Preconditions – NBC Institute

AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

Question

You have been assigned as the training manager in your audit firm. The Partners of your firm tasked you to take the newly recruited trainees through ISA 210: Agreeing the Terms of Audit Engagement. This deals with the auditor’s responsibilities in agreeing the terms of the audit engagement with management and those charged with governance.

The ISA states that the auditor shall agree to the terms of the audit engagement with management or those charged with governance, as appropriate, and these terms can be recorded in an audit engagement letter or other suitable form of written agreement.

Required:
i) Describe the main actions an auditor should take in order to establish whether the preconditions for an audit are present. (6 marks)
ii) Outline when an auditor should change the terms of the audit engagement in relation to a recurring audit.

(4 marks)

Answer

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Tags: Audit Engagement, ISA 210, Preconditions, Recurring Audits, Terms of Engagement
Level: Level 2

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

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

Question

ISA 210 deals with the Auditor’s responsibility in agreeing to the terms of the audit engagement with management and, where appropriate, those charged with governance. This includes establishing certain preconditions for an audit and responsibilities that rest with management and, where appropriate, those charged with governance.

Required:
i) What THREE (3) preconditions must be established before an audit engagement is accepted? (6 marks)

ii) Under what TWO (2) circumstances will an auditor refuse an engagement? (4 marks)

Answer

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Tags: Audit Engagement, Audit Refusal, ISA 210, Management Responsibility, Preconditions
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2021

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

Question

Governments all over the world have seen the need to have government businesses automated and integrated for efficiency and effectiveness. This has led to the adoption of Integrated Financial Management Information Systems (IFMIS) by most governments in managing public finances.

Required:
i) Identify TWO benefits a country stands to gain by adopting an Integrated Financial Management Information Systems (IFMIS) in the management of Public funds.

ii) Explain TWO preconditions required to be met for the successful automation of government business through the IFMIS.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Benefits, IFMIS, Preconditions, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

Question

(4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, ISA 210, Preconditions, Recurring Audits, Terms of Engagement
Level: Level 2

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

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

Question

Required:
i) What THREE (3) preconditions must be established before an audit engagement is accepted? (6 marks)

ii) Under what TWO (2) circumstances will an auditor refuse an engagement? (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Audit Refusal, ISA 210, Management Responsibility, Preconditions
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2021

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

Question

Required:
i) Identify TWO benefits a country stands to gain by adopting an Integrated Financial Management Information Systems (IFMIS) in the management of Public funds.

ii) Explain TWO preconditions required to be met for the successful automation of government business through the IFMIS.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Benefits, IFMIS, Preconditions, Public Financial Management
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: MAY 2018

Question Tag: Preconditions

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AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

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AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

You're reporting an error for "AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

You're reporting an error for "AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

You're reporting an error for "PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting"

AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

Discusses the main actions to establish preconditions for an audit and outlines conditions for changing audit engagement terms.

You're reporting an error for "AA – Nov 2019 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements

State preconditions for audit engagements and circumstances under which an auditor may refuse an engagement

You're reporting an error for "AA – May 2021 – L2 – Q5a – Planning and Approach for Audit and Assurance Engagements"

PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting

Discuss the benefits and preconditions for the successful adoption of an Integrated Financial Management Information System (IFMIS).

You're reporting an error for "PSAF – May 2018 – L2 – Q1c – Public sector fiscal planning and budgeting"

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