Misstatement – NBC Institute

AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

Question

b) Assuming that no changes are made to the Chairman’s statement, describe the implications for the completion of the audit and the auditor’s report.

(Note: detailed knowledge in IFRS S1 is not a requirement to answer this question).

Answer

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Tags: Audit report, Chairman’s Statement, Financial Statements, ISA 720, Misstatement, Other Information, Regulatory Compliance
Level: Level 3

Topic: Auditor’s Responsibilities Relating to Other Information
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

Question

An unintentional mistake is ……………committed by anyone in the accounting process which results in material misstatement.

Answer

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Tags: Accounting Process, Errors, Financial Reporting, Material Misstatement, Misstatement
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

Question

c) ISA 240 (Redrafted): The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements requires the Auditor to perform procedures to identify the risk of material misstatement due to fraud. The Auditor must evaluate information obtained from other risk assessment procedures to see if any fraud risk factors are present.

Required:
Explain FIVE (5) risk factors in risk assessment procedures with regard to fraud. (5 marks)

Answer

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Tags: Fraud, ISA 240, Misstatement, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Evidence, Professional and Ethical Considerations
Series: JULY 2023

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

Question

Mogya Bi Accounting Firm is the Auditors of Abronyeh Enterprise (Abronyeh), a retailer selling computers, phones, and other high-technology equipment. Abronyeh was set up just a year ago by its sole owner Adam Joseph. Adam Joseph has employed several bookkeepers to help him with accounting records and the preparation of financial statements, and the most recent one has just left. In order to start the business, Adam Joseph re-mortgaged his house and, in addition, took out a business loan. As part of the loan agreement, Adam Joseph is obliged to provide a copy of the annual financial statement.

Required:
Explain SIX (6) business risks that Mogya Bi Accounting Firm faces when conducting the audit of Abronyeh and explain why they could be identified as risks.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Risk, Business Risks, Financial Statements, Misstatement, Technology Retailer
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: NOV 2021

AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

Question

b) Assuming that no changes are made to the Chairman’s statement, describe the implications for the completion of the audit and the auditor’s report.

(Note: detailed knowledge in IFRS S1 is not a requirement to answer this question).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit report, Chairman’s Statement, Financial Statements, ISA 720, Misstatement, Other Information, Regulatory Compliance
Level: Level 3

Topic: Auditor’s Responsibilities Relating to Other Information
Series: Nov 2024

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

Question

An unintentional mistake is ……………committed by anyone in the accounting process which results in material misstatement.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Process, Errors, Financial Reporting, Material Misstatement, Misstatement
Level: Level 3

Topic: Overview of Advanced Audit and Assurance
Series: NOV 2012

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

Question

Required:
Explain FIVE (5) risk factors in risk assessment procedures with regard to fraud. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Fraud, ISA 240, Misstatement, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Evidence, Professional and Ethical Considerations
Series: JULY 2023

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

Question

Required:
Explain SIX (6) business risks that Mogya Bi Accounting Firm faces when conducting the audit of Abronyeh and explain why they could be identified as risks.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Risk, Business Risks, Financial Statements, Misstatement, Technology Retailer
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: NOV 2021

Question Tag: Misstatement

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AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

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AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

You're reporting an error for "AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit"

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance"

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

You're reporting an error for "AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations"

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

You're reporting an error for "AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment"

AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit

Describe the implications if the Chairman’s statement remains inaccurate and its impact on the audit report.

You're reporting an error for "AAA – Nov 2024 – L3 – Q3b – Implications of Inaccurate Other Information on the Audit"

AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance

Defines an unintentional mistake in the accounting process resulting in material misstatement.

You're reporting an error for "AAA – Nov 2012 – L3 – AII – Q2 – Overview of Advanced Audit and Assurance"

AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations

Explanation of fraud risk factors in risk assessment procedures according to ISA 240.

You're reporting an error for "AA – July 2023 – L2 – Q1c – Audit and Assurance Evidence, Professional and Ethical Considerations"

AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment

Discusses six business risks faced by an audit firm when auditing a technology retailer.

You're reporting an error for "AA – Nov 2021 – L2 – Q1b – Audit and Assurance Risk Environment"

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