Management responsibilities

AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

Question

The objective of the auditor per ISA 210: Agreeing the terms of audit engagements is to accept or continue an audit engagement only when the basis upon which it is to be performed has been agreed. One way to do this is to establish whether the preconditions for an audit are present.

Required:
What are the preconditions to be assessed?
(5 marks)

Answer

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Tags: Acceptance Criteria, Audit Preconditions, Financial Reporting Framework, ISA 210, Management responsibilities
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2020

AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

Question

ISA 501: Audit Evidence – Additional considerations for specific items requires that, if inventory is material to the financial statements, the auditor should obtain sufficient appropriate audit evidence by, among others, being present at physical inventory counting unless impractical. The Managing Director of MLT Ltd is at a loss as to why in this age of technological advancement, auditors insist on being present during physical inventory count.

Required:
i) Explain FOUR (4) reasons for conducting physical inventory counts.
ii) Discuss the responsibilities of Management and Auditors with respect to physical inventory counts.

Answer

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Tags: Auditor Responsibilities, Inventory Management, ISA 501, Management responsibilities, Physical Inventory Count
Level: Level 2

Topic: Audit and Assurance Evidence
Series: DEC 2022

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

Question

b) Wassaman Company is a private company established in the Wassa District in the Western Region to produce plastic bags to supply to sachet water producers. The company has 10 outlets within the district through which distribution is made to water producers. Employees of the company have been complaining about management’s reluctance to provide the health and safety needs of the company. The chief of the area has also shown his dissatisfaction about the extent of compliance with environmental laws and regulations by the company.

Required:

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations. (10 marks)

Answer

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Tags: Audit Responsibilities, Compliance, Laws and regulations, Management responsibilities
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: NOV 2016

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

Question

a) At a final meeting with the client, DMS Ltd, one of the Audit Partners of DTR & Co Chartered Accountants had an argument with the Finance Director of DMS Ltd on an issue that borders on compliance with a relevant law. The Environmental Protection Authority had sanctioned DMS Ltd for environmental regulation breaches for the year 2016. The Finance Director was of the view that the external auditors are to be blamed for negligently failing to plan their audit to detect such non-compliance with environmental regulations.

Required:
i) Explain the responsibility of external auditors in considering laws and regulations in an audit of financial statements. (2 marks)

ii) Explain the issue of non-compliance in relation to laws and regulations in an audit. (2 marks)

iii) Explain the policies and procedures which may be implemented to assist management in the prevention and detection of non-compliance with laws and regulations. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Responsibility, Internal Controls, Laws and regulations, Management responsibilities, Non-compliance
Level: Level 3

Topic: Audit evidence, Reporting, The audit approach
Series: MAY 2018

AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

Question

Required:
What are the preconditions to be assessed?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance Criteria, Audit Preconditions, Financial Reporting Framework, ISA 210, Management responsibilities
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2020

AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

Question

Required:
i) Explain FOUR (4) reasons for conducting physical inventory counts.
ii) Discuss the responsibilities of Management and Auditors with respect to physical inventory counts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Responsibilities, Inventory Management, ISA 501, Management responsibilities, Physical Inventory Count
Level: Level 2

Topic: Audit and Assurance Evidence
Series: DEC 2022

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

Question

Required:

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Responsibilities, Compliance, Laws and regulations, Management responsibilities
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: NOV 2016

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

Question

Required:
i) Explain the responsibility of external auditors in considering laws and regulations in an audit of financial statements. (2 marks)

ii) Explain the issue of non-compliance in relation to laws and regulations in an audit. (2 marks)

iii) Explain the policies and procedures which may be implemented to assist management in the prevention and detection of non-compliance with laws and regulations. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Responsibility, Internal Controls, Laws and regulations, Management responsibilities, Non-compliance
Level: Level 3

Topic: Audit evidence, Reporting, The audit approach
Series: MAY 2018

Question Tag: Management responsibilities

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AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

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AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

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AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

You're reporting an error for "AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence"

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

You're reporting an error for "AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment"

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

You're reporting an error for "AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting"

AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities

List preconditions to assess before accepting an audit engagement.

You're reporting an error for "AA – Nov 2020 – L2 – Q5b – Regulatory Framework and Audit Responsibilities"

AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence

Discusses the reasons for conducting a physical inventory count and outlines the responsibilities of management and auditors with respect to physical inventory counts

You're reporting an error for "AA – Dec 2022 – L2 – Q3c – Audit and Assurance Evidence"

AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment

Discuss the responsibilities of management and the auditor to ensure adherence to laws and regulations.

You're reporting an error for "AAA – Nov 2016 – L3 – Q1b – Professional responsibility and liability | The regulatory environment"

AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting

Discusses the auditor’s responsibilities in relation to laws and regulations, non-compliance issues, and policies for prevention and detection of non-compliance.

You're reporting an error for "AAA – May 2018 – L3 – Q3a – The audit approach, Audit evidence, Reporting"

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