Question Tag: Regulatory Framework

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AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

Question

Factors that contribute to the weaknesses of local auditing standards include the following EXCEPT:
A. Standard setters being subject to political pressures
B. Having inadequate resources
C. Being insufficiently timed in response to market needs
D. Loss of investment by stakeholders
E. Having sources of fund which raise questions about their independence

Answer

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Tags: Audit Standards, Independence, Local Auditing Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

Question

An auditor can disclose the client’s confidential information for the following reasons EXCEPT:
A. Auditor suspects that the client has committed treason
B. When there is a public duty to disclose
C. Disclosure is needed to protect the auditor’s interest
D. When the client has committed an act of felony
E. When information is formally requested by another client

Answer

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Tags: Auditor’s Disclosure, Confidentiality, Ethics, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

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Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

Question

a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.

Required:

Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)

b. Bureau of Establishments and Training of Waso State awarded a contract to one of its Government Business Entities (GBE), Unity Enterprises, for the supply of stationery for use in various MDAs in the State. The Bureau conducted the following transactions for the year ended December 31, 2020:

The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
The Bureau transferred 25,000 reams of duplicating papers to its outstation office.

Required:

Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.

Answer

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Tags: Administrative Guidelines, Financial Memoranda, Local Government, Public Sector Accounting, Regulatory Framework
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: MAY 2023

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

Question

The rules and regulations which apply to financial reporting may be collectively referred to as the “regulatory framework.” In practice, most of these frameworks refer to:

A. Entities
B. Stock markets
C. Financial accounts
D. Cash flow statements
E. Fund statements

Answer

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Tags: Financial Reporting, Regulatory Framework
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

Question

The Federal Government of Nigeria is committed to the principle of transparency and accountability in all its financial activities. The country has diverse sources of revenue which include natural resources, ranging from iron-ore, crude oil, zinc, tin-ore, and coal. In order to enhance its agenda of “zero tolerance for corruption,” the country established, among others, the Nigeria Extractive Industry Transparency Initiative Commission (NEITI) with the sole aim of reducing corruption in the extractive industry. The establishment of the commission was backed by an Act of National Assembly in 2007.

The commission normally carries out annual audits of accounts of companies in the extractive industry after obtaining their statements of accounts on a regular basis. Records available to NEITI revealed that five out of fifty-two companies in the industry failed to render their statements of accounts for the year 2016; another eight companies rendered falsified statements of accounts, while thirty-nine companies rendered accurate statements of accounts.

The records of receipts and expenditures of NEITI revealed total receipts of N2,396,581,900 in 2016, out of which N1,998,500,770 was expended on the commission’s activities up to December 31, 2016.
Further scrutiny of the accounts revealed receipts of gratification by some government officials in the eight companies that presented falsified statements of accounts. There were also expenses on frivolous overseas tours allegedly for attending seminars and workshops.

In line with the Act that established the commission, the audit reports on the financial activities of the companies in the extractive industry have been sent to the President and the National Assembly.

Required:
a. Discuss five actions that should be taken against the companies that failed to render their statements of accounts and those that rendered falsified statements of accounts.
(7½ Marks)
b. Calculate the unspent amount by the commission as at December 31, 2016 and the treatment of the unspent amount.
(4 Marks)
c. Outline five functions of NEITI as contained in the Act that established it and indicate the members of the National Stakeholder Working Group (NSWG) as contained in the NEITI Act, 2007.
(12½ Marks)
d. Explain six procedures for the appointment of auditors and publication of reports as contained in Section 4 of NEITI Act, 2007.
(6 Marks)

Answer

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Tags: Audit, Extractive Industry, financial accountability, NEITI, Regulatory Framework, Transparency
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: NOV 2018

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

Question

Auditors are regulated by professional bodies and should follow recognised auditing standards such as International Standards on Auditing (ISAs).

Required:
Explain why it is important for audits to be conducted in accordance with Auditing Standards that are common to all audits.

Answer

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Tags: Audit Consistency, Audit quality, Auditing Standards, Financial Statements, Professional Bodies, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2017

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

Question

Answer

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Tags: Audit Standards, Independence, Local Auditing Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

Question

Answer

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Tags: Auditor’s Disclosure, Confidentiality, Ethics, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

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Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

Question

a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.

Required:

Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)

The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
The Bureau transferred 25,000 reams of duplicating papers to its outstation office.

Required:

Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Administrative Guidelines, Financial Memoranda, Local Government, Public Sector Accounting, Regulatory Framework
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: MAY 2023

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

Question

The rules and regulations which apply to financial reporting may be collectively referred to as the “regulatory framework.” In practice, most of these frameworks refer to:

A. Entities
B. Stock markets
C. Financial accounts
D. Cash flow statements
E. Fund statements

Answer

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Tags: Financial Reporting, Regulatory Framework
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

Question

Answer

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Tags: Audit, Extractive Industry, financial accountability, NEITI, Regulatory Framework, Transparency
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: NOV 2018

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

Question

Auditors are regulated by professional bodies and should follow recognised auditing standards such as International Standards on Auditing (ISAs).

Required:
Explain why it is important for audits to be conducted in accordance with Auditing Standards that are common to all audits.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Consistency, Audit quality, Auditing Standards, Financial Statements, Professional Bodies, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2017

Question Tag: Regulatory Framework

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AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards"

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards"

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

You're reporting an error for "FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process"

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework"

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

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FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting"

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

You're reporting an error for "PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework"

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

You're reporting an error for "AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities"

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards"

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards"

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

You're reporting an error for "FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process"

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework"

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

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FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting"

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

You're reporting an error for "PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework"

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

You're reporting an error for "AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities"

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