Level 3 – Page 17

AAA – L3 – Q7 – Assurance Services

Explain the meaning of assurance and the difference between an audit and a review.

Question

(a) The meaning of assurance

(b) The difference between an audit and a review

Answer

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Tags: Assurance, Financial Statements, Negative Assurance, Review, Statutory Audit
Level: Level 3

Topic: Assurance Services

AAA-L3 – Q6- Rules of Professional Conduct

Evaluate impact of business relationship, auditor parting, and conflict of interest on accepting Vega Investigations as an audit client.

Question

(a) Impact of the three pieces of information

Major service provider to your firm
Acrimonious parting with the previous auditors
The firm already represents the Tarkwa Investigations Group (TIG), a company involved in a hostile take-over of Vega. (b) Other factors to consider in making a decision as to whether to accept Vega as a client (c) Steps to take in accepting nomination

Answer

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Tags: Audit Risk, Auditor Independence, Client Acceptance, Confidentiality, Conflict of Interest, Fee Dependence, Professional Ethics
Level: Level 3

Topic: Rules of Professional Conduct

AAA – L3 – Q5 – Corporate Governance

Identify corporate governance issues at BEM plc and recommend changes to align with good governance principles.

Question

Memo
From: A N Accountant
To: Wickman & Co
Date: November 20X8
Subject: Corporate Governance in BEM plc

As requested, I write to explain where your client BEM plc (BEM) does not appear to be following appropriate corporate governance codes and to recommend changes to ensure that the principles of good corporate governance are being followed.

Answer

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Tags: Audit committee, Board structure, Corporate Governance, Internal controls, Non-executive directors
Level: Level 3

Topic: Regulatory environment

AAA – L3 – Q4 – Practice management

Explain why a quality management system is necessary for Sowa Accountants Ltd.

Question

A. To: All employees of Sowa Accountants Ltd.
From: New partner
Date:
Subject: Quality management (i) Why a system of quality management is necessary

(ii) Components that must be addressed by a system of quality management (iii) Engagements for which an engagement quality review is compulsory B.

Queries from the question and answer session

(i) Difference between a hot review and a cold review (ii) Why all audit reasons and justifications need to be documented in the audit working papers (iii) Reasons for standardised audit working papers

Answer

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Tags: Audit risks, Firm reputation, ISA 220, ISQM 1, Professional standards, Quality management
Level: Level 3

Topic: Practice management

AAA – L3 – Q3 – Practice management

Evaluate advantages and disadvantages of tendering for Lakadi Leisure Ltd.'s audit.

Question

A. A number of issues require careful consideration before deciding whether or not to tender for the audit of Lakadi Leisure LTD Discuss the advantages and disadvantages of tendering for the audit. B. Identify the factors to be taken into account when calculating the audit fee for inclusion in the tender document for Lakadi Leisure Ltd. C. Provide an outline of what should be included in the tender document if the audit firm decided to tender for the audit of Lakadi Leisure Ltd.

Answer

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Tags: Audit methodology, Consultancy support, Firm capabilities, Tender document
Level: Level 3

Topic: Practice management

AAA – L3 – Q2 – Professional responsibility and liability

Discuss mechanisms to avoid negligence allegations for Prescilla Ltd.'s auditors.

Question

A duty of care exists where the auditors knew (or reasonably should have foreseen at the time of auditing the financial statements) that those financial statements might be relied on for that particular purpose and that it would be reasonable for such reliance to be placed for that purpose.

To avoid successful allegations of negligence, identify the key mechanisms that the auditors of Prescilla Ltd. should have followed.

Answer

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Tags: Audit risks, Auditor negligence, Duty of care, Ethical requirements, Professional indemnity, Quality management
Level: Level 3

Topic: Professional responsibility and liability

AAA – L3 – Q1 – Regulatory Environment

Assess integrity and independence issues for accepting Farrow Pharmaceuticals as an audit client.

Question

Farrow Pharmaceuticals

(a) Discuss the factors to consider regarding the integrity of the client when deciding whether to accept the nomination as auditors of Farrow Pharmaceuticals.

(b) Evaluate the considerations related to auditor independence that should be addressed before accepting the nomination as auditors of Farrow Pharmaceuticals.

Answer

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Tags: Auditor Independence, Client Integrity, Conflict of Interest, Ethical Standards, Fee Dependence
Level: Level 3

Topic: Regulatory and professional Environment

Level (SQ): Level 3

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AAA – L3 – Q7 – Assurance Services

Explain the meaning of assurance and the difference between an audit and a review.

AAA-L3 – Q6- Rules of Professional Conduct

Evaluate impact of business relationship, auditor parting, and conflict of interest on accepting Vega Investigations as an audit client.

AAA – L3 – Q5 – Corporate Governance

Identify corporate governance issues at BEM plc and recommend changes to align with good governance principles.

AAA – L3 – Q4 – Practice management

Explain why a quality management system is necessary for Sowa Accountants Ltd.

AAA – L3 – Q3 – Practice management

Evaluate advantages and disadvantages of tendering for Lakadi Leisure Ltd.'s audit.

AAA – L3 – Q2 – Professional responsibility and liability

Discuss mechanisms to avoid negligence allegations for Prescilla Ltd.'s auditors.

AAA – L3 – Q1 – Regulatory Environment

Assess integrity and independence issues for accepting Farrow Pharmaceuticals as an audit client.

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AAA – L3 – Q7 – Assurance Services

Explain the meaning of assurance and the difference between an audit and a review.

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AAA-L3 – Q6- Rules of Professional Conduct

Evaluate impact of business relationship, auditor parting, and conflict of interest on accepting Vega Investigations as an audit client.

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AAA – L3 – Q5 – Corporate Governance

Identify corporate governance issues at BEM plc and recommend changes to align with good governance principles.

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AAA – L3 – Q4 – Practice management

Explain why a quality management system is necessary for Sowa Accountants Ltd.

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AAA – L3 – Q3 – Practice management

Evaluate advantages and disadvantages of tendering for Lakadi Leisure Ltd.'s audit.

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AAA – L3 – Q2 – Professional responsibility and liability

Discuss mechanisms to avoid negligence allegations for Prescilla Ltd.'s auditors.

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AAA – L3 – Q1 – Regulatory Environment

Assess integrity and independence issues for accepting Farrow Pharmaceuticals as an audit client.

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