Auditor Resignation – NBC Institute

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Ade, Chika, Idris and company is an independent firm of Chartered Accountants. The firm intends to resign its appointment for non-payment of professional fees to it for some time by the management of Tisco Ventures Limited.

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

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Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

Question

Auditors play an important role in providing assurance to stakeholders on the reliability and accuracy of financial statements. However, situations may arise where an auditor may need to resign, retire, or be dismissed or removed from the audit engagement. The Auditor needs to consider regulatory, professional, and ethical issues relevant to an audit or assurance engagement.

Required:
Identify and explain the regulatory and ethical issues relating to:
i) Resignation;
ii) Retirement; and
iii) Dismissal/Removal of an auditor.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Resignation, Auditor Retirement, Dismissal, Ethical Issues, Regulatory
Level: Level 2

Topic: Regulatory framework and processes
Series: NOV 2023

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

Question

Required:

a. Explain other reasons that may cause a professional firm to resign from an audit engagement. (3 Marks)

b. Explain the procedures for the resignation of current auditors as per provision of company legislations. (10 Marks)

c. State the ethical position as stated in the ICAN code on another auditor taking up the appointment after the resignation of the current auditor applicable to this type of situation. (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Auditor Resignation, Ethical Requirements, ICAN Code, Legislation, Professional Conduct
Level: Level 2

Topic: Ethical Issues in Auditing
Series: NOV 2021

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

Question

Required:
Identify and explain the regulatory and ethical issues relating to:
i) Resignation;
ii) Retirement; and
iii) Dismissal/Removal of an auditor.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Resignation, Auditor Retirement, Dismissal, Ethical Issues, Regulatory
Level: Level 2

Topic: Regulatory framework and processes
Series: NOV 2023

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

Question Tag: Auditor Resignation

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AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

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Question Tag: Auditor Resignation

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AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

You're reporting an error for "AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing"

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

You're reporting an error for "AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing

Explains reasons for auditor resignation, resignation procedures, and ethical position for successor auditors.

You're reporting an error for "AA – Nov 2021 – L2 – Q6 – Ethical Issues in Auditing"

AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Identify and explain regulatory and ethical issues related to resignation, retirement, and dismissal of auditors.

You're reporting an error for "AA – Nov 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

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