Question Tag: Risk Assessment

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AAA – May 2023 – L3 – Q3 – Risk Management in Audits

Evaluate risks in PK Industries' scenario, discuss related party risk assessment per ISA 550, and provide audit guidelines based on ISA 600.

Question

Messrs PK Industries Limited was incorporated and operates its business in Nigeria. The company has existed over the years. During most of this period, it imported some major components from China. Imports usually take some time to arrive after necessary forms have been completed and submitted to the bank.

Two of the directors have two other companies that supply fuel and other local resources needed by the company. The company’s directors are aware of this but prefer to do their business rather than patronize other suppliers.

In the last few years, the turnover of the company fluctuated between ₦500 million and ₦1 billion. The two other companies owned by the two directors are currently trading on loans granted by the company.

Following what was considered to be an increasingly harsh economic environment and high cost of power supply, the company registered a subsidiary company with a production outfit in Ghana while still maintaining its head office operations in Nigeria. Part of the raw materials needed in Ghana are procured in Nigeria and transported to Ghana through hired trailers. This process is being used until a suitable supplier is found in Ghana.

The company decided to hold the next Annual General Meeting (AGM) in the company’s premises in Ghana, with all the directors/shareholders traveling to Ghana on a direct flight from Abuja to Accra at the company’s expense. It was decided that this was an opportunity to evaluate the Ghanaian environment for further business decisions.

The audit of the Nigerian company and its Ghanaian company were done by different firms.

Required:

(a) Evaluate the risks involved in the scenario above. (5 Marks)

(b) Discuss the risk assessment procedures that the auditor of Messrs PK Industries Limited needs to adopt as required by ISA 550. (11 Marks)

Answer

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Tags: Audit risks, Group Audits, ISA 550, ISA 600, Related Party Transactions, Risk Assessment
Level: Level 3

Topic: Risk Management in Audits

AAA – May 2023 – L3 – Q1 – Audit Reporting

Evaluate criteria and communication of Key Audit Matters, including actions if none exist.

Question

Romeo and Juliet Plc is an indigenous company incorporated on March 5, 2012. The entity operates in the oil sector of the economy, which has experienced severe income decline over the past years. The global oil prices hit a record low of about $28 per barrel in 2019 and 2020, further plunging the company and the industry into a downward slide in income generation. The company is also affected by foreign exchange difficulties faced by most companies in the country resulting from increased regulation of foreign exchange. Regular cases of oil theft, pipeline vandalism, and insecurity have also affected the operations of major international oil companies, which are the entity’s major customers. As a result of the above, the company recorded the following in its books of account:

Financial losses: The company has made consistent losses from the financial year ended December 31, 2017, to date.
Current liability position: The company’s current liabilities exceeded its current assets.
Negative net operating cash position: The company has maintained a negative net operating cash position from December 31, 2017, to date.

Furthermore, the company’s performance has worsened as a result of a decrease in sales and an increase in expenses.

The largest proportion of the current liabilities is the intercompany borrowings, which accounted for 62% (2020 – 45%) of the total current liability balance. The borrowings stood at N1.5 billion, N1.6 billion, and N2 billion for the financial years ended December 31, 2019, 2020, and 2021, respectively. The finance costs in relation to the borrowings stood at N230 million in the year ended December 31, 2021 (2020- N214 million).

The company has currently defaulted on a number of its contractual obligations with its directors, and there was no directors’ remuneration in the current year due to its continuous loss-making position.

At the pre-audit meeting with management of Romeo and Juliet Plc, your firm (the auditors) were informed that, in the year, the company was involved in a business combination with another oil company. To pay for the cost of acquisition, an additional intercompany loan was obtained because of the poor financial position of the company. In addition, the company’s major investment in an associated company was disposed of. The business acquisition proposal has all necessary regulatory approvals. It was approved at the meeting of the directors and annual general meeting of the company in the previous year and disclosed in the company’s prior year financial statements as business matters.

After the meeting with management, you have started the preparation for the year-end audit, and in compliance with regulatory requirements and auditing standards, a Key Audit Matter should be inserted on the opinion page.

Required:

(a) Evaluate the criteria that will help the engagement team determine what qualifies as a matter requiring significant auditor’s attention and can be classified as a Key Audit Matter. (8 Marks)

(b) Discuss the factors that will determine matters of most significance to be communicated to those charged with governance. (10 Marks)

(c) Discuss the criteria for what must be included in the description of a Key Audit Matter on the audit opinion. (6 Marks)

(d) Evaluate what should be done, assuming that you have determined that there are no Key Audit Matters to be reported in the above scenario. (6 Marks)

Answer

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Tags: Audit opinion, Communication with Governance, ISA 701, Key Audit Matters, Risk Assessment
Level: Level 3

Topic: Audit Reporting

AAA – Nov 2016 – L3 – Q6 – Audit of Prospective Financial Information

Evaluate considerations before accepting PFI engagements and procedures for reviewing profit forecasts under ISAE 3400.

Question

Allhope Publications Limited is an old established publishing company owned by two brothers. Over the years, the company had made consistent progress both in sales and profitability.

Due to the quality of their work, the patronage of the company has grown to the extent that its working capital cannot accommodate the work on hand.

The Directors have approached their bankers, Owopo Bank Plc for a facility of N500m to procure essentially modern machinery and printing materials and also for running expenses, particularly salaries.

In support of its application for the bank facility, the company has prepared a profit forecast which is being presented to your firm for review.

Required:

As contained in ISAE 3400: “The Examination of Prospective Financial Information (PFI)”:

a. What will you take into consideration before accepting this assurance engagement? (5 Marks)
b. Enumerate the procedures to be adopted after you have agreed to take up the engagement:
i. As regards PFI assurance engagements generally.
ii. On the Profit forecast. (10 Marks)

Answer

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Tags: Assurance Engagement, ISAE 3400, Profit Forecast, Prospective financial information, Review Procedures, Risk Assessment
Level: Level 3

Topic: Audit of Prospective Financial Information

AAA – Nov 2011 – L3 – SB – Q5 – Review of Subsequent Events and Going Concern Assumptions

Identifies going concern symptoms, audit procedures for evaluating going concern, and factors to assess continuation potential.

Question

When a company is experiencing going concern problems, it may exhibit various financial and non-financial symptoms.

Required:

(a) State FIVE financial and FIVE non-financial going concern symptoms.
(5 Marks)

(b) State the audit procedures you would adopt as an auditor to determine whether a client company is experiencing going concern problems.
(6 Marks)

(c) What other factors would you consider in assessing if the company can continue despite the going concern issues?
(4 Marks)

Answer

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Tags: Audit Procedures, Financial Stability, Financial Symptoms, Going Concern, Non-Financial Symptoms, Risk Assessment
Level: Level 3

Topic: Review of Subsequent Events and Going Concern Assumptions
Series: NOV 2011

AAA – Nov 2021 – L3 – Q2 – Advanced Audit Planning and Strategy

Evaluate internal and external business risks and outline pre-engagement activities for Sunsit Manufacturers Ltd.

Question

The auditors of Sunsit Manufacturers Limited had disagreements with the company on various issues. This came to a climax with the withholding of a part of the payment of the last audit fees. The auditors had also been disenchanted with the undue pressures of management and have decided that, as a result of this and the withheld fees, they would disengage from the client.

The company’s chairman, in consideration of past issues, has considered the size of the audit firm as being partly responsible for its inability to manage adequately the pressures from the company’s accounting and management team. He has subsequently approached your firm for a change, and the partners have accepted the engagement despite the predecessor auditor’s declaration of the forfeiture of the firm’s outstanding fees and no further involvement with the client and issues relating to the company.

Required:

a. Following the background to the client and the engagement, evaluate the internal and external business risks that need to be considered with respect to the client. (10 Marks)

b. Discuss the pre-engagement activities to be carried on the client. (10 Marks)

Answer

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Tags: Auditor Independence, Business risk, Engagement Acceptance, Pre-engagement activities, Risk Assessment
Level: Level 3

Topic: Advanced Audit Planning and Strategy

AAA – Nov 2021 – L3 – Q1 – Overview of Advanced Audit and Assurance

Evaluate auditor's objectives under ISA 250, internal control deficiencies, and communication requirements for audit strategy.

Question

Eat Well Bakeries is a private limited liability company. It bakes bread and other confectioneries, produced from the main bakery and a smaller bakery in another part of town. Products are sold from these two bakeries and five additional outlets in the same town. Distributors purchase products outright and bear the risk of sale.

The main administrative and management functions of the bakeries are conducted from the main bakery, while basic records are kept at the small bakery and sales outlets. These records are transmitted to the main office every morning. Detailed accounting records and performance analysis are handled in the main administrative office.

Despite being a private business, the chairman insists on maintaining proper standards to stay competitive. The chairman transferred the company’s audit to your firm after a discussion with your partner, and professional clearance was obtained. However, limited documentation from the predecessor auditor was available, and no extensive documentation was done at the beginning of the audit.

You have been assigned to continue the audit from where it was left off, ensuring the chairman’s expectations are met.

Required:

a. Evaluate the Auditor’s objective concerning ISA 250 that would be discussed with the chairman. (5 Marks)

b. Prepare an outline of matters that should be communicated. (5 Marks)

c. Your review shows internal control challenges. Based on this, prepare a brief on:

i. The meaning of deficiency as per ISA 265 (3 Marks)
ii. The components to be included in communication to the chairman regarding deficiencies (5 Marks)

d. Evaluate potential audit strategies, and recommend an appropriate model for application to Eat Well Bakeries. (12 Marks)

Answer

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Tags: Audit Objectives, Audit strategy, Communication with Governance, Deficiency Reporting, Internal Control, ISA 250, ISA 265, Risk Assessment
Level: Level 3

Topic: Overview of Advanced Audit and Assurance

FM – Nov 2021 – L3 – Q6 – Portfolio Management

Analyze the risk profile of Bettaluck plc's short-term equity portfolio and assess investment adjustments based on market returns and financial strategy.

Question

Bettaluck plc is experiencing a substantial net cash inflow, which has been temporarily invested in a short-term equity portfolio. This portfolio consists of investments in four Nigerian listed companies. The funds are intended to meet tax obligations, dividend payments, and future capital expenditures in several months.

Portfolio Details:

Required:

a. Based on the data provided, calculate the risk (i.e., Beta) of Bettaluck’s short-term investment portfolio relative to the market. (4 Marks)

b. Recommend whether the composition of Bettaluck’s short-term investment portfolio should be adjusted. Provide reasons for your recommendation, including relevant calculations. (6 Marks)

c. Discuss the factors a financial manager should consider when investing in marketable securities. (5 Marks)

Answer

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Tags: Capital Gains, Dividend Yield, Financial management, Investment Portfolio, Market Return, Marketable Securities, Portfolio Beta, Risk Assessment, Short-Term Strategy, Treasury bills
Level: Level 3

Topic: Portfolio Management

AAA – May 2024 – L3 – SC – Q7 – Audit of IT Systems and Data Analytics

Guide on IT application in auditing and necessary IT tools for effective assurance.

Question

Technology, essentially computerisation, has in recent times affected various aspects of life and business activities to varying degrees. For instance, this has led to online purchases and account processing from various locations beyond the domiciled bank branches. Though this electronic business and commerce has made things easier, challenges still persist in the process. As an auditor, it is necessary to evaluate the audit environment to gain proper knowledge of the client’s operating environment, whether manual or computerised. This is especially essential for your firm’s newly employed audit staff.

Required:

a. Prepare an advisory guide for these new audit staff, highlighting the application of information technology to the audit process. (6 Marks)

b. Discuss the relevant information technology tools that are necessary for the effective provision of assurance services. (9 Marks)

(Total 15 Marks)

Answer

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Tags: Assurance Services, Audit Process, Client Operating Environment, Information Technology, IT Tools, Risk Assessment
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: MAY 2024

FM – Nov 2020 – L3 – Q4a – Interest Rate Risk Management

Identifies and explains the risks industrial companies face due to fluctuations in interest rates.

Question

a. What risks might an industrial company face as a result of interest movements? (8 Marks)

Answer

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Tags: Financial management, industrial companies, Interest Rate Risk, Risk Assessment
Level: Level 3

Topic: Interest Rate Risk Management

AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

Question

Management of Banana Follow Me Limited plans to invest in factory equipment and fittings to attract more customers, using sufficient cash reserves for these capital expenditures. A significant risk associated with money laundering exists due to the high volume of cash transactions and regular overseas bank transfers.

Required:

i. Discuss THREE requirements of an anti-money laundering programme which the auditor of Banana Follow Me Limited should have in place for detecting and reporting suspicion of money-laundering.

(6 Marks)

ii. State ONE example of the criminal offenses connected with money laundering. (1 Mark)

Answer

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Tags: Cash Transactions, Compliance, Money laundering, Risk Assessment
Level: Level 3

Topic: Forensic Auditing
Series: MAY 2018

CSME – Nov 2020 – L2 – Q1a – Environmental Analysis

Advise Cells Incorporated on the strategic management factors to consider when relocating its manufacturing plant to Dumbura Republic.

Question

Dumbura Republic is reputed for its high population density and the consequent availability of cheap labour. Surprisingly, due to the high premium placed on qualitative education in science and technology-based disciplines, the country has an abundance of highly skilled workforce suited for manufacturing industries. Other features of Dumbura Republic include adequate, accessible and reliable social infrastructure such as electricity, potable water, road and rail network, and an effective security network. Besides, the country also has a variety of tax incentives designed to attract foreign investments. These positive features of the socio-economic environment in Dumbura have attracted a lot of foreign investors, including several computer and mobile phones hardware production companies.

Indeed, the socio-economic environment in Dumbura is very business-friendly. Hence, it is not surprising that a lot of foreign companies have located their industrial plants in the country. Effects of this development include increased employment opportunities, influx of people in search of employment from neighbouring countries, spiralling rent rates for all categories of accommodation, worsening environmental pollution, and a spiking population growth rate, which is beginning to take its toll on available social infrastructure. Besides, the hitherto peaceful country is beginning to experience an increased rate of crimes such as burglary, robbery, cyber theft and kidnap that target expatriates particularly. The local population is becoming increasingly hostile to the expatriates and workers from neighbouring countries, accusing them of denying the local population access to good job opportunities.

You have been employed as a consultant to a computer and mobile phone hardware company, Cells Incorporated, which is considering relocating its major manufacturing plant from an Asian country to Dumbura Republic. This is hoped to bring down the cost of production and provide a ready market for about 20% of its products.

Required:
With the aid of Johnson, Scholes, and Whittington’s position on strategic management, advise Cells Incorporated on the elements of strategic management that must be taken into consideration in deciding whether to relocate its manufacturing plants to Dumbura Republic. Ensure that you make adequate references to the scenario above as might be relevant.

Answer

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Tags: Business Relocation, Risk Assessment, Strategic Management, Strategy implementation
Level: Level 2

Topic: Environment analysis
Series: NOV 2020

MGE – May 2018 – L2 – Q6 – Risk Management and Corporate Strategy

Design a risk map for Ego Oil and Gas Limited and advise on control measures for each risk category.

Question

Ego Oil and Gas Limited is a company licensed to operate in Nigeria’s downstream oil and gas sector. The company owns tank farms and filling stations across the six geo-political zones of the country. These include the North-East and South-South, where there have been increased cases of terrorist activities, especially kidnapping.

The company recently suffered losses due to a fire outbreak at one of its tank farms and fraud at the Port Harcourt office in the South-South Zone. There is also a rumoured agitation by the labour movement in the country, which will further reduce the price of petroleum products. If this happens, the company will suffer severe revenue loss. In order to control and effectively manage risk, the company has decided to assess all its risks.

Required:
Design a risk map for the management of Ego Oil and Gas Limited and advise on the control measures for each risk category. (15 Marks)

Answer

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Tags: Control measures, Oil and Gas Sector, Risk Assessment, Risk Mapping
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2018

CSME – Nov 2021 – L2 – Q5A – Risk Management and Corporate Strategy

Explain risk management and the process of risk mapping for a new company.

Question

A friend of yours is planning to establish a company with a board of directors and committees. He hopes the company will have a system to manage its operations and the associated risks.

Required:
Explain:
i. Risk management (2 Marks)
ii. The process and use of risk mapping (4 Marks)

Answer

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Tags: Operational Management, Risk Assessment, Risk Management, Risk Mapping
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: NOV 2021

AA – Nov 2021 – L2 – Q3 – Internal Audits

Discuss audit considerations for Youthplus, a Not-for-Profit Organisation.

Question

Youthplus is a Not-for-Profit Organisation (NFPO) established by well-meaning Nigerians. The aims and objectives of the NFPO include raising funds to assist youth corpers who, after their service, are unable to secure employment, to start small-scale businesses instead of waiting for white-collar jobs that are not in existence. NFPO solicits funds from the public, private, and foreign organisations. Youthplus has been in existence for five years, and your firm has been appointed as their auditors.

Required:
What factors would you put into consideration when carrying out the audit of Youthplus in the following areas?
a. Planning (4 Marks)
b. Risk (4 Marks)
c. Internal control (4 Marks)
d. Audit evidence (4 Marks)
e. Reporting (4 Marks)

Answer

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Tags: Audit evidence, Audit Planning, Internal Control, NFPO, Reporting, Risk Assessment, Youthplus
Level: Level 2

Topic: Internal Audits
Series: NOV 2021

CSME – Nov 2018 – L2 – Q3 – Risk Management and Corporate Strategy

Explain the processes of identifying, assessing, measuring, and prioritizing risks, and discuss the impact on stakeholders.

Question

Success and profit maximization in business are premised on factors that include the ability to identify, assess, and measure risks. As a risk manager, how would you explain the following to a group of prospective entrepreneurs in ways that would adequately equip them to deal with operational, business, and strategic risks?

a. Risk identification (4 Marks)
b. The impact of risk on any four stakeholders (4 Marks)
c. Assessing risks: impact and probability (4 Marks)
d. Measuring risks (4 Marks)
e. Prioritizing risks (4 Marks)

Answer

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Tags: Impact Probability, Measuring Risks, Prioritizing Risks, Risk Assessment, Risk Identification, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: NOV 2018

QTB – Nov 2014 – L1 – SB – Q2 – Measures of Dispersion

Compare the risk and return of two investments by calculating mean and standard deviation.

Question

In finance, the standard deviation is frequently used to measure the risk of an investment.
An investor is considering two possible investments A and B. A sample of 10 rates of return is recorded for each investment. These rates of return, given as percentages, are as follows:

Investment A:
4, 6, 6, 5, 4, 5, 8, 5, 5, 8

Investment B:
0, -2, 6, 12, 9, 16, -4, 16, 25, 12

Required:
a. Calculate the mean rate of return for each of the two investments. (6 Marks)
b. Calculate the standard deviation of the rate of return for each of the investments. (6 Marks)
c. Which of the two investments is riskier and why? (8 Marks)

(Total: 20 Marks)

Answer

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Tags: Investment Analysis, Mean, Risk Assessment, Standard Deviation
Level: Level 1

Topic: Measures of Dispersion
Series: NOV 2014

QTB – MAY 2016 – L1 – SA – Q13 – Statistics

Identify which statement about expected values is not true

Question

Which of the following is NOT true about expected values?

A. The worth of a decision can be evaluated as the expected value of outcomes where probabilities are assigned to different outcomes

B. Expected value is evaluated as the weighted-variance of possible outcomes

C. Use of expected values is a technique for comparing risk and return of different decisions of options

D. The expected average value is calculated by multiplying the probability of each possible outcome by the value of the outcome

E. Information can be analyzed where risk can be assessed in terms of probabilities of different outcomes

Answer

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Tags: Decision Making, Expected Values, Risk Assessment
Level: Level 1

Topic: Statistics
Series: MAY 2016

AA – May 2019 – L2 – Q2 – Planning an Audit

Examination of benefits and procedures related to interim and final audits, including risk assessment considerations.

Question

Most large audits would be split into two phases. The systems assessment work and transaction testing are carried out during interim audit which takes place close to the end of the year. The balance of the work and testing of items of the statement of financial position takes place at the final audit shortly after the year-end. You are required to:

a. Identify FOUR key benefits that may arise from spreading the audit work across interim audit and final audit. (2 Marks)
b. Explain THREE audit procedures that would be carried out during the interim audit and FIVE of the audit procedures that can be carried out during the final audit. (8 Marks)
c. ISA 300 specifically states that some procedures can only be performed at or after the year-end. Identify TWO of these procedures. (2 Marks)
d. An auditor is required by ISA 315 to identify and assess the risks of material misstatement at both the financial statement and assertion levels. Explain FOUR of the issues to be considered by the auditor on risk assessment at the planning stage of the audit. (4 Marks)
e. Compare systems based audit approach with substantive approach. (4 Marks)

Answer

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Tags: Audit Risk, Control Activities, Control Environment, Internal Control, Risk Assessment
Level: Level 2

Topic: Planning an Audit
Series: MAY 2019

AA – Nov 2018 – L2 – Q1a – Internal Control Systems

Explain control environment and control procedures and discuss the five elements of internal control as per ISA 315.

Question

Auditors are required by International Standards on Auditing (ISA) to understand and assess a client’s system of internal control. Consequently, auditors must use their judgment to determine whether to test all or part of the internal control system as part of their response to the assessed risk of material misstatement in the financial statements to be audited.

Required:
i. Explain the following terms:

Control environment
Control procedures
(5 Marks)

ii. State and explain the five elements of internal control as identified by ISA 315.
(5 Marks)

Answer

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Tags: Control Environment, Control Procedures, Internal Control, ISA 315, Risk Assessment
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2018

SCS – MAR 2024 – L3 – Q5c – International financial management

Evaluate the factors restricting foreign investment despite potential good returns.

Question

With reference to Option Three, evaluate the factors that restrict foreign investment despite the perceived potential for good returns.

Answer

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Tags: Barriers, Foreign Investment, international markets, Risk Assessment
Level: Level 3

Topic: International financial management
Series: MAR 2024

Question Tag: Risk Assessment

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AAA – May 2023 – L3 – Q3 – Risk Management in Audits

Evaluate risks in PK Industries' scenario, discuss related party risk assessment per ISA 550, and provide audit guidelines based on ISA 600.

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AAA – May 2023 – L3 – Q1 – Audit Reporting

Evaluate criteria and communication of Key Audit Matters, including actions if none exist.

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AAA – Nov 2016 – L3 – Q6 – Audit of Prospective Financial Information

Evaluate considerations before accepting PFI engagements and procedures for reviewing profit forecasts under ISAE 3400.

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AAA – Nov 2011 – L3 – SB – Q5 – Review of Subsequent Events and Going Concern Assumptions

Identifies going concern symptoms, audit procedures for evaluating going concern, and factors to assess continuation potential.

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AAA – Nov 2021 – L3 – Q2 – Advanced Audit Planning and Strategy

Evaluate internal and external business risks and outline pre-engagement activities for Sunsit Manufacturers Ltd.

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AAA – Nov 2021 – L3 – Q1 – Overview of Advanced Audit and Assurance

Evaluate auditor's objectives under ISA 250, internal control deficiencies, and communication requirements for audit strategy.

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FM – Nov 2021 – L3 – Q6 – Portfolio Management

Analyze the risk profile of Bettaluck plc's short-term equity portfolio and assess investment adjustments based on market returns and financial strategy.

Required:

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AAA – May 2024 – L3 – SC – Q7 – Audit of IT Systems and Data Analytics

Guide on IT application in auditing and necessary IT tools for effective assurance.

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FM – Nov 2020 – L3 – Q4a – Interest Rate Risk Management

Identifies and explains the risks industrial companies face due to fluctuations in interest rates.

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AAA – May 2018 – L3 – SC – Q7b – Forensic Auditing

Outline anti-money laundering requirements for the auditor of Banana Follow Me Limited due to high cash-based transactions and overseas transfers.

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CSME – Nov 2020 – L2 – Q1a – Environmental Analysis

Advise Cells Incorporated on the strategic management factors to consider when relocating its manufacturing plant to Dumbura Republic.

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MGE – May 2018 – L2 – Q6 – Risk Management and Corporate Strategy

Design a risk map for Ego Oil and Gas Limited and advise on control measures for each risk category.

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CSME – Nov 2021 – L2 – Q5A – Risk Management and Corporate Strategy

Explain risk management and the process of risk mapping for a new company.

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AA – Nov 2021 – L2 – Q3 – Internal Audits

Discuss audit considerations for Youthplus, a Not-for-Profit Organisation.

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CSME – Nov 2018 – L2 – Q3 – Risk Management and Corporate Strategy

Explain the processes of identifying, assessing, measuring, and prioritizing risks, and discuss the impact on stakeholders.

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QTB – Nov 2014 – L1 – SB – Q2 – Measures of Dispersion

Compare the risk and return of two investments by calculating mean and standard deviation.

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QTB – MAY 2016 – L1 – SA – Q13 – Statistics

Identify which statement about expected values is not true

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AA – May 2019 – L2 – Q2 – Planning an Audit

Examination of benefits and procedures related to interim and final audits, including risk assessment considerations.

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AA – Nov 2018 – L2 – Q1a – Internal Control Systems

Explain control environment and control procedures and discuss the five elements of internal control as per ISA 315.

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SCS – MAR 2024 – L3 – Q5c – International financial management

Evaluate the factors restricting foreign investment despite potential good returns.

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