Audit evidence
Series: NOV 2015

Question Tag: Audit Challenges

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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.

AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

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.

AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

Question Tag: Audit Challenges

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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 – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

You're reporting an error for "AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services"

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

You're reporting an error for "AAA – Nov 2015 – L3 – Q5a – Audit Evidence"

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 – April 2022 – L3 – Q1c – Audit evidence, Assurance services

Discuss the challenges and audit approaches in performing an assurance engagement on an electronic processing system.

You're reporting an error for "AAA – April 2022 – L3 – Q1c – Audit evidence, Assurance services"

AAA – Nov 2015 – L3 – Q5a – Audit Evidence

Discuss why the audit of financial instruments is particularly challenging and explain the matters to be considered in planning the audit of Tap Co’s forward exchange contracts.

You're reporting an error for "AAA – Nov 2015 – L3 – Q5a – Audit Evidence"

Our offerings

Contact Info

Customer

Get In Touch

NBC Institute

admin