Audit Acceptance

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

Question

As a Senior Manager in Inagbe and Co. (Chartered Accountants), you act as a mentor to some of the young auditors in practice. As a mentor, you discuss frequently with your young mentees on professional and personal matters. Zainab Nigeria Limited is a cosmetics company and has just recently appointed Inagbe and Co. as its auditor. One of your young mentees has been asked to be part of the engagement team. The mentee has come to you for some advice and you decided to use the opportunity to explain the process and procedures to be carried out when accepting a new engagement.

Required:

(a) Explain the elements of an engagement letter. (7 Marks)
(b) Discuss the circumstances under which an auditor may reject an audit engagement. (3 Marks)
(c) Discuss the procedures that an audit firm needs to carry out before accepting to audit a new client. (4 Marks)
(d) Explain the audit procedures that should be carried out on opening balances. (6 Marks)

Answer

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Tags: Audit Acceptance, Audit Procedures, Engagement letter, Opening Balances
Level: Level 3

Topic: Advanced Audit Planning and Strategy

AA – May 2021 – L2 – Q3 – Regulatory Framework for Auditing

Examination of factors for audit acceptance, stages in auditing, and roles of ICAN and FGN in audit regulation.

Question

The partners of Integrity Professional Services have just obtained their practicing licenses from the Institute. The professional service firm has decided to engage in audit, taxation, and consulting services. The firm has secured the approval of shareholders of some companies to be their auditors.

In view of the development, interested candidates have been invited to submit applications for appointment as audit seniors in the firm. You were shortlisted for an interview:

Required:

a. Explain the factors to be considered before accepting the audit of a company. (4 Marks)

b. Describe the stages in an audit of a company. (6 Marks)

c. Discuss the different roles of the Institute of Chartered Accountants of Nigeria (ICAN) and the Federal Government of Nigeria (FGN) in the regulation of external audit. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Acceptance, External Audit Regulation, ICAN, Stages in Audit
Level: Level 2

Topic: Regulatory Framework for Auditing
Series: MAY 2021

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

Question

Required:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Acceptance, Audit Procedures, Engagement letter, Opening Balances
Level: Level 3

Topic: Advanced Audit Planning and Strategy

AA – May 2021 – L2 – Q3 – Regulatory Framework for Auditing

Examination of factors for audit acceptance, stages in auditing, and roles of ICAN and FGN in audit regulation.

Question

In view of the development, interested candidates have been invited to submit applications for appointment as audit seniors in the firm. You were shortlisted for an interview:

Required:

a. Explain the factors to be considered before accepting the audit of a company. (4 Marks)

b. Describe the stages in an audit of a company. (6 Marks)

c. Discuss the different roles of the Institute of Chartered Accountants of Nigeria (ICAN) and the Federal Government of Nigeria (FGN) in the regulation of external audit. (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Acceptance, External Audit Regulation, ICAN, Stages in Audit
Level: Level 2

Topic: Regulatory Framework for Auditing
Series: MAY 2021

Question Tag: Audit Acceptance

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AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

AA – May 2021 – L2 – Q3 – Regulatory Framework for Auditing

Examination of factors for audit acceptance, stages in auditing, and roles of ICAN and FGN in audit regulation.

AAA – May 2021 – L3 – Q4 – Advanced Audit Planning and Strategy

Discussion of engagement letter elements, reasons for rejecting an engagement, procedures for new client acceptance, and opening balances audit.

AA – May 2021 – L2 – Q3 – Regulatory Framework for Auditing

Examination of factors for audit acceptance, stages in auditing, and roles of ICAN and FGN in audit regulation.

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