Audit – Page 3 – NBC Institute

AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

Question

Regarding the audit of a non-life insurance company, which of the following reserves may NOT be reviewed?
A. Reserve for unexpired risks
B. Reserve for outstanding claims
C. Contingent reserve
D. External reserve
E. Statutory reserve

Answer

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Tags: Audit, Non-Life Insurance, Reserves, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

Question

The following are examples of assurance engagement, EXCEPT
A. Reporting on environmental performance
B. Carrying out statutory audit
C. Reviewing of accounting and internal control system
D. Reporting on statements of accounting policies and goodwill
E. Reviewing of corporate governance within an entity

Answer

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Tags: Assurance Engagement, Audit, Reporting Standards, Review
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

Question

In order to understand the internal control system of a computerized accounting system of a client, which of the following computer documentation will assist the auditor the most?
A. System narrative
B. Record layout
C. Programme listing
D. Record counts
E. System flow charts

Answer

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Tags: Audit, Internal Control, IT Systems
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2013

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

Question

Which of the following may NOT be taken into consideration when writing a report of an investigation?
A. The language of the report must take into consideration the technical knowledge of the users
B. The computation should be detailed in the body of the report
C. The subject-matter of the investigation must be clear from the heading of the report
D. Any reservation should be clearly stated in the body of the report
E. The users of the report must be clearly identifiable

Answer

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Tags: Audit, Investigation, Report Writing, Reporting Standards
Level: Level 3

Topic: Audit Reporting
Series: NOV 2013

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

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

Topic: Audit of Specialized Industries
Series: NOV 2012

AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

Question

Your firm, Alheri & Co, has been appointed to carry out an audit assignment on Barders Bank Limited. The Bank’s year ended 30 September 2010. In the process of carrying out this assignment, it was discovered that no provision was made for doubtful debts. Total loans and advances of N50 billion consisting of 200 customers were found to be at various stages of performance except a N1 billion term loan granted to a Director’s relation’s company on 31 December 2009 to be repaid in N100 million monthly equal instalments commencing from 31 January 2010. Interest was simply agreed at N100,000 per month.

As at the time of this audit, no repayment had been made on this loan.

Required:
a. What audit steps should be taken to ascertain the true position of the loan portfolio? (5 Marks)
b. State the basis and determine the provision that should be made on the loan portfolio. (10 Marks)
(Total 15 Marks)

Answer

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Tags: Audit, Doubtful Debts, Financial Reporting, Loans, Provisions
Level: Level 3

Topic: Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)
Series: NOV 2012

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

Question

To examine financial statements, in Assurance Engagements, “Responsible Parties” are linked to ………………

Answer

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Tags: Assurance engagements, Audit, Financial Statements, Responsible Parties, Stakeholders
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

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Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

Question

There is a growing concern that organizations should act in a responsible manner to ensure sustainability of their environment. To this end, environmental reporting has become an important part of the reporting obligation of firms. Hence, you have been approached for advice by a manufacturing company that seeks to incorporate environmental reporting into its annual reports. You are to present to the management a report detailing the following:

a. Nature and benefits of environmental reporting. (5 Marks)

i. Key elements of the Sustainability Balanced Scorecard (SBSC) as a measure of a firm’s performance. (2 Marks)
ii. Elements of an environmental audit. (4 Marks)

c. Nature and use of Environmental Management Accounting (EMA). (9 Marks)

Answer

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Tags: Audit, Corporate Social Responsibility, EMA, Environmental Reporting, SBSC
Level: Level 2

Topic: Environment analysis
Series: MAY 2022

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

Question

i. Distinguish between Board of Survey and Board of Enquiry.
(5 Marks)

ii. Under what conditions would a Board of Enquiry be constituted?
(6 Marks)

Answer

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Tags: Audit, Board of Enquiry, Board of Survey, Public Fund Loss
Level: Level 2

Topic: Government Expenditure
Series: NOV 2016

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

Question

Audit is the examination or inspection of various books of accounts by an auditor to certify that the accounts have been prepared according to the principles of accounting and to determine whether the Financial Statements prepared reflect a true and fair view of the state of affairs of a business.

Required:
i) State the Primary objective of an audit.
ii) State the Secondary objectives of an audit. (5 marks)

Answer

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Tags: Assurance, Audit, Financial Statements, Objectives, Secondary Objectives
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: APR 2022

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

Question

An Auditor is a person or a firm appointed by a company to execute an audit. To act as an auditor, a person should be licensed by the Institute of Chartered Accountants, Ghana. Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority.

Required: Explain FIVE (5) rights, duties, and powers of an auditor. (10 marks)

Answer

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Tags: Audit, Auditor's Duties, Auditor's Rights, Company Law
Level: Level 1

Topic: Accounts and audit
Series: NOV 2023

AAA – Nov 2020 – L3 – Q1a – Rules of professional conduct | Professional responsibility and liability

Evaluate ethical issues in providing audit and advisory services, and assess auditor liability to a bank if the audit is negligently performed.

Question

You are an audit manager with AA & Co. Chartered Accountants and Business Consultants. You have been assigned to the audit of Western Decors Ltd (WD), a long-established firm of event planning service in the city where your practice is located. The audit of the financial statements for the year ended 31 March 2019 is due to commence shortly. The audit firm is aware that the client has received a loan from the bank in April 2018 and that the bank will rely on the audited financial statements as part of the terms and conditions in the loan agreement.

The partner in charge of AA & Co. has just visited the client and made the following notes during his trip:

The firm has a number of individual and corporate clients outside Accra and has invested heavily in recording and broadcasting equipment to allow some events to be broadcasted over the internet. This facility is now available at all events conducted in WD’s premises and is proving to be very popular. To date, no specific extra charge has been levied for this service but the Chief Executive Officer (CEO) of WD has asked us to prepare a report for him advising on whether it would be practical to charge separately for it; and, if so, the level at which the charge should be set.
Unfortunately, WD’s main supplier of chairs went into liquidation during the year. The Partner said that they were fortunate to be able to find an alternative supplier with whom they entered into a three-year contract for the supply of chairs. At the time of signing the contract, WD considered the contract to be on very favourable terms. However, the supplier is based in Nigeria and the contract was denominated in Naira. Movements in the exchange rate now make the contract look far less attractive and the CEO has requested that we examine the contract to see if there is any way he can legally set it aside.

Required:

i) Critically evaluate any possible ethical issues arising from the client’s requests. (4 marks)

ii) Discuss whether the auditors may be liable to the bank in case the audit was negligently done. (6 marks)

Answer

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Tags: Advisory Services, Audit, Competence, Ethical Issues, Independence
Level: Level 3

Topic: Professional responsibility and liability, Rules of professional conduct
Series: NOV 2020

AAA – Nov 2019 – L3 – Q5a – Current Issues, Audit-related Services

Outline the purposes of a cyber security policy and explain what a cyber security audit is intended to achieve.

Question

Recently one of your clients in the financial service sector has had its ICT system hacked and large sums of depositors’ funds stolen. He called and informed you about what happened. You intimated to him that his company needs a cyber security policy and cyber security audit. He requested a briefing on the issue.

Required:

i) Outline the purposes of a cyber security policy.

(5 marks)

ii) Explain cyber security audit and what it is intended to achieve.

(5 marks)

Answer

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Tags: Audit, Cyber Security, IT Systems, Policy
Level: Level 3

Topic: Audit-related services, Current issues
Series: NOV 2019

PSAF – Nov 2017 – L2 – Q2b – Public Procurement

Recommend steps required for disposing of unneeded stores identified in an audit by the Ministry of Public Works.

Question

The Ministry of Public Works has in a recent audit report identified that the majority of their stores (including vehicles) are no more needed and must be disposed of.

Required: Recommend FIVE steps required to be followed by the Ministry to dispose of their stores. (5 marks)

Answer

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Tags: Audit, Disposal of assets, Ministry of Public Works, Public Procurement
Level: Level 2

Topic: Public Procurement
Series: NOV 2017

Question Tag: Audit

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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 – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

AAA – Nov 2020 – L3 – Q1a – Rules of professional conduct | Professional responsibility and liability

Evaluate ethical issues in providing audit and advisory services, and assess auditor liability to a bank if the audit is negligently performed.

AAA – Nov 2019 – L3 – Q5a – Current Issues, Audit-related Services

Outline the purposes of a cyber security policy and explain what a cyber security audit is intended to achieve.

PSAF – Nov 2017 – L2 – Q2b – Public Procurement

Recommend steps required for disposing of unneeded stores identified in an audit by the Ministry of Public Works.

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AAA – Nov 2013 – L3 – A – Q20 – Audit of Specialized Industries

This question tests knowledge of reserves that may or may not be reviewed during the audit of a non-life insurance company.

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AAA – Nov 2013 – L3 – A – Q6 – Assurance Engagements

This question assesses knowledge of assurance engagements and identifies an activity that is not an assurance engagement.

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AAA – Nov 2013 – L3 – A – Q2 – Audit of IT Systems and Data Analytics

This question assesses the knowledge of internal controls in a computerized accounting system.

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AAA – Nov 2013 – L3 – A – Q1 – Audit Reporting

This question tests understanding of considerations for report writing in investigations.

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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.

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AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)

This question discusses the audit steps required to assess the true position of a loan portfolio and the provision for doubtful debts.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q2 – Audit of Accounting Estimates and Fair Value Measurements (IAS 36, IFRS 13)"

AAA – Nov 2012 – L3 – AII – Q16 – Assurance Engagements

Identifies the linkage of responsible parties in assurance engagements to financial statement examination.

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AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

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CSME – May 2022 – L2 – SB – Q3 – Environment analysis

Explain the nature, benefits, and key elements of environmental reporting, audits, and Environmental Management Accounting (EMA).

You're reporting an error for "CSME – May 2022 – L2 – SB – Q3 – Environment analysis"

PSAF – Nov 2016 – L2 – Q4b – Government Expenditure

This question distinguishes between the Board of Survey and Board of Enquiry, and discusses the conditions for constituting a Board of Enquiry.

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AA – April 2022 – L2 – Q1a – Introduction to Audit and Assurance Engagements

State the primary and secondary objectives of an audit.

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BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

You're reporting an error for "BCL – Nov 2023 – L1 – Q3b – Accounts and Audit"

AAA – Nov 2020 – L3 – Q1a – Rules of professional conduct | Professional responsibility and liability

Evaluate ethical issues in providing audit and advisory services, and assess auditor liability to a bank if the audit is negligently performed.

You're reporting an error for "AAA – Nov 2020 – L3 – Q1a – Rules of professional conduct | Professional responsibility and liability"

AAA – Nov 2019 – L3 – Q5a – Current Issues, Audit-related Services

Outline the purposes of a cyber security policy and explain what a cyber security audit is intended to achieve.

You're reporting an error for "AAA – Nov 2019 – L3 – Q5a – Current Issues, Audit-related Services"

PSAF – Nov 2017 – L2 – Q2b – Public Procurement

Recommend steps required for disposing of unneeded stores identified in an audit by the Ministry of Public Works.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q2b – Public Procurement"

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