Financial audit – NBC Institute

AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

Question

a. Explain the following terms in relation to Public Sector Audit:
i. Self-Accounting Unit (2 Marks)
ii. Sub-Accounting Unit (2 Marks)

b. As a staff in the Auditor-General’s office, outline SIX procedures for the audit of revenue collected on behalf of the government. (6 Marks)

c. i. Distinguish between Regulatory Audit and Financial Audit. (2 Marks)
ii. State SIX documents an auditor of a Public Sector Organisation may require in conducting a Compliance Audit. (3 Marks)
(Total 15 Marks)

Answer

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Tags: Compliance Audit, Financial audit, Public Sector Audit, Regulatory Audit, Revenue Collection
Level: Level 3

Topic: Public sector audit
Series: NOV 2012

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

Question

Briefly discuss the THREE types of audit responsibility of the Auditor-General for the Federation in line with Financial Regulation (2009 Edition). (12 Marks)

Answer

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Tags: Auditor General, Compliance Audit, Financial audit, Financial Regulations
Level: Level 2

Topic: Public sector audit

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

Question

The firm of Hazeem is being considered as the Auditor of Kunte Plc. The company has approached you for advice on his duties as an auditor.

Required:
State three matters that Hazeem’s audit must cover.

Answer

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Tags: Auditor Duties, Company Law, Compliance Audit, Financial audit
Level: Level 1

Topic: Company Law
Series: MAY 2016

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

Question

b) Preliminary Engagement Activities in Public Sector Financial Audits
The purpose of performing preliminary engagement activities in Financial Audit in the public sector is to help ensure that the auditor has considered any events or circumstances that may adversely affect the auditor’s capability to plan and perform the audit engagement to reduce audit risk to an acceptably low level.

Required:
Explain FIVE (5) preliminary engagement activities a Public Sector Auditor must consider in Financial Audit. (10 marks)

Answer

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Tags: Audit Planning, Financial audit, Preliminary Engagement, Public Sector
Level: Level 3

Topic: Public sector audit
Series: DEC 2023

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

Question

You are the audit manager in charge of training in one of the audit firms in Ghana. The Institute of Chartered Accountants (Ghana) invited you to be a resource person of a Continuing Professional Development (CPD) programme to be organised. You are to talk on Professional Scepticism in an audit of Financial Statements.

Required:
Identify and discuss the matters that you will include in your training material.
NB: Your answer should consider the IAASB Q & A paper on professional scepticism.

Answer

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Tags: Audit quality, Financial audit, IAASB, Professional scepticism
Level: Level 3

Topic: Assurance services
Series: MAY 2019

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

Question

Musah Diara is a Malian resident in Ghana. He has established Tagoe Company Ltd (Tagoe) which engages in trading in West African countries; Ghana, Nigeria, and Mali. Musah is always funded by his brother who is also a resident in Ghana. Musah’s brother does not have a bank account in Ghana. He always gives huge cash to Musah who buys goods in Ghana and sells it in Nigeria or Mali. He pays the profit into Tagoe’s account in Ghana and bank the amount given to him by his brother into his brother’s account in Mali.

Required:
You have been engaged to audit Tagoe. Discuss the risk you are likely to encounter in this audit, specifying your expectation of the risk format and the action you have to take.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit risks, Financial audit, Money laundering, Risk Assessment
Level: Level 3

Topic: Audit evidence
Series: MAY 2019

AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

Question

a. Explain the following terms in relation to Public Sector Audit:
i. Self-Accounting Unit (2 Marks)
ii. Sub-Accounting Unit (2 Marks)

b. As a staff in the Auditor-General’s office, outline SIX procedures for the audit of revenue collected on behalf of the government. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compliance Audit, Financial audit, Public Sector Audit, Regulatory Audit, Revenue Collection
Level: Level 3

Topic: Public sector audit
Series: NOV 2012

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

Question

Briefly discuss the THREE types of audit responsibility of the Auditor-General for the Federation in line with Financial Regulation (2009 Edition). (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor General, Compliance Audit, Financial audit, Financial Regulations
Level: Level 2

Topic: Public sector audit

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

Question

The firm of Hazeem is being considered as the Auditor of Kunte Plc. The company has approached you for advice on his duties as an auditor.

Required:
State three matters that Hazeem’s audit must cover.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Duties, Company Law, Compliance Audit, Financial audit
Level: Level 1

Topic: Company Law
Series: MAY 2016

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

Question

Required:
Explain FIVE (5) preliminary engagement activities a Public Sector Auditor must consider in Financial Audit. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Financial audit, Preliminary Engagement, Public Sector
Level: Level 3

Topic: Public sector audit
Series: DEC 2023

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

Question

Required:
Identify and discuss the matters that you will include in your training material.
NB: Your answer should consider the IAASB Q & A paper on professional scepticism.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit quality, Financial audit, IAASB, Professional scepticism
Level: Level 3

Topic: Assurance services
Series: MAY 2019

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

Question

Required:
You have been engaged to audit Tagoe. Discuss the risk you are likely to encounter in this audit, specifying your expectation of the risk format and the action you have to take.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit risks, Financial audit, Money laundering, Risk Assessment
Level: Level 3

Topic: Audit evidence
Series: MAY 2019

Question Tag: Financial audit

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AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

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Question Tag: Financial audit

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AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit"

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

You're reporting an error for "PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit"

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6e – Company Law"

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

You're reporting an error for "AAA – Dec 2023 – L3 – Q4b – Public Sector Audit"

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

You're reporting an error for "AAA – May 2019 – L3 – Q3b – Assurance services"

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

You're reporting an error for "AAA – May 2019 – L3 – Q3a – Audit evidence"

AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit

This question covers the terms related to public sector audit, procedures for auditing revenue, and the distinction between regulatory and financial audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q3 – Public Sector Audit"

PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit

Explains the three audit responsibilities of the Auditor-General under the Financial Regulation 2009.

You're reporting an error for "PSAF – Nov 2023 – L2 – Q2b – Public Sector Audit"

BL – May 2017 – L1 – SB – Q6e – Company Law

Highlights three critical areas that an auditor must focus on while auditing a company.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6e – Company Law"

AAA – Dec 2023 – L3 – Q4b – Public Sector Audit

Explain the preliminary engagement activities that a Public Sector Auditor must consider when conducting a financial audit.

You're reporting an error for "AAA – Dec 2023 – L3 – Q4b – Public Sector Audit"

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

You're reporting an error for "AAA – May 2019 – L3 – Q3b – Assurance services"

AAA – May 2019 – L3 – Q3a – Audit evidence

Discuss the risks encountered in the audit of a company involved in possible money laundering activities, specifying the risk format and actions required.

You're reporting an error for "AAA – May 2019 – L3 – Q3a – Audit evidence"

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