Compliance Testing – NBC Institute

AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

Question

In compliance with ISA 250 “Consideration of Laws and Regulations in an Audit of Financial Statements,” the auditor shall conduct the audit in a manner that gives them confidence that the client has met all legal requirements of the country in which it operates.

As the Audit Partner in charge of APB Manufacturing Plc, you are required to:

a. Identify and clarify SIX steps that ISA 250 requires of you in ascertaining that the company complies with all applicable laws and regulations. (9 Marks)
b. State and explain FOUR procedural actions you will take in the event that the company failed to comply, in material areas, with applicable laws and regulations. (6 Marks)

Answer

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Tags: Audit Procedures, Compliance Testing, ISA 250, Legal Requirements, Non-Compliance Actions
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

Question

You have been appointed as the Auditor of a company whose accounting transactions are processed using a computer. You have decided to use Computer-Assisted Audit Techniques (CAATs) to generate evidence for the audit assignment.

Required:
i. State FOUR advantages and THREE disadvantages of using test data in compliance testing of application controls. (7 Marks)
ii. List FOUR activities for which audit software may be used to perform substantive tests by the auditor. (4 Marks)
iii. List TWO advantages and TWO disadvantages of the use of audit software. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Application Controls, Audit Software, CAATs, Compliance Testing, Substantive Testing, Test Data
Level: Level 3

Topic: Audit of IT Systems and Data Analytics

AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

Question

As the Audit Partner in charge of APB Manufacturing Plc, you are required to:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Compliance Testing, ISA 250, Legal Requirements, Non-Compliance Actions
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Application Controls, Audit Software, CAATs, Compliance Testing, Substantive Testing, Test Data
Level: Level 3

Topic: Audit of IT Systems and Data Analytics

Question Tag: Compliance Testing

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AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

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AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

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AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

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AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

You're reporting an error for "AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards"

AAA – Nov 2016 – L3 – Q4a – Audit of IT Systems and Data Analytics

Evaluate the advantages and disadvantages of test data and audit software for compliance and substantive testing.

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