Question Tag: Non-compliance

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TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)

Identify the penalty rate per annum for failure to deduct or remit withholding tax.

Question

A person who is obliged to deduct withholding tax but fails to deduct, or having deducted, fails to remit on the due date, shall be guilty of an offence and liable to a penalty of _________ per annum of the tax withheld or not remitted, as the case may be:
A. 25%
B. 21%
C. 15%
D. 10%
E. 5%

Answer

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Tags: Nigerian Tax System, Non-compliance, WHT Penalty, Withholding Tax
Level: Level 1

Topic: Withholding Tax (WHT)
Series: NOV 2020

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

Question

Explain the penalties associated with the following:

i. Failure to register for VAT return (2 Marks)
ii. Failure to notify the FIRS of change of address or cessation of trade or business (2 Marks)
iii. Failure to submit VAT returns (2 Marks)

Answer

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Tags: Non-compliance, Penalties, Registration, Returns, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

Question

Which of the following CANNOT be categorized as an act of Non-Compliance with Laws and Regulations (NOCLAR)?

A. Bribery
B. Whistleblowing
C. False accounting
D. Fraudulent practice
E. Mutilated financial records

Answer

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Tags: Ethics, Laws and regulations, Non-compliance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

Question

Tax administration encompasses assessment, collection, and enforcement of taxes legally due to the state. The enforcement of tax obligations requires an imposition of penalties and interest charges for non-compliance.

Required:
State the sanctions for failing to file tax returns.

Answer

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Tags: Non-compliance, Penalties, Tax Administration, Tax Filing
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

Question

The International Ethics Standards Board for Accountants (IESBA) code guides all Professional Accountants on how to respond when their clients are not complying with the laws and regulations of a country or a state.

Required:
i) State FIVE (5) areas where auditees can be non-compliant.
ii) When an auditor becomes aware of non-compliant situations, what FIVE (5) actions can the auditor take?

Answer

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Tags: Auditor Actions, Ethics, IESBA, Legal Violations, Non-compliance
Level: Level 2

Topic: Professional and Ethical Considerations
Series: NOV 2021

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

Question

Your audit firm is auditing the current year’s financial statements of a major client in the insurance industry. At the planning stage when the engagement partner was doing the risk assessment, he had information that the company is under investigation by the National Insurance Commission for non-compliance with regulations. The client may be liable to sanctions if found culpable.

Non-compliance with laws and regulations has many implications for the operations of entities, their financial statements, and the audit of their financial statements.

Required:

i) Discuss the implications of the suspected non-compliance with the insurance law by the client on its operations and the financial statements. (5 marks)

ii) Evaluate the implications of the client’s non-compliance with the Insurance law on your audit. (5 marks)

Answer

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Tags: Audit Implications, Financial Statements, Insurance Law, Non-compliance, Risk Assessment
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: MAY 2017

AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning

Discuss types of information indicating non-compliance and evaluate the impact on financial statements per ISA 250.

Question

a) Everclean Water Limited processes and packages portable water for local consumption. The factory is situated in a valley in a first-class residential area of the city. A major road used by most residents runs in front of the factory. Often this road is flooded with spill-over of water from the factory thus hindering vehicular and pedestrian movement. Management of the company on such occasions uses the services of a contractor to pump out the water from the road. This situation contravenes the provisions of the Factories, Offices and Shops Act 1970, Act 328. Everclean Water Limited has engaged Nadab and Associates as the auditors. In their preliminary tour of the factory the senior partners became aware of the flooding situation in the area. Back in the office the senior partners consulted ISA 250 “Consideration of laws and regulations in an audit of financial statements” for guidance on the auditor’s responsibility to consider laws and regulations in an audit of financial statements before carrying out the audit assignment.

i) State examples of the possible type of information that might have come to the auditors’ attention that might indicate non-compliance with the Factories, Offices, and Shops Act. (5 marks)

ii) Evaluate the possible effect on the financial statements for non-compliance with the law according to ISA 250. (5 marks)

Answer

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Tags: Audit Planning, Financial Statements, ISA 250, Laws and regulations, Non-compliance
Level: Level 3

Topic: Planning, The audit approach, The regulatory environment
Series: MAY 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

TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)

Identify the penalty rate per annum for failure to deduct or remit withholding tax.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Nigerian Tax System, Non-compliance, WHT Penalty, Withholding Tax
Level: Level 1

Topic: Withholding Tax (WHT)
Series: NOV 2020

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

Question

Explain the penalties associated with the following:

i. Failure to register for VAT return (2 Marks)
ii. Failure to notify the FIRS of change of address or cessation of trade or business (2 Marks)
iii. Failure to submit VAT returns (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Non-compliance, Penalties, Registration, Returns, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

Question

Which of the following CANNOT be categorized as an act of Non-Compliance with Laws and Regulations (NOCLAR)?

A. Bribery
B. Whistleblowing
C. False accounting
D. Fraudulent practice
E. Mutilated financial records

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Laws and regulations, Non-compliance
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: NOV 2021

PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

Question

Required:
State the sanctions for failing to file tax returns.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Non-compliance, Penalties, Tax Administration, Tax Filing
Level: Level 2

Topic: Tax Administration
Series: NOV 2023

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

Question

Required:
i) State FIVE (5) areas where auditees can be non-compliant.
ii) When an auditor becomes aware of non-compliant situations, what FIVE (5) actions can the auditor take?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Actions, Ethics, IESBA, Legal Violations, Non-compliance
Level: Level 2

Topic: Professional and Ethical Considerations
Series: NOV 2021

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

Question

Non-compliance with laws and regulations has many implications for the operations of entities, their financial statements, and the audit of their financial statements.

Required:

i) Discuss the implications of the suspected non-compliance with the insurance law by the client on its operations and the financial statements. (5 marks)

ii) Evaluate the implications of the client’s non-compliance with the Insurance law on your audit. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Implications, Financial Statements, Insurance Law, Non-compliance, Risk Assessment
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: MAY 2017

AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning

Discuss types of information indicating non-compliance and evaluate the impact on financial statements per ISA 250.

Question

i) State examples of the possible type of information that might have come to the auditors’ attention that might indicate non-compliance with the Factories, Offices, and Shops Act. (5 marks)

ii) Evaluate the possible effect on the financial statements for non-compliance with the law according to ISA 250. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Financial Statements, ISA 250, Laws and regulations, Non-compliance
Level: Level 3

Topic: Planning, The audit approach, The regulatory environment
Series: MAY 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: Non-compliance

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TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)

Identify the penalty rate per annum for failure to deduct or remit withholding tax.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)"

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)"

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

You're reporting an error for "BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society"

PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

You're reporting an error for "PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities"

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

You're reporting an error for "AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations"

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

You're reporting an error for "AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability"

AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning

Discuss types of information indicating non-compliance and evaluate the impact on financial statements per ISA 250.

You're reporting an error for "AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning"

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"

TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)

Identify the penalty rate per annum for failure to deduct or remit withholding tax.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q10 – Withholding Tax (WHT)"

TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)

Explanation of penalties associated with VAT non-compliance including failure to register, failure to notify of address changes, and failure to submit returns.

You're reporting an error for "TAX – Nov 2021 – L2 – Q3b – Value Added Tax (VAT)"

BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society

Question about identifying an act that cannot be categorized under NOCLAR.

You're reporting an error for "BMF – Nov 2021 – L1 – SA – Q14 – The Role of Professional Accountants in Business and Society"

PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities

Outline the sanctions imposed for failure to file tax returns.

You're reporting an error for "PT – Nov 2023 – L2 – Q1d – Income Tax Liabilities"

AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations

Lists areas of non-compliance by clients and explains actions auditors can take when they become aware of non-compliance situations.

You're reporting an error for "AA – Nov 2021 – L2 – Q3a – Professional and Ethical Considerations"

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

You're reporting an error for "AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability"

AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning

Discuss types of information indicating non-compliance and evaluate the impact on financial statements per ISA 250.

You're reporting an error for "AAA – May 2016 – L3 – Q1a – The regulatory environment | The audit approach | Planning"

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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