Audit of Corporate Governance

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Question

The need for auditor’s rotation has been a topic of discussion following various major corporate failures in recent years. The Central Bank of Nigeria (CBN) in 2006 introduced mandatory audit firm rotation as part of effective corporate governance of banks in Nigeria. The board of Aluwo Bank Plc has complied with this policy and are now reviewing its implementation. Some of the directors are not clear about the form that auditor’s rotation takes. While some have argued in favour of the Central Bank of Nigeria (CBN) policy on audit firm rotation, others are against it, claiming it has not achieved the desired objective.

Required:

Draft a memo to the board of Aluwo Bank Plc. which sets out clearly:

a. Two different suggestions about how auditor rotation could be achieved. (5 Marks)
b. Arguments in favour of audit firm rotation. (4 Marks)
c. Arguments against audit firm rotation. (6 Marks)

Answer

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Tags: Audit Firm Rotation, Audit Independence, Auditor Rotation, CBN Policy, Corporate Governance
Level: Level 3

Topic: Audit of Corporate Governance

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

Find Related Questions by Tags, levels, etc.

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 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Question

Required:

Draft a memo to the board of Aluwo Bank Plc. which sets out clearly:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Firm Rotation, Audit Independence, Auditor Rotation, CBN Policy, Corporate Governance
Level: Level 3

Topic: Audit of Corporate Governance

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)

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

Answer

Find Related Questions by Tags, levels, etc.

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 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

Question

Issues on Corporate Governance in Nigeria are listed in the ……………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Corporate Governance, Nigeria, Regulatory Guidelines
Level: Level 3

Topic: Audit of Corporate Governance
Series: NOV 2011

Topic: Audit of Corporate Governance

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AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

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.

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

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.

AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

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Topic: Audit of Corporate Governance

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AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

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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 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance

Draft a memo outlining suggestions, advantages, and disadvantages of audit firm rotation.

Required:

You're reporting an error for "AAA – May 2017 – L3 – Q7 – Audit of Corporate Governance"

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 – SAII – Q13 – Audit of Corporate Governance

Source of corporate governance guidelines in Nigeria.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q13 – Audit of Corporate Governance"

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