Audit Scope – NBC Institute

AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

Question

Discuss in detail the content of an engagement letter to be issued to a new client.

Answer

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Tags: Audit Scope, Audit Terms, Auditor-Client Agreement, Engagement letter, Legal obligations, Responsibilities
Level: Level 2

Topic: Audit Documentation
Series: NOV 2016

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

Question

Over time, the annual audit was developed as a way of adding credibility to the financial statements produced by management. The statutory audit is now a key feature of company law throughout the world.

You are required to:

a. Identify and explain THREE key features of an audit report. (12 Marks)

b. Explain the conditions under which a company can be classified as a small company in order to be exempted from an audit. (5 Marks)

c. Identify THREE points that would be included in the scope of the statutory audit as described in the independent auditor’s report. (3 Marks)

Answer

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Tags: Audit report, Audit Scope, Financial Statements, Independent Auditor, Small Company Exemption
Level: Level 2

Topic: Audit Reports
Series: MAY 2019

AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

Question

AA&A Chartered Accountants have been auditing ABC Company Ltd for the past four years. The company intends to list on the Ghana Stock Exchange, which requires the establishment of an internal audit department if the company does not have one already. Management has asked your firm to brief them about internal audit, and you have been asked to assist in the briefing.

Required:
i) Outline TWO (2) major categories of services that the internal audit function undertakes. (5 marks)

ii) Outline the scope of internal audit function. (5 marks)

Answer

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Tags: Audit and Assurance Risk Environment, Audit Scope, Governance, Internal Audit, Risk Management
Level: Level 3

Topic: Audit and Assurance Risk Environment
Series: MAY 2020

AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

Question

Discuss in detail the content of an engagement letter to be issued to a new client.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Scope, Audit Terms, Auditor-Client Agreement, Engagement letter, Legal obligations, Responsibilities
Level: Level 2

Topic: Audit Documentation
Series: NOV 2016

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

Question

You are required to:

a. Identify and explain THREE key features of an audit report. (12 Marks)

b. Explain the conditions under which a company can be classified as a small company in order to be exempted from an audit. (5 Marks)

c. Identify THREE points that would be included in the scope of the statutory audit as described in the independent auditor’s report. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Audit Scope, Financial Statements, Independent Auditor, Small Company Exemption
Level: Level 2

Topic: Audit Reports
Series: MAY 2019

AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

Question

Required:
i) Outline TWO (2) major categories of services that the internal audit function undertakes. (5 marks)

ii) Outline the scope of internal audit function. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit and Assurance Risk Environment, Audit Scope, Governance, Internal Audit, Risk Management
Level: Level 3

Topic: Audit and Assurance Risk Environment
Series: MAY 2020

Question Tag: Audit Scope

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AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

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Question Tag: Audit Scope

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AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

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AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

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AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

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AA – Nov 2016 – L2 – Q2c – Audit Documentation

This question details the elements that must be included in an engagement letter issued to a new audit client, covering responsibilities, terms, and scope of the audit.

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AA – May 2019 – L2 – Q4 – Audit Reports

Exploration of audit report features, conditions for small company audit exemptions, and scope of statutory audit.

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AA – May 2020 – L2 – Q4b – Audit and Assurance Risk Environment

Identify and describe two major categories of services provided by internal audit.

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