Audit Compliance – NBC Institute

AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

Question

The audit of one of your firm’s new clients is ongoing. Review and compliance procedures were being carried out by the audit team. There were unsatisfactory issues with some of the data generated for use in the testing process. These issues were escalated, and it became necessary to bring in the firm’s IT specialists for confirmation purposes. With your competence in this area, you were asked to provide the necessary guidance and assurance needed by the audit team.

Required:

(a) Evaluate the components of the governing principles of the Nigerian Data Protection Regulation, 2019, as applicable in the circumstance. (6 Marks)

(b) Discuss the requirements of the data protection framework. (9 Marks)

Answer

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Tags: Audit Compliance, Data protection, IT Assurance, Nigerian Data Protection Regulation
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

Question

You are the accountant to Banana Follow Me Limited and the audit of the financial statements for the year ended December 31, 2016 is currently ongoing. The company is a cocoa processing entity with various factories across the country. During the year end audit, the auditors, Akinfenwa & Company. (Chartered Accountants), observed that the company purchased
200,000 units of XYZ Plc. shares during the year and that the company had not recognised dividends on these shares as at year end. Upon enquiry, the Managing Director of the company explained that the
shares were purchased ex-dividend and had promised to provide suitable representations to confirm this. The auditors have verified this and are 106 satisfied with the explanation but expect representation letter which includes all other relevant representations from the company.

Required:

As the accountant to Banana Follow Me Limited, prepare the management representation letter to be issued to the company’s auditors, Akinfenwa & Company, confirming representations for the financial statements for the year ended December 31, 2016.

Answer

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Tags: Anti-Money Laundering, Audit Compliance, Representation Letter, Risk Management
Level: Level 3

Topic: Audit Reporting
Series: MAY 2018

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

Question

Your audit firm was recently appointed as the external auditors of a fast-growing fast-food outlet, Foods Only Limited. The directors are not clear as to their responsibilities and the nature of their relationship with the external auditors. The engagement partner has instructed you to visit the client and explain to the directors some fundamental aspects of the appointment.

Required:

a. Explain the matters to be stated in an audit report according to Companies and Allied Matters Act (CAMA) 2020. (5 Marks)

b. State the auditor’s rights under Companies and Allied Matters Act (CAMA). (5 Marks)

c. State the duties of external auditors under Companies and Allied Matters Act (CAMA). (5 Marks)

d. What are the responsibilities of management and those charged with governance in relation to the accounting function of the company? (5 Marks)

Answer

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Tags: Audit Compliance, Auditor's Report, Auditor's Rights, CAMA, ISA 200, Management Responsibility
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: MAY 2023

AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

Question

Required:

(a) Evaluate the components of the governing principles of the Nigerian Data Protection Regulation, 2019, as applicable in the circumstance. (6 Marks)

(b) Discuss the requirements of the data protection framework. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Compliance, Data protection, IT Assurance, Nigerian Data Protection Regulation
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Money Laundering, Audit Compliance, Representation Letter, Risk Management
Level: Level 3

Topic: Audit Reporting
Series: MAY 2018

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

Question

Required:

a. Explain the matters to be stated in an audit report according to Companies and Allied Matters Act (CAMA) 2020. (5 Marks)

b. State the auditor’s rights under Companies and Allied Matters Act (CAMA). (5 Marks)

c. State the duties of external auditors under Companies and Allied Matters Act (CAMA). (5 Marks)

d. What are the responsibilities of management and those charged with governance in relation to the accounting function of the company? (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Compliance, Auditor's Report, Auditor's Rights, CAMA, ISA 200, Management Responsibility
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: MAY 2023

Question Tag: Audit Compliance

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AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

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Question Tag: Audit Compliance

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AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

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AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q7a – Audit Reporting"

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

You're reporting an error for "AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors"

AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards

Evaluate the principles of the Nigerian Data Protection Regulation and discuss its requirements in an audit context.

You're reporting an error for "AAA – May 2023 – L3 – Q6 – Regulatory Framework and Professional Standards"

AAA – May 2018 – L3 – SC – Q7a – Audit Reporting

Prepare a management representation letter for Banana Follow Me Limited and outline anti-money laundering requirements for the audit team.

You're reporting an error for "AAA – May 2018 – L3 – SC – Q7a – Audit Reporting"

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

You're reporting an error for "AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors"

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