Regulatory Environment – NBC Institute

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

Question

You are the manager in charge of the audit of God First Microfinance Co. Ltd for the year ended 31 December, 2021. Due to the highly regulated environment in which such companies have to operate, your partner has requested that, right from the planning stage of the audit, you strictly apply the requirement of ISA 220: Quality Control for an audit of financial statements.

Required:
State FIVE (5) reasons for the need for a quality control system in accounting firms.

Answer

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Tags: Accounting, Audit Firms, ISA 220, Quality control, Regulatory Environment
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

Question

The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.

Required:

i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)

ii) Discuss the procedures for developing new Auditing Standards. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditing Standards, IAASB, IFAC, Regulatory Environment
Level: Level 3

Topic: The regulatory environment
Series: MAY 2020

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

Question

Required:
State FIVE (5) reasons for the need for a quality control system in accounting firms.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting, Audit Firms, ISA 220, Quality control, Regulatory Environment
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

Question

Required:

i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)

ii) Discuss the procedures for developing new Auditing Standards. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditing Standards, IAASB, IFAC, Regulatory Environment
Level: Level 3

Topic: The regulatory environment
Series: MAY 2020

Question Tag: Regulatory Environment

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AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

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AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

You're reporting an error for "AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations"

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

You're reporting an error for "AAA – May 2020 – L3 – Q5a – The regulatory environment"

AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations

Explains the need for a quality control system in accounting firms, with reference to the audit of God First Microfinance.

You're reporting an error for "AA – Dec 2022 – L2 – Q1c – Professional and Ethical Considerations"

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

You're reporting an error for "AAA – May 2020 – L3 – Q5a – The regulatory environment"

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