Professional Standards – NBC Institute

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Which of the following organisations has no representation on the Board of the Financial Reporting Council of Nigeria?
A. Chartered Institute of Taxation of Nigeria
B. Chartered Institute of Stockbrokers
C. Nigerian Institute of Bankers
D. Nigerian Institute of Estate Surveyors and Valuers
E. National Insurance Commission

Answer

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Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

Question

Auditors that carry out transnational audit usually belong to multinational firms and as such are:

A. Independent of the local laws and regulations
B. Not expected to operate under the professional rules of any particular country
C. Not accountable to any supervisory body
D. Expected to buy the shares of the multinational corporations to gain entry into the country
E. Operating subject to national laws and professional values in more than one country

Answer

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Tags: Multinational Firms, Professional Standards, Regulatory Framework, Transnational Audit
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

Question

Statements by professional accountancy bodies stating the basic procedures to be adopted when conducting an audit assignment are called………………..

Answer

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Tags: Audit Procedures, Professional Standards, Regulatory Statements
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

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Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

Question

You have recently been appointed the auditors of Spicer Plc, a company whose shares are traded on a stock exchange. The directors of Spicer Plc have recommended that you perform the following services:

The statutory audit of the annual accounts
Taxation services
Consultancy services in respect of the implementation of a new information technology system

Your firm has not acted for Spicer Plc before but does act as auditors to one of its major competitors.

Required:
a. Identify and explain the professional and ethical issues that should have been identified by your firm in relation to the provision of the services outlined above to Spicer Plc and describe the safeguards that should be in place in order to address these issues. (11 marks)

b. What are the five fundamental principles of ethics? Briefly explain their meaning. (5 marks)

c. A client’s affairs should not be disclosed to third parties. However, where a client has been guilty of an unlawful act, to whom should the auditor disclose this information, and in what order? (4 marks)

Answer

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Tags: Client Engagement, Confidentiality, Disclosure, Ethics, Professional Standards
Level: Level 2

Topic: Ethical Issues in Auditing
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

Question

Briefly explain TWO powers of a professional accounting organization.

Answer

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Tags: Powers, Professional Accounting, Professional Standards, Regulation
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

Question

External Auditors. This happens to be the first client of Agassi. The books of account for Sampras were incomplete, and Agassi agreed to prepare the financial statements for the year-end 31 December 2021.

The Accountant of Sampras doubles as the Sales Manager, and Agassi agreed to second one of its staff to assist the Accountant in Sampras. The business relationship between Agassi and Sampras has started on a good note, and they intend to continue into the foreseeable future. The Managing Director of Sampras worked as a Partner of one of the Big 4 audit firms.

Required:
Identify, evaluate, and address threats faced by Agassi. (10 marks)

Answer

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Tags: Auditor Independence, Ethical Threats, Professional Standards, Self-Interest, Self-Review
Level: Level 2

Topic: Professional and Ethical Considerations
Series: APR 2022

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

Question

b) The function of the Institute of Chartered Accountants, Ghana (ICAG) has become a subject of discussion in recent times after the passage of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). The thrust of the matter is the dual role of the Institute – to promote the study of accountancy and regulate the accountancy profession and practice in the country.

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

Answer

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Tags: Accounting Profession, Dual Role, ICAG, Professional Standards, Regulatory Function
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: APR 2022

AAA – Nov 2020 – L3 – Q2c – The Audit Approach

Discuss two problems in implementing quality control procedures in a small firm of Chartered Accountants and recommend solutions.

Question

Discuss TWO (2) problems that you may face in implementing quality control procedures in a small firm of Chartered Accountants and recommend how these problems may be overcome. (2 marks)

Answer

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Tags: Audit Engagement, Professional Standards, Quality control, Small firms
Level: Level 3

Topic: The audit approach
Series: NOV 2020

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Answer

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Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

Question

Auditors that carry out transnational audit usually belong to multinational firms and as such are:

Answer

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Tags: Multinational Firms, Professional Standards, Regulatory Framework, Transnational Audit
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

Question

Statements by professional accountancy bodies stating the basic procedures to be adopted when conducting an audit assignment are called………………..

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Professional Standards, Regulatory Statements
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

Question

The statutory audit of the annual accounts
Taxation services
Consultancy services in respect of the implementation of a new information technology system

Your firm has not acted for Spicer Plc before but does act as auditors to one of its major competitors.

b. What are the five fundamental principles of ethics? Briefly explain their meaning. (5 marks)

Answer

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Tags: Client Engagement, Confidentiality, Disclosure, Ethics, Professional Standards
Level: Level 2

Topic: Ethical Issues in Auditing
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

Question

Briefly explain TWO powers of a professional accounting organization.

Answer

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Tags: Powers, Professional Accounting, Professional Standards, Regulation
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

Question

Required:
Identify, evaluate, and address threats faced by Agassi. (10 marks)

Answer

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Tags: Auditor Independence, Ethical Threats, Professional Standards, Self-Interest, Self-Review
Level: Level 2

Topic: Professional and Ethical Considerations
Series: APR 2022

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

Question

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

Answer

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Tags: Accounting Profession, Dual Role, ICAG, Professional Standards, Regulatory Function
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: APR 2022

AAA – Nov 2020 – L3 – Q2c – The Audit Approach

Discuss two problems in implementing quality control procedures in a small firm of Chartered Accountants and recommend solutions.

Question

Discuss TWO (2) problems that you may face in implementing quality control procedures in a small firm of Chartered Accountants and recommend how these problems may be overcome. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement, Professional Standards, Quality control, Small firms
Level: Level 3

Topic: The audit approach
Series: NOV 2020

Question Tag: Professional Standards

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AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

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AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

You're reporting an error for "AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing"

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

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AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

You're reporting an error for "AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations"

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

You're reporting an error for "AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting"

AAA – Nov 2020 – L3 – Q2c – The Audit Approach

Discuss two problems in implementing quality control procedures in a small firm of Chartered Accountants and recommend solutions.

You're reporting an error for "AAA – Nov 2020 – L3 – Q2c – The Audit Approach"

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing"

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

You're reporting an error for "AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing"

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

You're reporting an error for "BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society"

AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations

Identifies, evaluates, and addresses ethical threats faced by an audit firm in its engagement with a new client.

You're reporting an error for "AA – April 2022 – L2 – Q5a – Professional and Ethical Considerations"

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

You're reporting an error for "AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting"

AAA – Nov 2020 – L3 – Q2c – The Audit Approach

Discuss two problems in implementing quality control procedures in a small firm of Chartered Accountants and recommend solutions.

You're reporting an error for "AAA – Nov 2020 – L3 – Q2c – The Audit Approach"

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