Accounts and audit – NBC Institute

BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

Question

Briefly explain what is meant by professional negligence.

Answer

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Tags: Duty of Care, Ghana, Legal Liability, Professional Negligence
Level: Level 1

Topic: Accounts and audit
Series: NOV 2016

BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

Question

Capare Industries Ltd, which already held shares in a company known as Logotex Co., later made a takeover bid on the strength of its accounts prepared by Dickman Ltd., a firm of auditors. Capare Industries Ltd realized that the accounts were inaccurate in that they showed a pre-tax profit of GH¢1.3 million when in actual fact there had been a loss of GH¢400,000. It was the case of Capare Industries Ltd that if they had known the true situation, they would not have made a bid at the price they did or may not have made a bid at all. They argued that they were owed a duty of care by the auditors as new investors and as existing shareholders who in reliance on the accounts had bought more shares.

Required:
Explain whether Capare Ltd would be justified in taking action against the firm of auditors.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditors, Duty of Care, Ghana, Legal Liability, Professional Negligence
Level: Level 1

Topic: Accounts and audit
Series: NOV 2016

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

Question

An Auditor is a person or a firm appointed by a company to execute an audit. To act as an auditor, a person should be licensed by the Institute of Chartered Accountants, Ghana. Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority.

Required: Explain FIVE (5) rights, duties, and powers of an auditor. (10 marks)

Answer

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Tags: Audit, Auditor's Duties, Auditor's Rights, Company Law
Level: Level 1

Topic: Accounts and audit
Series: NOV 2023

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

Question

Explain FOUR (4) functions of an audit committee of the Board. (8 marks)

Answer

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Tags: Audit Committee, Corporate Governance, Financial Reporting, Internal Control
Level: Level 1

Topic: Accounts and audit
Series: NOV 2019

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

Question

Explain the following:
i) Retained earnings (2 marks)
ii) Unclaimed dividend (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate finance, Financial Terminology, Retained Earnings, Unclaimed Dividends
Level: Level 1

Topic: Accounts and audit
Series: DEC 2022

BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

Question

Briefly explain what is meant by professional negligence.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Duty of Care, Ghana, Legal Liability, Professional Negligence
Level: Level 1

Topic: Accounts and audit
Series: NOV 2016

BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

Question

Required:
Explain whether Capare Ltd would be justified in taking action against the firm of auditors.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditors, Duty of Care, Ghana, Legal Liability, Professional Negligence
Level: Level 1

Topic: Accounts and audit
Series: NOV 2016

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

Question

Required: Explain FIVE (5) rights, duties, and powers of an auditor. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Auditor's Duties, Auditor's Rights, Company Law
Level: Level 1

Topic: Accounts and audit
Series: NOV 2023

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

Question

Explain FOUR (4) functions of an audit committee of the Board. (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Corporate Governance, Financial Reporting, Internal Control
Level: Level 1

Topic: Accounts and audit
Series: NOV 2019

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

Question

Explain the following:
i) Retained earnings (2 marks)
ii) Unclaimed dividend (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate finance, Financial Terminology, Retained Earnings, Unclaimed Dividends
Level: Level 1

Topic: Accounts and audit
Series: DEC 2022

Topic: Accounts and audit

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BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

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BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

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BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

You're reporting an error for "BCL – Nov 2016 – L1 – Q6a – Accounts and Audit"

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

You're reporting an error for "BCL – Nov 2023 – L1 – Q3b – Accounts and Audit"

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

You're reporting an error for "BCL – Nov 2019 – L1 – Q3c – Accounts and audit"

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

You're reporting an error for "BCL – Dec2022 – Q3c – Accounts and audit"

BCL – Nov 2016 – L1 – Q6b – Accounts and Audit

Define professional negligence and its implications in a legal context.

You're reporting an error for "BCL – Nov 2016 – L1 – Q6b – Accounts and Audit"

BCL – Nov 2016 – L1 – Q6a – Accounts and Audit

Assess whether Capare Industries Ltd. would be justified in taking legal action against the firm of auditors.

You're reporting an error for "BCL – Nov 2016 – L1 – Q6a – Accounts and Audit"

BCL – Nov 2023 – L1 – Q3b – Accounts and Audit

Explain the rights, duties, and powers of an auditor under company law.

You're reporting an error for "BCL – Nov 2023 – L1 – Q3b – Accounts and Audit"

BCL – Nov 2019 – L1 – Q3c – Accounts and audit

Explanation of the functions of an audit committee within a company’s Board of Directors.

You're reporting an error for "BCL – Nov 2019 – L1 – Q3c – Accounts and audit"

BCL – Dec2022 – Q3c – Accounts and audit

Define and explain the terms "retained earnings" and "unclaimed dividend" in a corporate context.

You're reporting an error for "BCL – Dec2022 – Q3c – Accounts and audit"

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