Legal Requirements – 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

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 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

Question

Auditors can disclose the client’s confidential information for the following reasons EXCEPT:

A. Auditors know client has committed terrorist offence
B. Information is required by the auditor for another client
C. Auditors suspect client has committed treason
D. There is public duty to disclose
E. Disclosure is needed to protect auditor’s own interest

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Disclosure, Client Information, Confidentiality, Ethics, Legal Requirements
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

Question

Which of the following is NOT a factor to be considered when deciding the form of a business enterprise?

A. The degree of personal liability
B. The willingness to share decision-making powers and risks
C. The cost of establishing the business
D. The location of the business
E. The legal requirements concerning the provision of public information

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structure, Decision Making, Legal Requirements, Liability
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

Question

Under the Companies and Allied Matters Act, the contents of a notice of meeting must specify the following EXCEPT the:
A. Place
B. Date
C. Time
D. General nature of business
E. Remuneration of members

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Meetings, Legal Requirements, Notice
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

Question

A contract may be valid without consideration if it
A. Has exclusion term
B. Has warranty
C. Is by deed
D. Is implied
E. Is made express

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

Question

The essential elements of a contract include the following EXCEPT:
A. Offer
B. Acceptance
C. Consideration
D. Intention to create legal relationship
E. Invitation to treat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Essential Elements, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

Question

The minimum number of persons that could form a Public Limited Liability Company is
A. 28
B. 21
C. 14
D. 7
E. 2

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Formation, Legal Requirements, Public Limited Liability Company
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

Question

Electronic evidence is currently admissible under the Nigerian law.

Required:
On which condition could a customer’s online transaction be admitted in evidence?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Admissibility, Electronic Evidence, Legal Requirements
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

Question

State FIVE reasons for which the Corporate Affairs Commission may refuse to register the documents of a proposed company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Names, Company Registration, Corporate Affairs Commission, Legal Requirements
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

Question

Under the Companies and Allied Matters Act 2004, the name of a private company limited by shares shall end with the word:
A. Registered
B. Limited
C. Incorporated
D. Corporation
E. Cooperative

Answer

Find Related Questions by Tags, levels, etc.

Tags: CAMA, Company Law, Legal Requirements, Private Company
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

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 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

Question

Auditors can disclose the client’s confidential information for the following reasons EXCEPT:

A. Auditors know client has committed terrorist offence
B. Information is required by the auditor for another client
C. Auditors suspect client has committed treason
D. There is public duty to disclose
E. Disclosure is needed to protect auditor’s own interest

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Disclosure, Client Information, Confidentiality, Ethics, Legal Requirements
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

Question

Which of the following is NOT a factor to be considered when deciding the form of a business enterprise?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structure, Decision Making, Legal Requirements, Liability
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Meetings, Legal Requirements, Notice
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

Question

A contract may be valid without consideration if it
A. Has exclusion term
B. Has warranty
C. Is by deed
D. Is implied
E. Is made express

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

Question

The essential elements of a contract include the following EXCEPT:
A. Offer
B. Acceptance
C. Consideration
D. Intention to create legal relationship
E. Invitation to treat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Essential Elements, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

Question

The minimum number of persons that could form a Public Limited Liability Company is
A. 28
B. 21
C. 14
D. 7
E. 2

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Formation, Legal Requirements, Public Limited Liability Company
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

Question

Electronic evidence is currently admissible under the Nigerian law.

Required:
On which condition could a customer’s online transaction be admitted in evidence?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Admissibility, Electronic Evidence, Legal Requirements
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

Question

State FIVE reasons for which the Corporate Affairs Commission may refuse to register the documents of a proposed company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Names, Company Registration, Corporate Affairs Commission, Legal Requirements
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

Question

Under the Companies and Allied Matters Act 2004, the name of a private company limited by shares shall end with the word:
A. Registered
B. Limited
C. Incorporated
D. Corporation
E. Cooperative

Answer

Find Related Questions by Tags, levels, etc.

Tags: CAMA, Company Law, Legal Requirements, Private Company
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

Question Tag: Legal Requirements

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing"

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices"

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

You're reporting an error for "BL – May 2014 – L1 – SA – Q14 – Company Law"

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

You're reporting an error for "BL – May 2018 – L1 – SA – Q11 – Law of Contract"

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q14 – Law of Contract"

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q4 – Company Law"

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

You're reporting an error for "BL – May 2017 – L1 – SB – Q1d – Company Law"

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q4 – Company Law"

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 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing"

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

You're reporting an error for "BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices"

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

You're reporting an error for "BL – May 2014 – L1 – SA – Q14 – Company Law"

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

You're reporting an error for "BL – May 2018 – L1 – SA – Q11 – Law of Contract"

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q14 – Law of Contract"

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q4 – Company Law"

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

You're reporting an error for "BL – May 2017 – L1 – SB – Q1d – Company Law"

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q4 – Company Law"

Our offerings

Contact Info

Customer

Get In Touch

admin