Internal Audits – NBC Institute

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

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

Question

Good Weather Nigeria Plc is a company engaged in the business of manufacturing detergents with an annual turnover of N7 billion. It carries out its operations from six locations: Abuja, Enugu, Benin, Port-Harcourt, and Jos, with its head office in Lagos. The company has an internal audit function with three staff. The Chief Internal Auditor was recruited by the Executive Finance Director to facilitate a good working relationship between the finance and audit functions. All the staff in the unit are graduates and members of the Institute of Chartered Accountants of Nigeria (ICAN). The staff of internal audit have been in the unit for over eight years. The Chief Internal Auditor reports to the Executive Finance Director.

Required:
a. Explain the term “internal audit.”
(2 Marks)

b. Identify and explain the weaknesses in the above scenario.
(8 Marks)

c. Enumerate the differences between the roles of an internal auditor and an external auditor.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Auditor Differences, Auditor Independence, Internal Audit
Level: Level 2

Topic: Internal Audits
Series: NOV 2018

AA – Nov 2021 – L2 – Q3 – Internal Audits

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

Question

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Internal Audits
Series: NOV 2021

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

Question

Required:
a. Explain the term “internal audit.”
(2 Marks)

b. Identify and explain the weaknesses in the above scenario.
(8 Marks)

c. Enumerate the differences between the roles of an internal auditor and an external auditor.
(5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Auditor Differences, Auditor Independence, Internal Audit
Level: Level 2

Topic: Internal Audits
Series: NOV 2018

Topic: Internal Audits

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AA – Nov 2021 – L2 – Q3 – Internal Audits

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

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

AA – Nov 2021 – L2 – Q3 – Internal Audits

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

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

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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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AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

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AA – Nov 2021 – L2 – Q3 – Internal Audits

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

You're reporting an error for "AA – Nov 2021 – L2 – Q3 – Internal Audits"

AA – Nov 2018 – L2 – Q7 – Internal Audit

Explains internal audit, identifies weaknesses in audit structure, and outlines the differences between internal and external auditors.

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