Completeness – NBC Institute

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

Question

You are the Auditor of Bistro Bottling Limited (BBL), a major manufacturer and distributor of fruit juice drinks based in Lagos. A review of the previous year’s audit working papers revealed some weaknesses in internal controls with regard to safeguarding the company’s non-current assets.

The company uses a combination of both owned and leased motor vehicles for operational activities, including deliveries to customers. It has recently sold some old vehicles and bought new ones in a bid to lower motor vehicle running expenses.

During the planning of the audit, you have decided that motor vehicles will be a key area because of the likelihood of weaknesses in the company’s system of internal control over non-current assets.

You are required to:

(a) Explain with suitable illustration the meaning of Internal Control. (4 Marks)
(b) List FIVE examples of internal controls. (5 Marks)
(c) Identify TWO sources of audit evidence you will obtain for each of the following: completeness, ownership, and valuation, to provide reasonable assurance with regard to the company’s assets and liabilities. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Completeness, Dividend valuation, Internal Control, Non-current Assets, Ownership, Valuation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2017

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

Question

(c) Describe TWO substantive procedures the external auditor of Okunka should adopt to verify EACH of the following assertions in relation to an entity’s property, plant and equipment:

(i) Valuation
(ii) Completeness
(iii) Rights and obligations.

(Note: Assume that the hospital adopts International Financial Reporting Standards). (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Assertions, Audit evidence, Completeness, Property Plant and Equipment, Rights and Obligations, Substantive Procedures, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

Question

Describe the audit procedures that the auditor should perform at the year-end to confirm each of the following:
i. The existence of inventory.
ii. The completeness of inventory.
iii. The valuation of inventory.
(8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Completeness, Evidence, Existence, Inventory, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2015

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

Question

Describe FOUR (4) substantive procedures the external auditor of HMH should adopt to verify each of the following assertions in relation to an entity’s property, plant and equipment (PPE):

i) Valuation
ii) Completeness
iii) Rights and obligations

(Note: Assume that the hospital prepares Financial Statements in accordance with International Financial Reporting Standards)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Completeness, PPE, Rights and Obligations, Substantive Procedures, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2021

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

Question

It is understood that different users require financial information for assistance in their economic decisions. Financial statements need to have certain characteristics or adhere to certain accounting principles in order to be useful to its users.

Required:

In relation to the statement above, write brief notes about the following:
i) Consistency
ii) Completeness
iii) Materiality
iv) Going concern

Answer

Find Related Questions by Tags, levels, etc.

Tags: Completeness, Consistency, Going Concern, Materiality, Qualitative Characteristics
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: MAR 2024

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

Question

Explain each of the following characteristics of useful accounting information:
i) Relevance (2 marks)
ii) Understandability (2 marks)
iii) Materiality (2 marks)
iv) Completeness (2 marks)
v) Neutrality (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Completeness, Materiality, Neutrality, Qualitative Characteristics, Relevance, Understandability
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: NOV 2023

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

Question

You are required to:

(a) Explain with suitable illustration the meaning of Internal Control. (4 Marks)
(b) List FIVE examples of internal controls. (5 Marks)
(c) Identify TWO sources of audit evidence you will obtain for each of the following: completeness, ownership, and valuation, to provide reasonable assurance with regard to the company’s assets and liabilities. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Completeness, Dividend valuation, Internal Control, Non-current Assets, Ownership, Valuation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2017

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

Question

(c) Describe TWO substantive procedures the external auditor of Okunka should adopt to verify EACH of the following assertions in relation to an entity’s property, plant and equipment:

(i) Valuation
(ii) Completeness
(iii) Rights and obligations.

(Note: Assume that the hospital adopts International Financial Reporting Standards). (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Assertions, Audit evidence, Completeness, Property Plant and Equipment, Rights and Obligations, Substantive Procedures, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 2016

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Completeness, Evidence, Existence, Inventory, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence, Completion Procedures and Reporting
Series: NOV 2015

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

Question

Describe FOUR (4) substantive procedures the external auditor of HMH should adopt to verify each of the following assertions in relation to an entity’s property, plant and equipment (PPE):

i) Valuation
ii) Completeness
iii) Rights and obligations

(Note: Assume that the hospital prepares Financial Statements in accordance with International Financial Reporting Standards)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Completeness, PPE, Rights and Obligations, Substantive Procedures, Valuation
Level: Level 2

Topic: Audit and Assurance Evidence
Series: NOV 2021

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

Question

Required:

In relation to the statement above, write brief notes about the following:
i) Consistency
ii) Completeness
iii) Materiality
iv) Going concern

Answer

Find Related Questions by Tags, levels, etc.

Tags: Completeness, Consistency, Going Concern, Materiality, Qualitative Characteristics
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: MAR 2024

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Information, Completeness, Materiality, Neutrality, Qualitative Characteristics, Relevance, Understandability
Level: Level 1

Topic: The IASB’s Conceptual Framework
Series: NOV 2023

Question Tag: Completeness

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Completeness

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

You're reporting an error for "AA – May 2017 – L2 – SC – Q5 – Internal Control Systems"

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

You're reporting an error for "AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence"

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

You're reporting an error for "AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting"

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

You're reporting an error for "AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence"

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

You're reporting an error for "FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework"

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

You're reporting an error for "FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework"

AA – May 2017 – L2 – SC – Q5 – Internal Control Systems

Examination of internal control meaning, examples, and sources of audit evidence for completeness, ownership, and valuation.

You're reporting an error for "AA – May 2017 – L2 – SC – Q5 – Internal Control Systems"

AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence

This question focuses on the substantive audit procedures for verifying the valuation, completeness, and rights and obligations of property, plant, and equipment.

You're reporting an error for "AA – May 2016 – L2 – Q5c – Audit and Assurance Evidence"

AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting

This question covers the audit procedures to confirm inventory existence, completeness, and valuation at the year-end.

You're reporting an error for "AA – Nov 2015 – L2 – Q1b – Audit and Assurance Evidence, Completion Procedures and Reporting"

AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence

Describes the substantive procedures auditors should adopt to verify valuation, completeness, and rights and obligations of property, plant, and equipment (PPE).

You're reporting an error for "AA – Nov 2021 – L2 – Q2b – Audit and Assurance Evidence"

FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the qualitative characteristics of financial information, including consistency, completeness, materiality, and going concern.

You're reporting an error for "FA – Mar 2024 – L1 – Q1a – The IASB’s Conceptual Framework"

FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework

Explain the key qualitative characteristics of useful accounting information according to the IASB's Conceptual Framework.

You're reporting an error for "FA – Nov 2023 – L1 – Q1a – The IASB’s Conceptual Framework"

Our offerings

Contact Info

Customer

Get In Touch

admin