Question Tag: Audit Committees

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AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

Question

a) Boards rely on the Audit Committee to offer effective oversight of the financial reporting process, making it one of the cornerstones for effective corporate governance. Effective Audit Committee is vital for protecting investors and the health of the capital markets.

Required:
i) Identify THREE (3) requirements in the composition of Audit Committees in accordance with the best practice in Corporate Governance. (3 marks)
ii) List TWO (2) functions of an Audit Committee. (2 marks)

Answer

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Tags: Audit Committees, Best Practices, Composition, Corporate Governance, Functions
Level: Level 2

Topic: Institutional Regulation and Standard-Setting, Professional and Ethical Considerations
Series: JULY 2023

AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting

Explain the objectives of communicating with those charged with governance and list matters to be communicated by an auditor.

Question

In addition to the Auditor’s Report, the auditor communicates with those charged with governance and audit committees of their clients.

Required:
i) What are the objectives of an auditor communicating with those charged with governance or audit committees? (3 marks)
ii) State SEVEN (7) matters to be communicated with those charged with governance or audit committees of a non-listed company by an auditor. (7 marks)

Answer

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Tags: Audit Committees, Auditor's Report, Communication, Governance
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAR 2023

AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship

Discuss the benefits of forming an audit committee for Ebaatsake Ltd based on issues raised in a scenario.

Question

Ebaatsake Ltd designs and manufactures luxury motor vehicles. The company employs 2,500 staff and consistently makes a net profit of between 10% and 15% of sales. Ebaatsake Ltd is not listed; its shares are held by 15 individuals, most of them from the same family. The maximum shareholding is 15% of the share capital.

The executive directors are drawn mainly from the shareholders. There are no non-executive directors because the company legislation in Ebaatsake Ltd’s jurisdiction does not require any. The executive directors are very successful in running Ebaatsake Ltd, partly from their training in production and management techniques, and partly from their hands-on approach providing motivation to employees.

The board is considering a significant expansion of the company. However, the company’s bankers are concerned with the standard of financial reporting as the Finance Director (FD) has recently left Ebaatsake Ltd. The board is delaying provision of additional financial information until a new FD is appointed.

Although Ebaatsake Ltd does have an internal audit department, the Chief Internal Auditor frequently complains that the board of Ebaatsake Ltd does not understand his reports nor provide sufficient support for his department and the internal control systems within Ebaatsake Ltd. The board of Ebaatsake Ltd concurs with this view. Adoko & Co, the external auditors, have also expressed concern in this area and the fact that the internal audit department focuses work on control systems, not financial reporting. Adoko & Co are appointed by and report to the board of Ebaatsake Ltd.

The board of Ebaatsake Ltd is considering a proposal from the Chief Internal Auditor to establish an audit committee. The committee would consist of one executive director, the chief internal auditor as well as three new appointees. One appointee would have a non-executive seat on the board of directors.

Required:
Discuss how the formation of an audit committee could address the issues raised in the above scenario.

Answer

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Tags: Audit Committees, Board of Directors, Corporate Governance, External Auditors, Financial Reporting, Internal Audit
Level: Level 2

Topic: Internal Audit and External Audit Relationship
Series: NOV 2017

AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

Question

(b) Businesses may establish an audit committee to help improve corporate governance within a company. This can provide benefits to both internal and external auditors.

Required:
Explain how an audit committee can benefit both the external auditors and the internal auditors of an entity. (4 marks)

Answer

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Tags: Audit Committees, Communication, Corporate Governance, External audit, Independence, Internal Audit, Risk Management
Level: Level 2

Topic: Institutional Regulation and Standard Setting
Series: MAY 2016

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

Question

The Public Financial Management Act, 2016 (Act 921) requires that all public sector entities should have audit committees. The Act also prescribes the functions of such committees; the functions include mandatory responsibilities and advisory responsibilities. Fortunately, you have been appointed to serve on the audit committee of a Government Agency for a term of two years, renewable for a second term, also for two years.

Required:

Discuss FIVE (5) responsibilities for the first year of your tenure. (10 marks)

Answer

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Tags: Audit Committees, Compliance, Governance, Public Sector Audit
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: JULY 2023

AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services

Recommend the composition of an audit committee for a company preparing to list and describe its responsibilities.

Question

Ghana Sugar Company Limited, a private company, has been in operation for many years. Owing to a rising need to raise additional capital, the shareholders have passed a resolution to convert the company into a public company and list it on the Ghana Stock Exchange. You have been contracted to help the Directors to carry the resolution through. During your preliminary discussion with the Directors, you realized that they were not very conversant with the listing rules of the Ghana Stock Exchange, and you drew their attention to the establishment of an Audit Committee as a condition for listing on the Ghana Stock Exchange.

The Directors agreed to discuss the establishment of the Audit Committee at the next emergency meeting and invited you to be present.

Required: Recommend the composition of the audit committee and describe its responsibilities to the Directors. (10 marks)

Answer

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Tags: Audit Committees, Corporate Governance, Public Companies, Stock Exchange Listing Requirements
Level: Level 3

Topic: Audit evidence, Audit-related services
Series: NOV 2016

AAA – Nov 2018 – L3 – Q4b – Public sector audit

Discussion on mandatory and advisory roles of audit committees under the Public Financial Management Act.

Question

Under the Public Financial Management Act, Audit Committees are required to play important roles in corporate governance and accountability.

Required:
Discuss FIVE (5) mandatory roles and responsibilities and FIVE (5) advisory roles and responsibilities of Audit Committees that may contribute to Corporate Governance and Accountability. (10 marks)

Answer

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Tags: Audit Committees, Corporate Governance, Public Accountability
Level: Level 3

Topic: Public sector audit
Series: NOV 2018

PSAF – May 2018 – L2 – Q5b – Public Procurement

Explain the functions of the Public Accounts Committee and Audit Committees in ensuring value for money and accountability.

Question

State and explain TWO functions each performed by the following institutions in ensuring value for money and accountability in the public sector of Ghana:

i) Public Accounts Committee (PAC) of Parliament
ii) Audit Committees of MDAs and MMDAs.

Answer

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Tags: Audit Committees, Public Accounts Committee, Public Sector Accountability, Value for Money
Level: Level 2

Topic: Public Procurement
Series: MAY 2018

AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

Question

Answer

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Tags: Audit Committees, Best Practices, Composition, Corporate Governance, Functions
Level: Level 2

Topic: Institutional Regulation and Standard-Setting, Professional and Ethical Considerations
Series: JULY 2023

AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting

Explain the objectives of communicating with those charged with governance and list matters to be communicated by an auditor.

Question

In addition to the Auditor’s Report, the auditor communicates with those charged with governance and audit committees of their clients.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Auditor's Report, Communication, Governance
Level: Level 2

Topic: Completion Procedures and Reporting
Series: MAR 2023

AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship

Discuss the benefits of forming an audit committee for Ebaatsake Ltd based on issues raised in a scenario.

Question

Required:
Discuss how the formation of an audit committee could address the issues raised in the above scenario.

Answer

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Tags: Audit Committees, Board of Directors, Corporate Governance, External Auditors, Financial Reporting, Internal Audit
Level: Level 2

Topic: Internal Audit and External Audit Relationship
Series: NOV 2017

AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

Question

(b) Businesses may establish an audit committee to help improve corporate governance within a company. This can provide benefits to both internal and external auditors.

Required:
Explain how an audit committee can benefit both the external auditors and the internal auditors of an entity. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Communication, Corporate Governance, External audit, Independence, Internal Audit, Risk Management
Level: Level 2

Topic: Institutional Regulation and Standard Setting
Series: MAY 2016

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

Question

Required:

Discuss FIVE (5) responsibilities for the first year of your tenure. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Compliance, Governance, Public Sector Audit
Level: Level 3

Topic: Government external audit and public accountability, Public sector audit
Series: JULY 2023

AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services

Recommend the composition of an audit committee for a company preparing to list and describe its responsibilities.

Question

The Directors agreed to discuss the establishment of the Audit Committee at the next emergency meeting and invited you to be present.

Required: Recommend the composition of the audit committee and describe its responsibilities to the Directors. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Corporate Governance, Public Companies, Stock Exchange Listing Requirements
Level: Level 3

Topic: Audit evidence, Audit-related services
Series: NOV 2016

AAA – Nov 2018 – L3 – Q4b – Public sector audit

Discussion on mandatory and advisory roles of audit committees under the Public Financial Management Act.

Question

Under the Public Financial Management Act, Audit Committees are required to play important roles in corporate governance and accountability.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Corporate Governance, Public Accountability
Level: Level 3

Topic: Public sector audit
Series: NOV 2018

PSAF – May 2018 – L2 – Q5b – Public Procurement

Explain the functions of the Public Accounts Committee and Audit Committees in ensuring value for money and accountability.

Question

State and explain TWO functions each performed by the following institutions in ensuring value for money and accountability in the public sector of Ghana:

i) Public Accounts Committee (PAC) of Parliament
ii) Audit Committees of MDAs and MMDAs.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committees, Public Accounts Committee, Public Sector Accountability, Value for Money
Level: Level 2

Topic: Public Procurement
Series: MAY 2018

Question Tag: Audit Committees

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AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

You're reporting an error for "AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations"

AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting

Explain the objectives of communicating with those charged with governance and list matters to be communicated by an auditor.

You're reporting an error for "AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting"

AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship

Discuss the benefits of forming an audit committee for Ebaatsake Ltd based on issues raised in a scenario.

You're reporting an error for "AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship"

AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

You're reporting an error for "AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting"

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

You're reporting an error for "AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit"

AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services

Recommend the composition of an audit committee for a company preparing to list and describe its responsibilities.

You're reporting an error for "AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services"

AAA – Nov 2018 – L3 – Q4b – Public sector audit

Discussion on mandatory and advisory roles of audit committees under the Public Financial Management Act.

You're reporting an error for "AAA – Nov 2018 – L3 – Q4b – Public sector audit"

PSAF – May 2018 – L2 – Q5b – Public Procurement

Explain the functions of the Public Accounts Committee and Audit Committees in ensuring value for money and accountability.

You're reporting an error for "PSAF – May 2018 – L2 – Q5b – Public Procurement"

AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

You're reporting an error for "AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations"

AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting

Explain the objectives of communicating with those charged with governance and list matters to be communicated by an auditor.

You're reporting an error for "AA – Mar 2023 – L2 – Q5c – Completion Procedures and Reporting"

AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship

Discuss the benefits of forming an audit committee for Ebaatsake Ltd based on issues raised in a scenario.

You're reporting an error for "AA – Nov 2017 – L2 – Q1a – nternal Audit and External Audit Relationship"

AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting

This question explains how an audit committee benefits both external and internal auditors by enhancing communication, independence, and oversight.

You're reporting an error for "AA – May 2016 – L2 – Q3b – Institutional Regulation and Standard-Setting"

AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit

Discuss the responsibilities for an audit committee member during the first year of tenure in a public sector organization.

You're reporting an error for "AAA – July 2023 – L3 – Q4b – Government external audit and public accountability | Public sector audit"

AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services

Recommend the composition of an audit committee for a company preparing to list and describe its responsibilities.

You're reporting an error for "AAA – Nov 2016 – L3 – Q2b – Audit evidence | Audit-related services"

AAA – Nov 2018 – L3 – Q4b – Public sector audit

Discussion on mandatory and advisory roles of audit committees under the Public Financial Management Act.

You're reporting an error for "AAA – Nov 2018 – L3 – Q4b – Public sector audit"

PSAF – May 2018 – L2 – Q5b – Public Procurement

Explain the functions of the Public Accounts Committee and Audit Committees in ensuring value for money and accountability.

You're reporting an error for "PSAF – May 2018 – L2 – Q5b – Public Procurement"

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