Bank of Ghana – NBC Institute

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

Question

a) AWS Bank Plc has one of their non-executive directors as a partner with their external auditors. This was known after a due diligence was conducted by Bank of Ghana (BoG) and later reported to the directors of AWS Bank Plc. BoG has advised the directors of the bank to take the necessary action within a month.

Required:
What procedures should the Directors of AWS Bank Plc take in appointing the new Auditor? (5 marks)

Answer

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Tags: Audit Procedures, Auditor appointment, Bank of Ghana, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: JULY 2023

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

Question

In 2018, the Bank of Ghana (BoG) revoked the licenses of five struggling banks in Ghana and merged them to form a new bank. Following the merger, the BoG appointed an external auditor for the new bank, as the previous auditors of the merged banks were no longer able to continue in their roles.

However, in 2019, the BoG terminated the appointment of the external auditor for the new bank due to concerns about the independence and competence of the auditor. As a result, the BoG appointed new external auditors for the bank.

Required:
i) Discuss THREE (3) circumstances under which BoG may appoint an auditor to audit the financial statements of a bank. (5 marks)

ii) Discuss THREE (3) circumstances under which BoG may terminate the appointment of an auditor to audit the financial statements of a bank. (5 marks)

Answer

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Tags: Auditor appointment, Auditor Independence, Bank of Ghana, Termination of Auditor
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAR 2024

AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

Question

In the audit of financial statements, auditors consider the regulatory requirements. These cover professional standards promulgated by the International Federation of Accountants (IFAC) in the form of International Standards on Auditing (ISAs), International Standards on Quality Control (ISQC) as well as the International Ethics Standards Board for Accountants (IESBA). The other consideration involves legal requirements.

Required:
Identify THREE (3) regulatory authorities in Ghana whose requirements may be taken into account in the conduct of an audit and discuss their roles. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audits in Ghana, Bank of Ghana, Insurance Commission, Regulatory Authorities, Securities and Exchange Commission
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: NOV 2020

AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

Question

To address the protracted gaps and promote robust corporate governance practices in the rural banking sector, the Bank of Ghana issued Corporate Governance Directives for Rural and Community Banks in May 2021.

Required:
State EIGHT (8) of the requirements of the corporate governance directives aimed at improving Corporate Governance in the rural banking sector.

Answer

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Tags: Bank of Ghana, Board of Directors, Corporate Governance, Rural Banks
Level: Level 3

Series: AUG 2022

AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

Question

You are an Audit Manager in the firm Taiplan Chartered Accountants, a firm in public practice registered with the Institute of Chartered Accountants (Ghana) (ICAG). Bank of Ghana (BOG) has appointed your firm to investigate reasons for the failure of DC Microfinance Limited (DCM) and your investigation has revealed the following as some of the reasons for the failure:

i) The board of directors of the company is made up only of Mr. and Mrs. David Commodore;

ii) The failure of the Bank of Ghana to examine or detect the non-submission of the fidelity returns submitted to it by the company and monitor the company adequately;

iii) The auditors have been the auditors of the company since its incorporation over ten years ago;

iv) The failure of the auditors of the company to spot and question some dubious accounting treatments adopted by the company. This is partly due to the fact that the consulting arm of the audit firm has been performing all the consultancy work needed by the company since its incorporation and particularly at the time of its application for the microfinance operating permit from BOG.

Required:
For points (i) to (iv) above, state for each point, and show what would contribute to the failure of the company and make ONE recommendation to ensure that this would not re-occur in DCM or any other microfinance company in Ghana. (12 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Bank of Ghana, Corporate Governance, Microfinance
Level: Level 3

Topic: Practice management, Professional responsibility and liability
Series: NOV 2017

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

Question

Required:
What procedures should the Directors of AWS Bank Plc take in appointing the new Auditor? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditor appointment, Bank of Ghana, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: JULY 2023

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

Question

Required:
i) Discuss THREE (3) circumstances under which BoG may appoint an auditor to audit the financial statements of a bank. (5 marks)

ii) Discuss THREE (3) circumstances under which BoG may terminate the appointment of an auditor to audit the financial statements of a bank. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Auditor Independence, Bank of Ghana, Termination of Auditor
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAR 2024

AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

Question

Required:
Identify THREE (3) regulatory authorities in Ghana whose requirements may be taken into account in the conduct of an audit and discuss their roles. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audits in Ghana, Bank of Ghana, Insurance Commission, Regulatory Authorities, Securities and Exchange Commission
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: NOV 2020

AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

Question

Required:
State EIGHT (8) of the requirements of the corporate governance directives aimed at improving Corporate Governance in the rural banking sector.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank of Ghana, Board of Directors, Corporate Governance, Rural Banks
Level: Level 3

Series: AUG 2022

AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

Question

i) The board of directors of the company is made up only of Mr. and Mrs. David Commodore;

ii) The failure of the Bank of Ghana to examine or detect the non-submission of the fidelity returns submitted to it by the company and monitor the company adequately;

iii) The auditors have been the auditors of the company since its incorporation over ten years ago;

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Independence, Bank of Ghana, Corporate Governance, Microfinance
Level: Level 3

Topic: Practice management, Professional responsibility and liability
Series: NOV 2017

Question Tag: Bank of Ghana

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

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AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

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AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

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AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

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AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

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

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

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AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

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AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability

Identify and discuss the roles of three regulatory authorities in Ghana that may impact the conduct of an audit.

You're reporting an error for "AAA – Nov 2020 – L3 – Q5a – The Regulatory Environment | Professional Responsibility and Liability"

AAA – Aug 2022 – L3 – Q5a – Current issues

State eight requirements of the corporate governance directives aimed at improving corporate governance in the rural banking sector.

You're reporting an error for "AAA – Aug 2022 – L3 – Q5a – Current issues"

AAA – Nov 2017 – L3 – Q5a – Practice Management, Professional Responsibility and Liability

Identify the causes of failure in a microfinance company and recommend actions to prevent recurrence.

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