Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Manipulation of reporting entities’ books and records has been termed in many quarters as “Creative Accounting” and “Window Dressing.” The Management of Wastage Plc requires clarification of these two concepts.
You are required to write a report to the management of Wastage Plc. Your report should include:
a. Definitions of the TWO concepts. (2 Marks)
b. FIVE examples of each. (5 Marks)
c. THREE possible reasons for Creative Accounting and Window Dressing. (3 Marks)
d. Advise to management on FIVE possible preventive measures of Creative Accounting. (5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The National tax policy (NTP) 2017, provides fundamental guidelines for the orderly development of the Nigerian tax system. Professional accountants are one of the major stakeholders that are expected to drive the tenets of the tax policy for economic development of the country. In guiding professional accountants to behave in a responsible ethical manner, the International Ethics Standards Board for Accountants (IESBA) develops and issues in the public interest, high-quality ethical standards and other pronouncements for use by professional accountants around the world.
Required:
a. Explain FIVE fundamental features as provided for in the NTP 2017, which the existing and future taxes are expected to align with. (5 Marks)
b. Identify and explain FOUR principles and guidance for accountants as specified in the IESBA codes. (10 Marks)
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At one of the seminars you attended on legal and regulatory frameworks of financial reporting, it was stated that one of the duties of the Financial Reporting Council of Nigeria (FRC) is to provide legal and regulatory frameworks for minimum practice guidelines for auditors in Nigeria. To do this, the FRC ensures that all activities of Registered Auditors, other Assurance Providers, and Audit Committee members are regulated to sustain best ethical practices and promote quality audit services.
It is part of the obligations of the Financial Reporting Council of Nigeria to conduct practice reviews of registered professionals. You learned that, for effective monitoring, the Audit Regulation mandates external auditors to create an audit file for each statutory audit carried out and to retain the working papers and other materials supporting the audit report conclusions for a minimum of seven years.
A classmate from university, now a banker, attended the seminar with you and has asked for further clarification on what is meant by “working paper” and why regulators are concerned with audit file reviews.
Required:
a. Identify the different types of audit working paper files. (5 Marks)
b. Outline the importance of audit working paper files. (5 Marks)
c. Explain briefly the conditions that determine the size of audit working papers. (5 Marks)
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The Association of Builders is conducting a selection process for an external audit firm. Your firm has been invited to participate by submitting a proposal to render external audit services.
i. Terms of Reference: The terms of reference provide a scope of work and deliverables for external audit services for an initial three-year period from March 31, 2021, to March 31, 2023. Extension of the term by two years is subject to Council approval.
ii. Background: Established in 2014 and registered with the Corporate Affairs Commission, the Association of Builders is committed to public service and member guidance. It regulates the building profession, including registration, education, ethics, continuing professional development, and compliance with building standards.
iii. Objectives: The auditors will:
iv. Scope of Work: The audit provider will:
v. Mandatory Requirements: The audit firm must:
vi. Proposal Contents: Proposals must include:
vii. Evaluation Process: Proposals submitted after the deadline are disqualified.
Your firm has included you as a team member for the audit proposal preparation.
Required:
a. Identify and explain briefly the rights of external auditors concerning Companies and Allied Matters Act (CAMA). (5 Marks)
b. State the responsibilities of management and those charged with governance in relation to the financial statements. (6 Marks)
c. Explain what auditors are required to do under International Standards on Auditing (ISA 200). (4 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Audit practice around the world is generally a business, and its objective is to make profit. However, this does not mean that the practice should automatically accept every audit engagement that is offered to it to maximise profit. Circumstances may arise where it is appropriate to decline the offer of an audit engagement for either commercial or ethical reasons.
Required:
a. Discuss the ethical issues to be considered by an independent auditor in the following matters:
i. Client Acceptance
ii. Engagement Acceptance
(5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Manipulation of reporting entities’ books and records has been termed in many quarters as “Creative Accounting” and “Window Dressing.” The Management of Wastage Plc requires clarification of these two concepts.
You are required to write a report to the management of Wastage Plc. Your report should include:
a. Definitions of the TWO concepts. (2 Marks)
b. FIVE examples of each. (5 Marks)
c. THREE possible reasons for Creative Accounting and Window Dressing. (3 Marks)
d. Advise to management on FIVE possible preventive measures of Creative Accounting. (5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The National tax policy (NTP) 2017, provides fundamental guidelines for the orderly development of the Nigerian tax system. Professional accountants are one of the major stakeholders that are expected to drive the tenets of the tax policy for economic development of the country. In guiding professional accountants to behave in a responsible ethical manner, the International Ethics Standards Board for Accountants (IESBA) develops and issues in the public interest, high-quality ethical standards and other pronouncements for use by professional accountants around the world.
Required:
a. Explain FIVE fundamental features as provided for in the NTP 2017, which the existing and future taxes are expected to align with. (5 Marks)
b. Identify and explain FOUR principles and guidance for accountants as specified in the IESBA codes. (10 Marks)
Find Related Questions by Tags, levels, etc.
At one of the seminars you attended on legal and regulatory frameworks of financial reporting, it was stated that one of the duties of the Financial Reporting Council of Nigeria (FRC) is to provide legal and regulatory frameworks for minimum practice guidelines for auditors in Nigeria. To do this, the FRC ensures that all activities of Registered Auditors, other Assurance Providers, and Audit Committee members are regulated to sustain best ethical practices and promote quality audit services.
It is part of the obligations of the Financial Reporting Council of Nigeria to conduct practice reviews of registered professionals. You learned that, for effective monitoring, the Audit Regulation mandates external auditors to create an audit file for each statutory audit carried out and to retain the working papers and other materials supporting the audit report conclusions for a minimum of seven years.
A classmate from university, now a banker, attended the seminar with you and has asked for further clarification on what is meant by “working paper” and why regulators are concerned with audit file reviews.
Required:
a. Identify the different types of audit working paper files. (5 Marks)
b. Outline the importance of audit working paper files. (5 Marks)
c. Explain briefly the conditions that determine the size of audit working papers. (5 Marks)
Find Related Questions by Tags, levels, etc.
The Association of Builders is conducting a selection process for an external audit firm. Your firm has been invited to participate by submitting a proposal to render external audit services.
i. Terms of Reference: The terms of reference provide a scope of work and deliverables for external audit services for an initial three-year period from March 31, 2021, to March 31, 2023. Extension of the term by two years is subject to Council approval.
ii. Background: Established in 2014 and registered with the Corporate Affairs Commission, the Association of Builders is committed to public service and member guidance. It regulates the building profession, including registration, education, ethics, continuing professional development, and compliance with building standards.
iii. Objectives: The auditors will:
iv. Scope of Work: The audit provider will:
v. Mandatory Requirements: The audit firm must:
vi. Proposal Contents: Proposals must include:
vii. Evaluation Process: Proposals submitted after the deadline are disqualified.
Your firm has included you as a team member for the audit proposal preparation.
Required:
a. Identify and explain briefly the rights of external auditors concerning Companies and Allied Matters Act (CAMA). (5 Marks)
b. State the responsibilities of management and those charged with governance in relation to the financial statements. (6 Marks)
c. Explain what auditors are required to do under International Standards on Auditing (ISA 200). (4 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Audit practice around the world is generally a business, and its objective is to make profit. However, this does not mean that the practice should automatically accept every audit engagement that is offered to it to maximise profit. Circumstances may arise where it is appropriate to decline the offer of an audit engagement for either commercial or ethical reasons.
Required:
a. Discuss the ethical issues to be considered by an independent auditor in the following matters:
i. Client Acceptance
ii. Engagement Acceptance
(5 Marks)
Find Related Questions by Tags, levels, etc.
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