ISA 200 – NBC Institute

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

Question

Your audit firm was recently appointed as the external auditors of a fast-growing fast-food outlet, Foods Only Limited. The directors are not clear as to their responsibilities and the nature of their relationship with the external auditors. The engagement partner has instructed you to visit the client and explain to the directors some fundamental aspects of the appointment.

Required:

a. Explain the matters to be stated in an audit report according to Companies and Allied Matters Act (CAMA) 2020. (5 Marks)

b. State the auditor’s rights under Companies and Allied Matters Act (CAMA). (5 Marks)

c. State the duties of external auditors under Companies and Allied Matters Act (CAMA). (5 Marks)

d. What are the responsibilities of management and those charged with governance in relation to the accounting function of the company? (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Compliance, Auditor's Report, Auditor's Rights, CAMA, ISA 200, Management Responsibility
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: MAY 2023

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

Question

The International Standards on Auditing 200 (ISA 200) made some important pronouncements on the Independent Auditor.

Required:

a. Explain two objectives of the Independent Auditor as specified in ISA 200. (4 Marks)

b. Explain four tasks ISA 200 requires the Independent Auditor to perform. (8 Marks)

c. Explain the roles of auditing standards in the accounting profession. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Roles, Auditing Standards, Ethical Compliance, Independent Auditor, ISA 200
Level: Level 2

Topic: Introduction to Auditing
Series: MAY 2024

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

Question

The Nigerian Standard of Auditing (NSA 1) and International Standard on Auditing (ISA 200) deal with the objective and general principles governing an audit of financial statements. It sets out the overall objectives of the independent auditor and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives.

Required:

a) Explain the term “Audit of the financial statement”.
(4 Marks)

b) Describe the overall objectives of the independent auditor in conducting the audit of financial statements in accordance with NSA 1 and ISA 200.
(6 Marks)

c) Sections 360 and 363 of the Companies and Allied Matters Act (CAMA) CAP 20 LFN 2004 stipulate the rights of the independent auditors in the conduct of the statutory audit. State these rights.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit of Financial Statements, Auditor's Rights, CAMA, ISA 200, NSA 1
Level: Level 2

Topic: Audit of Financial Statements
Series: NOV 2016

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

Question

ISA 200: Overall Objectives of Independent Auditor and the Conduct of an Audit and ISA 300 – Planning an Audit of Financial Statements requires that auditors should plan in order to conduct the audit in an effective, efficient, and timely manner. The plan should include an overall audit strategy and a detailed audit plan.

Required:
i) Distinguish between audit strategy and audit plan. (5 marks)
ii) Identify the contents of audit strategy and audit plan. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Audit Plan, Audit strategy, ISA 200, ISA 300, Planning
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: NOV 2019

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

Question

ISA 200: Overall Objectives of Independent Auditor and the Conduct of an Audit and ISA 300: Planning an Audit of Financial Statements require that auditors should plan in order to conduct the audit in an effective, efficient, and timely manner. The plan should include an overall audit strategy and a detailed audit plan.

Required:
i) Clearly distinguish between audit strategy and audit plan. (5 marks)
ii) Identify the contents of audit strategy and audit plan. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit strategy, ISA 200, ISA 300
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAR 2024

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

Question

Required:

a. Explain the matters to be stated in an audit report according to Companies and Allied Matters Act (CAMA) 2020. (5 Marks)

b. State the auditor’s rights under Companies and Allied Matters Act (CAMA). (5 Marks)

c. State the duties of external auditors under Companies and Allied Matters Act (CAMA). (5 Marks)

d. What are the responsibilities of management and those charged with governance in relation to the accounting function of the company? (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Compliance, Auditor's Report, Auditor's Rights, CAMA, ISA 200, Management Responsibility
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: MAY 2023

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

Question

The International Standards on Auditing 200 (ISA 200) made some important pronouncements on the Independent Auditor.

Required:

a. Explain two objectives of the Independent Auditor as specified in ISA 200. (4 Marks)

b. Explain four tasks ISA 200 requires the Independent Auditor to perform. (8 Marks)

c. Explain the roles of auditing standards in the accounting profession. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Roles, Auditing Standards, Ethical Compliance, Independent Auditor, ISA 200
Level: Level 2

Topic: Introduction to Auditing
Series: MAY 2024

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

Question

Required:

a) Explain the term “Audit of the financial statement”.
(4 Marks)

b) Describe the overall objectives of the independent auditor in conducting the audit of financial statements in accordance with NSA 1 and ISA 200.
(6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit of Financial Statements, Auditor's Rights, CAMA, ISA 200, NSA 1
Level: Level 2

Topic: Audit of Financial Statements
Series: NOV 2016

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

Question

Required:
i) Distinguish between audit strategy and audit plan. (5 marks)
ii) Identify the contents of audit strategy and audit plan. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Audit Plan, Audit strategy, ISA 200, ISA 300, Planning
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: NOV 2019

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

Question

Required:
i) Clearly distinguish between audit strategy and audit plan. (5 marks)
ii) Identify the contents of audit strategy and audit plan. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit strategy, ISA 200, ISA 300
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAR 2024

Question Tag: ISA 200

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AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

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Question Tag: ISA 200

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AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

You're reporting an error for "AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors"

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

You're reporting an error for "AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing"

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

You're reporting an error for "AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements"

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

You're reporting an error for "AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

You're reporting an error for "AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors

Outline audit report matters per CAMA, auditor’s rights, and management's financial responsibilities.

You're reporting an error for "AA – May 2023 – L2 – SA – Q2 – The Role and Responsibilities of Auditors"

AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing

This question tests understanding of the objectives and responsibilities of an independent auditor as specified in ISA 200 and explores the roles of auditing standards in the accounting profession.

You're reporting an error for "AA – May 2024 – L2 – SA – Q5 – Introduction to Auditing"

AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements

This question covers the definition of an audit, the overall objectives of an independent auditor, and the rights of auditors as per Nigerian law.

You're reporting an error for "AA – Nov 2016 – L2 – Q5 – Audit of Financial Statements"

AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Explaining the difference between audit strategy and audit plan, along with identifying the contents of both.

You're reporting an error for "AA – Nov 2019 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Distinguish between audit strategy and audit plan and identify their contents as required by ISA 200 and ISA 300.

You're reporting an error for "AA – Mar 2024 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

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