Series: NOV 2011

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AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

Question

The Letter of representation is normally signed by:

A. Managing Director and Chairman of the Board
B. Managing Director and Company Secretary
C. Managing Director and Finance Director
D. Chairman of the Board and Finance Director
E. Chairman of Audit Committee and the Managing Director

Answer

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Tags: Audit Documentation, Audit Procedure, Letter of Representation, Signatories
Level: Level 3

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

AAA – Nov 2012 – L3 – SA – Q15 – Audit of IT Systems and Data Analytics

Key focus areas for IT Auditors in a risk-based audit program.

Question

While developing a risk-based audit program, the Information Technology Auditor most likely will focus on:

A. Strategic controls
B. Critical IT applications
C. Operation control
D. Business strategy
E. Business process

Answer

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Tags: Audit Focus, Critical Applications, IT Audit, IT Systems, Risk-Based Audit
Level: Level 3

Topic: Audit of IT Systems and Data Analytics
Series: NOV 2011

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

Question

Which of the statements listed below about IFRS is invalid?

A. Multinational should benefit from a number of cost savings when using IFRS
B. Companies that wish to reach a wider group of investors will find financial statements based on IFRS acceptable in all major markets
C. Using IFRS will make it easier, though more expensive, to have secondary listing in other countries of the world
D. Using the same accounting basis provides greater comparability between companies which will lead to more efficient investment
E. The original standard setter between (1973-2000) was International Accounting Standard Committee (IASC)

Answer

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Tags: Accounting Standards, Financial Reporting, IFRS, International Standards
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SB – Q6 – Internal Audit and Corporate Governance

Explores the functions and significance of various committees and concepts in governance, including the Public Accounts Committee and due diligence.

Question

Write short notes on the following:

(a) Public Accounts Committee
(3 Marks)

(b) Value-for-Money Audit
(3 Marks)

(d) Due Diligence
(3 Marks)

(e) Due Process
(3 Marks)

Answer

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Tags: Audit Alarm, Due diligence, Due Process, Public Accounts Committee, Value for Money Audit
Level: Level 3

Topic: Internal Audit and Corporate Governance
Series: NOV 2011

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 2011 – L3 – SB – Q4 – Ethical Issues in Auditing

Clarifies auditor's statutory responsibilities, provisions in CAMA to reduce the communication gap, and controls for addressing performance gaps.

Question

The role of auditors is commonly misconceived. Many people argue that the auditor is expected to detect all frauds and irregularities in a client’s business. Others believe that the auditor should act more like a court of justice where truth is defended. In fact, the auditor’s responsibilities, powers, and duties are defined by statutes, ethics, and auditing standards.

Required:

(a) What are the provisions available in the Companies and Allied Matters Act Cap C20 LFN, 2004, which seek to reduce the communication gap between the auditor and the shareholders?
(7 Marks)

(b) Explain EIGHT controls available to address the problem of the performance gap.
(8 Marks)

Answer

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Tags: Audit Controls, Auditor Responsibilities, Communication Gap, Companies and Allied Matters Act, Performance Gap
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

Question

(a) Outline the main objective of corporate governance.
(3 Marks)

(b) One of the tools of corporate governance in Nigeria is the establishment of the Audit Committee under Section 359 (6) of Companies and Allied Matters Act Cap C20 LFN, 2004. What are the composition and functions of an Audit Committee?
(6 Marks)

(c) State SIX instances when the corporate governance of a public company may be compromised by the Board of Directors.
(6 Marks)

Answer

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Tags: Audit Committee, Board of Directors, CAMA, Corporate Accountability, Corporate Governance, Governance Standards
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

Question

The Sarbanes-Oxley Act of 2002, enacted in the United States to guide and regulate the work of accountants and auditors, raised issues about the culture of self-regulation in the accounting profession.

You are required to:

(a) State the reason for its enactment and issues covered therein.
(2 Marks)

(b) State its main provisions that relate to corporate accountability.
(8 Marks)

Answer

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Tags: Corporate Accountability, Corporate Scandals, Public Companies, Sarbanes-Oxley Act, Self-regulation
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SB – Q1 – Application of Audit and Assurance Principles

Evaluate the steps for identifying and responding to fraud risk during audit planning.

Question

Fela Idaewor is the auditor for Matty Co. Ltd, a rapidly expanding retail business based in Lekki. This is her first year as the audit manager. During her engagement planning, she observed multiple risk factors, such as the company’s strong interest in maintaining earnings and share prices, unrealistic financial forecasts, and high reliance on debt financing for expansion. Additionally, there were strong indications that fraud might have been committed by top management.

Required
(a) What should Idaewor do about the possibility of fraud at the planning stage? (7 Marks)
(b) What documentation is required for identifying risk factors? (5 Marks)
(c) If Idaewor has evidence suggesting fraud, what are her communication responsibilities to management? (3 Marks)

Answer

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Tags: Audit Planning, Fraud Detection, Management Communication, Professional Skepticism, Risk Factors
Level: Level 3

Topic: Application of Audit and Assurance Principles
Series: NOV 2011

AAA – Nov 2011 – L3 – SAII – Q20 – Assurance Engagements

Definition of an assurance engagement's objective in providing confidence to users.

Question

An assignment in which the practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter is…………………………

Answer

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Tags: Assurance Engagement, Confidence Enhancement, Evaluation, Measurement
Level: Level 3

Topic: Assurance Engagements
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q19 – Law of Tort

Identify the tort involving intentional physical force.

Question

A direct and intentional application of either harmful or offensive physical force to harm a person is:
A. Trespass
B. Assault
C. Damage
D. Battery
E. Insult

Answer

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Tags: Battery, Physical Harm, Tort Law
Level: Level 1

Topic: Law of Tort
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q18 – Law of Tort

Identify the liability that involves punishment as a central element.

Question

The pain of punishment is central in:
A. Civil liability
B. Vicarious liability
C. Criminal liability
D. Contract liability
E. Consideration

Answer

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Tags: Criminal Law, Legal Punishment, Liability
Level: Level 1

Topic: Law of Tort
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q17 – Law of Contract

Explain the legal doctrine where a person cannot claim rights or suffer obligations under a contract unless they are a party to it.

Question

The fact that a person can neither claim right nor suffer obligation under a contract to which he is not a party is explained by the principle of:
A. Offer
B. Acceptance
C. Consideration
D. Intention to create legal relations
E. Privity of contract

Answer

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Tags: Contractual Rights, Legal Doctrine, Privity of Contract
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q15 – Law of Contract

Identify the status of a contract that ought to be in writing but is not.

Question

A contract that ought to be in writing but is not, is:
A. Illegal
B. Void
C. Unenforceable
D. Unduly influenced
E. A deed

Answer

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Tags: Contract, Legal Status, Writing Requirement
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Contract

Identify the method by which a contract is discharged after both parties fulfill their obligations.

Question

Where the parties to a contract have carried out their obligations, the contract is said to be discharged by:
A. Breach
B. Frustration
C. Performance
D. Liability
E. Obligations

Answer

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Tags: Contract Discharge, Contractual Law, Obligations
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q13 – Law of Contract

Identify the remedy that is always available in a breach of contract.

Question

The remedy that is always available in a breach of contract is:
A. Injunction
B. Restriction
C. Damages
D. Specific performance
E. Quantum meruit

Answer

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Tags: Breach of Contract, Damages, Legal Remedy
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law

Identify the item that is not a foreign source of Nigerian law.

Question

All of the following are foreign sources of Nigerian law EXCEPT:
A. Customary Law
B. International Law
C. Statutes of General Application
D. Common Law
E. Principles of Equity

Answer

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Tags: Foreign Sources, Legal Framework, Nigerian Law
Level: Level 1

Topic: Sources of Nigerian Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

Question

An individual shall NOT be a director of a company if he is:
A. More than 19 years of age
B. Of sound mind
C. A discharged bankrupt
D. Less than 18 years of age
E. Of voting age

Answer

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Tags: Company Director, Company Law, Disqualification
Level: Level 1

Topic: Company Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

Question

The period between two Annual General Meetings must not exceed:
A. 18 months
B. 15 months
C. 13 months
D. 12 months
E. 6 months

Answer

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Tags: EFCC, Financial Crimes, Financial Institution Reporting
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2011

Series: NOV 2011

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AAA – Nov 2012 – L3 – SA – Q16 – Review of Subsequent Events and Going Concern Assumptions

Identifying the appropriate signatories for a Letter of Representation.

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AAA – Nov 2012 – L3 – SA – Q15 – Audit of IT Systems and Data Analytics

Key focus areas for IT Auditors in a risk-based audit program.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q15 – Audit of IT Systems and Data Analytics"

AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards

Identifying an invalid statement about the benefits and use of IFRS.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q9 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SB – Q6 – Internal Audit and Corporate Governance

Explores the functions and significance of various committees and concepts in governance, including the Public Accounts Committee and due diligence.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q6 – Internal Audit and Corporate Governance"

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.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q5 – Review of Subsequent Events and Going Concern Assumptions"

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

Clarifies auditor's statutory responsibilities, provisions in CAMA to reduce the communication gap, and controls for addressing performance gaps.

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

AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance

Key objectives and structures within corporate governance, focusing on the audit committee's role and board actions affecting governance.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q3 – Audit of Corporate Governance"

AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards

Overview and impact of the Sarbanes-Oxley Act on corporate accountability and self-regulation.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q2 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SB – Q1 – Application of Audit and Assurance Principles

Evaluate the steps for identifying and responding to fraud risk during audit planning.

You're reporting an error for "AAA – Nov 2011 – L3 – SB – Q1 – Application of Audit and Assurance Principles"

AAA – Nov 2011 – L3 – SAII – Q20 – Assurance Engagements

Definition of an assurance engagement's objective in providing confidence to users.

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BL – Nov 2011 – L1 – SA – Q19 – Law of Tort

Identify the tort involving intentional physical force.

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BL – Nov 2011 – L1 – SA – Q18 – Law of Tort

Identify the liability that involves punishment as a central element.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q18 – Law of Tort"

BL – Nov 2011 – L1 – SA – Q17 – Law of Contract

Explain the legal doctrine where a person cannot claim rights or suffer obligations under a contract unless they are a party to it.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q17 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

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BL – Nov 2011 – L1 – SA – Q15 – Law of Contract

Identify the status of a contract that ought to be in writing but is not.

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BL – Nov 2011 – L1 – SA – Q14 – Law of Contract

Identify the method by which a contract is discharged after both parties fulfill their obligations.

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BL – Nov 2011 – L1 – SA – Q13 – Law of Contract

Identify the remedy that is always available in a breach of contract.

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BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law

Identify the item that is not a foreign source of Nigerian law.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q12 – Sources of Nigerian Law"

BL – Nov 2011 – L1 – SA – Q11 – Company Law

Identify who cannot be a company director.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q11 – Company Law"

BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking

Determine the amount at which financial institutions are required to report a transaction to the EFCC.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q10 – Law Relating to Banking"

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