Audit Safeguards – NBC Institute

AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

Question

Kankam and Partners is an audit firm providing audit services to two competing beer producers: “Pashew” and “Agyimu” breweries. The two companies run neck to neck in terms of market share, with “Pashew” holding 45% and “Agyimu” holding 40%. Advertisements run by the companies give the impression of stiff competition between the two and public perception is that they are enemies.

Required: As an Audit Manager of Kankam and Partners, discuss TWO (2) measures your firm should put in place to avoid disclosing confidential matters of the companies to each other.

Answer

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Tags: Audit Safeguards, Confidentiality, Conflict of Interest
Level: Level 3

Series: NOV 2023

AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

Question

You are the Audit Senior at Fameye and Associates, which has been auditing Adepa Ltd for the past 3 years. The Managing Partner, Mr. Fanfu, was a school mate of the Board Chairman of Adepa Ltd. The Board Chairman owns 80% of the shares in the company. Adepa Ltd is into cassava cultivation and starch manufacturing.

Mr. Agyei is the Partner in charge of quality control of Fameye and Associates. Last year, his wife was contracted to supply cassava to Adepa Ltd. Mr. Agyei’s wife, who is an out-grower farmer, was also given a loan just as any other out-grower, to improve her farm. The amount is payable this year.

You have been scheduled to audit the Financial Statements of Adepa Ltd. The daughter of the Board Chairman is an audit trainee on your audit team. The Chief executive of Adepa Ltd, Mr. Brown, has indicated that last year’s audit delayed and he would not tolerate any delays in this year’s audit.

Required: Discuss THREE (3) ethical issues worth considering in the above scenario and for each, recommend possible safeguards.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Safeguards, Ethical Issues, Independence
Level: Level 3

Topic: Professional responsibility and liability
Series: NOV 2023

AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

Question

Required: As an Audit Manager of Kankam and Partners, discuss TWO (2) measures your firm should put in place to avoid disclosing confidential matters of the companies to each other.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Safeguards, Confidentiality, Conflict of Interest
Level: Level 3

Series: NOV 2023

AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

Question

Required: Discuss THREE (3) ethical issues worth considering in the above scenario and for each, recommend possible safeguards.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Safeguards, Ethical Issues, Independence
Level: Level 3

Topic: Professional responsibility and liability
Series: NOV 2023

Question Tag: Audit Safeguards

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AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

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AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

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AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

You're reporting an error for "AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability"

AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability

Discuss measures to avoid disclosing confidential matters between two competing clients.

You're reporting an error for "AAA – Nov 2023 – L3 – Q1b – Professional Responsibility and Liability"

AAA – Nov 2023 – L3 – Q1a – Rules of Professional Conduct, Professional Responsibility and Liability

Discuss three ethical issues in a scenario involving a managing partner, quality control partner, and an audit trainee, and recommend safeguards.

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