Auditor appointment

AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

Question

ISA 210, Agreeing the Terms of Audit Engagements, requires that the auditor needs to agree the terms of audit engagement prior to commencement of work.

Required:
a. What is an engagement letter? (2 Marks)
b. Highlight EIGHT major items expected to be found in a typical audit engagement letter. (8 Marks)
c. State FIVE advantages of an engagement letter. (5 Marks)
d. State FIVE requirements of ISA 210 with respect to the preconditions for accepting appointment as an auditor. (5 Marks)

Answer

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Tags: Audit Engagement Terms, Audit Preconditions, Auditor appointment, Engagement letter, ISA 210
Level: Level 2

Topic: Agreeing the Terms of Audit Engagements (ISA 210)
Series: NOV 2022

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

Question

a) AWS Bank Plc has one of their non-executive directors as a partner with their external auditors. This was known after a due diligence was conducted by Bank of Ghana (BoG) and later reported to the directors of AWS Bank Plc. BoG has advised the directors of the bank to take the necessary action within a month.

Required:
What procedures should the Directors of AWS Bank Plc take in appointing the new Auditor? (5 marks)

Answer

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Tags: Audit Procedures, Auditor appointment, Bank of Ghana, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: JULY 2023

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

Question

Outline the procedures for the appointment of auditors in accordance with the Companies Act 1963 (Act 179). (8 marks)

Answer

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Tags: Auditor appointment, Companies Act, Procedures
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

The auditors of Obuasi Ltd resigned on 21 August 2019 after they had been validly appointed and accepted. The directors of Obuasi Ltd appointed Ofori Ansong and Co. Chartered Accountants as their new auditors on 10 October 2019. The Registrar General refused to accept Ofori Ansong and Co as auditors on the grounds that the directors had acted beyond their powers since the Registrar General has the power to appoint auditors.

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

Question

In 2018, the Bank of Ghana (BoG) revoked the licenses of five struggling banks in Ghana and merged them to form a new bank. Following the merger, the BoG appointed an external auditor for the new bank, as the previous auditors of the merged banks were no longer able to continue in their roles.

However, in 2019, the BoG terminated the appointment of the external auditor for the new bank due to concerns about the independence and competence of the auditor. As a result, the BoG appointed new external auditors for the bank.

Required:
i) Discuss THREE (3) circumstances under which BoG may appoint an auditor to audit the financial statements of a bank. (5 marks)

ii) Discuss THREE (3) circumstances under which BoG may terminate the appointment of an auditor to audit the financial statements of a bank. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Auditor Independence, Bank of Ghana, Termination of Auditor
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAR 2024

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

Question

i) The quality control standard for firms, ISQC 1: Quality control for firms that perform audits and reviews of financial statements and other assurance services engagements sets out standards and guidance that helps firms to comply with ethical, professional and legal requirements in the performance of audit and other professional assignments for the public.
Required:
At the firm level, recommend the elements that should be included in an audit firm’s system of Quality Control. (5 marks)

ii) You are a partner in Nii and Nana Associates, a firm of Chartered Accountants. You have just been nominated for the audit of Wine and Dine Ltd., a catering company in the twin-city. The company and its officers are not known to the firm. The company has just been incorporated and has not previously had an audit. You are about ready to accept the nomination.
Required:
Discuss why it is important for auditors to carry out procedures before accepting nomination for appointments. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Due diligence, Ethical considerations, ISQC 1, Quality control
Level: Level 3

Topic: Practice management, Professional responsibility and liability
Series: MAY 2018

AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

Question

ISA 210, Agreeing the Terms of Audit Engagements, requires that the auditor needs to agree the terms of audit engagement prior to commencement of work.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Engagement Terms, Audit Preconditions, Auditor appointment, Engagement letter, ISA 210
Level: Level 2

Topic: Agreeing the Terms of Audit Engagements (ISA 210)
Series: NOV 2022

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

Question

Required:
What procedures should the Directors of AWS Bank Plc take in appointing the new Auditor? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditor appointment, Bank of Ghana, Corporate Governance
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: JULY 2023

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

Question

Outline the procedures for the appointment of auditors in accordance with the Companies Act 1963 (Act 179). (8 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Companies Act, Procedures
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2016

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

Question

Required:
Comment on the action of the Registrar General. (7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Resignation, Auditor appointment, Companies Act, Registrar-General, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities, Regulatory framework and processes
Series: MAY 2020

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

Question

Auditor appointment, dismissal, and remuneration is regulated by Companies Act 2019 (Act 992).

Required:
i) How are auditors of Limited Liability companies:

Appointed (3 marks)
Remunerated (2 marks)

ii) What may cause auditors to resign from their appointments? (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 992, Auditor appointment, Auditor Remuneration, Auditor Resignation, Companies Act 2019
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAY 2021

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

Question

Required:
i) Discuss THREE (3) circumstances under which BoG may appoint an auditor to audit the financial statements of a bank. (5 marks)

ii) Discuss THREE (3) circumstances under which BoG may terminate the appointment of an auditor to audit the financial statements of a bank. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Auditor Independence, Bank of Ghana, Termination of Auditor
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: MAR 2024

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor appointment, Due diligence, Ethical considerations, ISQC 1, Quality control
Level: Level 3

Topic: Practice management, Professional responsibility and liability
Series: MAY 2018

Question Tag: Auditor appointment

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AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

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Question Tag: Auditor appointment

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AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

You're reporting an error for "AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement"

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

You're reporting an error for "AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

You're reporting an error for "AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities"

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

You're reporting an error for "AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

You're reporting an error for "AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

You're reporting an error for "AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability"

AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

You're reporting an error for "AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement"

AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Procedures for appointing a new auditor after a conflict of interest at AWS Bank Plc.

You're reporting an error for "AA – July 2023 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities

Outline the procedures for appointing auditors according to the Companies Act.

You're reporting an error for "AA – Nov 2016 – L2 – Q4c – Regulatory Framework and Audit Responsibilities"

AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Comment on the powers of the Registrar General regarding auditor appointments in the scenario.

You're reporting an error for "AA – May 2020 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities

Explain the appointment, remuneration, and resignation of auditors for limited liability companies.

You're reporting an error for "AA – May 2021 – L2 – Q2c – Regulatory Framework and Audit Responsibilities"

AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities

Discuss the circumstances under which BoG can appoint or terminate the appointment of an auditor for a bank.

You're reporting an error for "AA – Mar 2024 – L2 – Q2a – Regulatory Framework and Audit Responsibilities"

AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability

Discusses quality control standards for audit firms and the importance of procedures before accepting audit appointments.

You're reporting an error for "AAA – May 2018 – L3 – Q2b – Practice management, Professional responsibility and liability"

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