Risk Mitigation – NBC Institute

ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation

Discuss risks, mitigation measures, roles, benefits, and challenges of technology in accounting and tax practice.

Question

Tax legislations are becoming increasingly complex, creating more risks for professional accountants and tax practitioners. The role of technology in running a contemporary accounting firm and/or tax practice is evolving rapidly, bringing new layers of complexity and regulatory pressure.

Your firm of chartered accountants is organizing an in-house training for the newly employed audit officers. You have been mandated by the Senior Partner to prepare a paper on: “Risk and Role of Technology in Accounting/Tax Practice.”

Required:

As the paper presenter, prepare a paper for the training addressing the following:

(a) Risks of running a professional accounting firm and/or tax practice (4 Marks)
(b) Measures to mitigate the identified risks (5 Marks)
(c) Roles of technology in running a contemporary accounting/tax practice (3 Marks)
(d) Benefits and challenges of adopting technology by professionals in accounting firms and/or tax practices (8 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Professional Practices, Risk Management, Risk Mitigation, Technology Adoption, Technology in Accounting
Level: Level 3

Topic: Emerging Trends in Taxation

CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy

Analyzes strengths and weaknesses of Toyin Trust Insurance Plc pre- and post-2000 ownership changes, and suggests strategies for sustaining the company.

Question

Toyin Trust Insurance Company is one of the duly registered insurance companies in Nigeria. Ten years after it started operations in 1990, the company had become a household name in the market. Its strengths included timely payment of claims and introduction of quality products that captured changing customers’ needs.

At inception, the company was 100% foreign-owned, with five of the seven directors being experienced expatriate insurance practitioners. However, by 2000, over 90% of the equity had been transferred to Nigerian investors. In 2009, following reorganization, many experienced senior managers resigned, and inexperienced staff took over key positions, leading to a decline in service quality and a 40% drop in premium collection.

Required:

a. Analyze the strengths of Toyin Trust Insurance Plc before 2000. (5 Marks)
b. Analyze the strengths and weaknesses of Toyin Trust Insurance Plc after 2000. (5 Marks)
c. Suggest essential strategies to sustain Toyin Trust Insurance Plc. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Growth, Organizational Challenges, Risk Mitigation, Strategic Management
Level: Level 2

Topic: Corporate Governance, Risk Management and Corporate Strategy
Series: NOV 2015

AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

Question

Internal Control Systems are never foolproof. All systems, no matter how effective they may appear to be, have several limitations.

Required: a. Discuss briefly FOUR limitations of internal control systems in an organization. (8 Marks) b. Explain the problems that may arise when control systems rely excessively on the involvement of senior management in small entities. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Systems, Control Limitations, Internal Control, Management Control, Risk Mitigation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2018

AA – Nov 2018 – L2 – Q4c – Planning an Audit

States the benefits of audit planning to the independent auditor, as required by ISA 300.

Question

International Standards on Auditing, ISA 300 requires the Independent auditor to plan the audit of the financial statements so that the engagement will be performed in an effective manner.

Required:
State the benefits of audit planning to the independent auditor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit strategy, ISA 300, Risk Mitigation
Level: Level 2

Topic: Planning an Audit
Series: NOV 2018

SCS – May 2020 – L3 – Q6 – International Financial Management

Explain a suitable foreign currency risk hedging method for Customer Focused Ltd in relation to the Look and Like Ltd contract.

Question

Customer Focused Ltd has received a proposal from a potential supplier, Look and Like
Ltd, to provide fresh produce (Exhibit 2a) and is considering whether to accept. Kpakpo
Armah has written a note (Exhibit 2b) about Look and Like Ltd.
Required:
Using the information available, including information you feel relevant from your answer
to Section A:

Describe an appropriate foreign currency risk management hedging method for the risk the company might face in the future as described in Exhibit 2b.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Currency Fluctuations, Foreign Exchange Risk, Hedging, Risk Mitigation
Level: Level 3

Topic: International financial management
Series: MAY 2020

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

In their Annual Business Review meeting, the Board of HPC discussed a report on Internal Controls and Risk Management, presented by the Internal Auditor. The Board Chairman in his comments mentioned that he would have been more comfortable with a Risk Management report categorized according to the Turnbull Report.

Required:
With reference to the Turnbull Report and the comments made by the Board Chairman, write a report discussing EIGHT (8) categories of business risks faced by HPC and recommendations to mitigate the identified risks. (20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Explanation of the role of internal audit in risk management.

Question

Explain the role of Internal Audit in relation to risk management in an organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Management, Risk Mitigation
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2017

AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives

Describe four approaches that a company can use to hedge against foreign exchange risk.

Question

b) As a trading company, Joewoka exports and imports merchandise in many countries for which it receives and makes payment in foreign currency. This exposes the company to foreign exchange risk.

As a Financial Consultant to the company, suggest FOUR approaches that the company can use to hedge against foreign exchange exposure. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Currency Hedging, Foreign Exchange Risk, Hedging, Risk Management, Risk Mitigation
Level: Level 3

ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation

Discuss risks, mitigation measures, roles, benefits, and challenges of technology in accounting and tax practice.

Question

Required:

As the paper presenter, prepare a paper for the training addressing the following:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Professional Practices, Risk Management, Risk Mitigation, Technology Adoption, Technology in Accounting
Level: Level 3

Topic: Emerging Trends in Taxation

CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy

Analyzes strengths and weaknesses of Toyin Trust Insurance Plc pre- and post-2000 ownership changes, and suggests strategies for sustaining the company.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Growth, Organizational Challenges, Risk Mitigation, Strategic Management
Level: Level 2

Topic: Corporate Governance, Risk Management and Corporate Strategy
Series: NOV 2015

AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

Question

Internal Control Systems are never foolproof. All systems, no matter how effective they may appear to be, have several limitations.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Systems, Control Limitations, Internal Control, Management Control, Risk Mitigation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2018

AA – Nov 2018 – L2 – Q4c – Planning an Audit

States the benefits of audit planning to the independent auditor, as required by ISA 300.

Question

International Standards on Auditing, ISA 300 requires the Independent auditor to plan the audit of the financial statements so that the engagement will be performed in an effective manner.

Required:
State the benefits of audit planning to the independent auditor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit strategy, ISA 300, Risk Mitigation
Level: Level 2

Topic: Planning an Audit
Series: NOV 2018

SCS – May 2020 – L3 – Q6 – International Financial Management

Explain a suitable foreign currency risk hedging method for Customer Focused Ltd in relation to the Look and Like Ltd contract.

Question

Describe an appropriate foreign currency risk management hedging method for the risk the company might face in the future as described in Exhibit 2b.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Currency Fluctuations, Foreign Exchange Risk, Hedging, Risk Mitigation
Level: Level 3

Topic: International financial management
Series: MAY 2020

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Explanation of the role of internal audit in risk management.

Question

Explain the role of Internal Audit in relation to risk management in an organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Governance, Internal Audit, Internal Controls, Risk Management, Risk Mitigation
Level: Level 2

Topic: Internal Audit and Its Relationship with External Audit
Series: MAY 2017

AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives

Describe four approaches that a company can use to hedge against foreign exchange risk.

Question

b) As a trading company, Joewoka exports and imports merchandise in many countries for which it receives and makes payment in foreign currency. This exposes the company to foreign exchange risk.

As a Financial Consultant to the company, suggest FOUR approaches that the company can use to hedge against foreign exchange exposure. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Currency Hedging, Foreign Exchange Risk, Hedging, Risk Management, Risk Mitigation
Level: Level 3

Question Tag: Risk Mitigation

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation

Discuss risks, mitigation measures, roles, benefits, and challenges of technology in accounting and tax practice.

You're reporting an error for "ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation"

CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy

Analyzes strengths and weaknesses of Toyin Trust Insurance Plc pre- and post-2000 ownership changes, and suggests strategies for sustaining the company.

You're reporting an error for "CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy"

AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

You're reporting an error for "AA – May 2018 – L2 – Q3 – Internal Control Systems"

AA – Nov 2018 – L2 – Q4c – Planning an Audit

States the benefits of audit planning to the independent auditor, as required by ISA 300.

You're reporting an error for "AA – Nov 2018 – L2 – Q4c – Planning an Audit"

SCS – May 2020 – L3 – Q6 – International Financial Management

Explain a suitable foreign currency risk hedging method for Customer Focused Ltd in relation to the Look and Like Ltd contract.

You're reporting an error for "SCS – May 2020 – L3 – Q6 – International Financial Management"

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

You're reporting an error for "SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk"

AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Explanation of the role of internal audit in risk management.

You're reporting an error for "AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit"

AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives

Describe four approaches that a company can use to hedge against foreign exchange risk.

You're reporting an error for "AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives"

ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation

Discuss risks, mitigation measures, roles, benefits, and challenges of technology in accounting and tax practice.

You're reporting an error for "ATAX – May 2023 – L3 – Q2 – Emerging Trends in Taxation"

CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy

Analyzes strengths and weaknesses of Toyin Trust Insurance Plc pre- and post-2000 ownership changes, and suggests strategies for sustaining the company.

You're reporting an error for "CSME – Nov 2015 – L2 – Q4 – Risk Management and Corporate Strategy"

AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

You're reporting an error for "AA – May 2018 – L2 – Q3 – Internal Control Systems"

AA – Nov 2018 – L2 – Q4c – Planning an Audit

States the benefits of audit planning to the independent auditor, as required by ISA 300.

You're reporting an error for "AA – Nov 2018 – L2 – Q4c – Planning an Audit"

SCS – May 2020 – L3 – Q6 – International Financial Management

Explain a suitable foreign currency risk hedging method for Customer Focused Ltd in relation to the Look and Like Ltd contract.

You're reporting an error for "SCS – May 2020 – L3 – Q6 – International Financial Management"

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

You're reporting an error for "SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk"

AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit

Explanation of the role of internal audit in risk management.

You're reporting an error for "AA – May 2017 – L2 – Q2a – Internal Audit and Its Relationship with External Audit"

AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives

Describe four approaches that a company can use to hedge against foreign exchange risk.

You're reporting an error for "AFM – May 2016 – L3 – Q2b – Hedging against financial risk: Non-derivative techniques, Hedging against financial risk: Derivatives"

Our offerings

Contact Info

Customer

Get In Touch

admin