Audit Standards – NBC Institute

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

Question

The auditor’s report is regulated by either the law (CAMA 2020) or regulation (ISA 700).
i. State the minimum elements of the auditor’s report as required by ISA 700. (10 Marks)
ii. Explain briefly the matters to be expressly stated in the report of the auditors of a company to its members on the accounts examined by them as stated in CAMA 2020. (10 Marks)

Answer

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Tags: Audit Standards, Auditor's Report, CAMA 2020, ISA 700
Level: Level 2

Topic: Audit Reports
Series: NOV 2021

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

Question

(d) ISA 610 using the work of internal auditors provides guidance to external auditors on the use of internal audit work.

Required:
List and explain the various criteria that should be considered by external auditors when assessing whether to take reliance from work performed by internal audit.

(4 marks)

Answer

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Tags: Audit evidence, Audit Standards, External audit, Internal Audit, Reliance on Audit Work
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

Question

(a) ‘Audit evidence must be reviewed critically with respect to its validity and pertinence as evidence before it is permitted to influence the mind of the auditor with respect to the assertion at issue’.

(i) An Auditor is considering using a copy of credit sale invoices on a file as evidence for the credit sales figure in the accounts. How would he assess the validity and pertinence of this file as audit evidence? (3 marks)

(ii) A mail order company invoices its customers with up to five ladies’ dresses. Most customers accept and pay for one or two dresses and return the rest. A credit note is then issued. The accounts incorporate a provision for returnable dresses at the year end. The audit is completed very quickly and post-balance sheet events are not usable by the auditor as evidence. What evidence would the auditor regard as valid and pertinent in respect of the provision? (3 marks)

(iii) What factors would influence an auditor in considering the acceptability as evidence of certificates received from third parties? (3 marks)

(iv) A building contracting company has constructed an office block on its own land for its own use. State the evidence the auditor would require on the cost of the building. (3 marks)

(v) Discuss the different forms of audit evidence that would be available to auditors of very small companies and of very large companies. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Procedures, Audit Standards, Pertinence, Validity
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

Question

ISA 220 – Quality Control for an Audit of Financial Statements deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. According to ISA 220, the auditor should consider certain factors before accepting a new engagement or continuing an existing engagement.

Required:
Discuss THREE (3) of such factors. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Audit Standards, Engagement Acceptance, ISA 220, Quality control
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2020

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Auditor's Report, CAMA 2020, ISA 700
Level: Level 2

Topic: Audit Reports
Series: NOV 2021

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

Question

(d) ISA 610 using the work of internal auditors provides guidance to external auditors on the use of internal audit work.

Required:
List and explain the various criteria that should be considered by external auditors when assessing whether to take reliance from work performed by internal audit.

(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Standards, External audit, Internal Audit, Reliance on Audit Work
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

Question

(iii) What factors would influence an auditor in considering the acceptability as evidence of certificates received from third parties? (3 marks)

(iv) A building contracting company has constructed an office block on its own land for its own use. State the evidence the auditor would require on the cost of the building. (3 marks)

(v) Discuss the different forms of audit evidence that would be available to auditors of very small companies and of very large companies. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Audit Procedures, Audit Standards, Pertinence, Validity
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

Question

Required:
Discuss THREE (3) of such factors. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Audit Standards, Engagement Acceptance, ISA 220, Quality control
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2020

Question Tag: Audit Standards

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AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

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AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

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AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

You're reporting an error for "AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence"

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

You're reporting an error for "AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence"

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

You're reporting an error for "AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

AA – Nov 2021 – L2 – Q1b – Audit Reports

List the minimum elements required in an auditor's report according to ISA 700.

You're reporting an error for "AA – Nov 2021 – L2 – Q1b – Audit Reports"

AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence

This question discusses the criteria that external auditors should consider when deciding whether to place reliance on the work performed by internal auditors.

You're reporting an error for "AA – May 2016 – L2 – Q3d – Audit and Assurance Evidence"

AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence

This question discusses the assessment of the validity and pertinence of different forms of audit evidence and auditing standards.

You're reporting an error for "AA – May 2016 – L2 – Q1a – Audit and Assurance Evidence"

AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discuss three factors the auditor must consider before accepting or continuing an audit engagement.

You're reporting an error for "AA – May 2020 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

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