Question Tag: IAASB

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AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents

Explains the key contents of an audit engagement letter, highlighting the responsibilities and scope of an audit.

Question

A firm or individual having accepted an appointment as an auditor of a client company shall submit an engagement letter to the board of directors of the client company. The engagement letter can be seen as the basis for the contract between the company and the auditor.

Required:
In relation to the above statement, state and explain FIVE contents of the engagement letter.

Answer

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Tags: Audit Contract, Audit Scope, Auditor Responsibilities, Client Expectations, Engagement letter, IAASB, Professional Ethics
Level: Level 2

Topic: Professional and Ethical Considerations
Series: Nov 2024

AA – Nov 2024 – L2 – Q1a – Levels of Assurance

Discusses the differences between reasonable assurance and limited assurance in audit engagements.

Question

According to IAASB Handbook 2023-2024 edition, the degree of assurance that can be provided about the reliability of the financial statements of a company will depend on the amount of work performed in carrying out the assurance process and the result of that work. The resulting assurance falls into one of two levels – reasonable assurance and limited assurance.

Required:
In reference to the statement above, discuss the difference between reasonable assurance and limited assurance.

Answer

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Tags: Assurance, Audit, Financial Statements, IAASB, Limited Assurance, Reasonable Assurance, Risk Assessment
Level: Level 2

Topic: Nature and scope of audit and assurance evidence
Series: Nov 2024

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

Question

International Standards on Auditing (ISAs) are developed and updated by the International Auditing and Assurance Standards Board (IAASB), which is an independent standard-setting body established by the International Federation of Accountants (IFAC). The Institute of Chartered Accountants, Ghana adopts the standards set by the International Auditing and Assurance Standards Board (IAASB).

Required:
Describe the process for developing and updating ISAs.
(7 marks)

Answer

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Tags: : ISA development, IAASB, IFAC, Standard-setting process
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: NOV 2023

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

Question

a) The shareholders of Store and Quary Ltd namely Obodai and Obosie are residing abroad. They appointed directors to see to the day-to-day running of the company. The directors produced the financial statements of the company, which show a true and fair view. Other relevant information regarding directors’ pay and benefits, going concern, and management of risk have been provided by the directors. In order to know the accuracy of the information provided, the shareholders engaged your firm, Standard and Co. Chartered Accountants, to perform an assurance engagement.

Required:
i. Explain an assurance engagement as provided by IAASB. (2 marks)
ii. Explain FOUR (4) elements of an assurance engagement. (4 marks)
iii. Describe the differences between reasonable assurance engagement and limited assurance engagements. (4 marks)

Answer

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Tags: Assurance Engagement, Elements of Assurance, IAASB, Limited Assurance, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2018

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

Question

Santom Ltd is a global company that produces and sells consumer electronics. In the past year, Santom Ltd has faced several challenges, including the COVID-19 pandemic, supply chain disruptions, and increased regulatory scrutiny. Recent global events have raised significant audit issues for external auditors.

The national standard-setting bodies and the International Auditing and Assurance Standards Board (IAASB) are currently dealing with several significant audit issues.

Required:
Discuss FIVE (5) of these significant audit issues.

Answer

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Tags: Audit Issues, COVID-19 Impact, Cybersecurity, Fraud Detection, IAASB, Standard-Setting Bodies
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: MAR 2024

AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

Question

The auditing profession is very dynamic and constantly confronted with new challenges emanating from the political and economic spheres. To meet these challenges the global authority responsible for the regulation of accountancy profession, The International Federation of Accountants (IFAC) has been ensuring that the standards for conduct of audit and assurance engagements are revised and brought up to date all the time.

Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)

ii) Identify the procedures for developing new Auditing Standards. (5 marks)

Answer

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Tags: Auditing Standards, IAASB, IFAC, Standard Development Process
Level: Level 3

Topic: Current issues, The regulatory environment
Series: JULY 2023

AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues

Discuss factors affecting audit quality according to the IAASB’s recent publication on Audit Quality.

Question

Audit Quality has been a topical issue for discussion in the accountancy profession in recent times. The International Auditing and Assurance Standards Board (IAASB) has recently issued a publication on the Framework for Audit Quality. The objectives of this publication are to raise awareness of the key elements of audit quality; to encourage key stakeholders to explore ways to improve audit quality; and to facilitate greater dialogue between key stakeholders on the topic. Although audit quality is principally the responsibility of auditors, there are many factors that contribute to it. The IAASB describes these other factors as contextual, inputs, outputs, and key interactions.

Required:
Discuss with examples what factors affect Audit Quality according to the recent publication of the IAASB on Audit Quality. (10 marks)

Answer

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Tags: Audit quality, Contextual Factors, IAASB, Inputs, Key Interactions, Outputs
Level: Level 3

Topic: Audit evidence, Current issues
Series: MAY 2016

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

Question

In the audit of financial statements, auditors are required to comply fully with the International Standards on Auditing (ISAs). In general terms, the International Auditing and Assurance Standards Board (IAASB) takes the view that “an audit is an audit and should be conducted in line with the same auditing standards.” In 2009, IAASB issued a Q&A publication on matters relevant to the audit of SMEs—“applying ISAs proportionately with the size and complexity of an entity.”

Required:
Discuss the IAASB’s Clarity project on ISAs in relation to the audit of SMEs. (10 marks)

Answer

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Tags: Clarity Project, IAASB, ISAs, SME Audits
Level: Level 3

Topic: Current issues
Series: NOV 2016

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

Question

Required:

i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)

ii) Discuss the procedures for developing new Auditing Standards. (4 marks)

Answer

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Tags: Audit Procedures, Auditing Standards, IAASB, IFAC, Regulatory Environment
Level: Level 3

Topic: The regulatory environment
Series: MAY 2020

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

Question

You are the audit manager in charge of training in one of the audit firms in Ghana. The Institute of Chartered Accountants (Ghana) invited you to be a resource person of a Continuing Professional Development (CPD) programme to be organised. You are to talk on Professional Scepticism in an audit of Financial Statements.

Required:
Identify and discuss the matters that you will include in your training material.
NB: Your answer should consider the IAASB Q & A paper on professional scepticism.

Answer

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Tags: Audit quality, Financial audit, IAASB, Professional scepticism
Level: Level 3

Topic: Assurance services
Series: MAY 2019

AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents

Explains the key contents of an audit engagement letter, highlighting the responsibilities and scope of an audit.

Question

Required:
In relation to the above statement, state and explain FIVE contents of the engagement letter.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Contract, Audit Scope, Auditor Responsibilities, Client Expectations, Engagement letter, IAASB, Professional Ethics
Level: Level 2

Topic: Professional and Ethical Considerations
Series: Nov 2024

AA – Nov 2024 – L2 – Q1a – Levels of Assurance

Discusses the differences between reasonable assurance and limited assurance in audit engagements.

Question

Required:
In reference to the statement above, discuss the difference between reasonable assurance and limited assurance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assurance, Audit, Financial Statements, IAASB, Limited Assurance, Reasonable Assurance, Risk Assessment
Level: Level 2

Topic: Nature and scope of audit and assurance evidence
Series: Nov 2024

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

Question

Required:
Describe the process for developing and updating ISAs.
(7 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: : ISA development, IAASB, IFAC, Standard-setting process
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: NOV 2023

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

Question

Answer

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Tags: Assurance Engagement, Elements of Assurance, IAASB, Limited Assurance, Reasonable Assurance
Level: Level 2

Topic: Introduction to Audit and Assurance Engagements
Series: NOV 2018

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

Question

The national standard-setting bodies and the International Auditing and Assurance Standards Board (IAASB) are currently dealing with several significant audit issues.

Required:
Discuss FIVE (5) of these significant audit issues.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Issues, COVID-19 Impact, Cybersecurity, Fraud Detection, IAASB, Standard-Setting Bodies
Level: Level 2

Topic: Institutional Regulation and Standard-Setting
Series: MAR 2024

AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

Question

Required: i) Discuss FOUR (4) factors that influence the development of new Auditing Standards. (5 marks)

ii) Identify the procedures for developing new Auditing Standards. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditing Standards, IAASB, IFAC, Standard Development Process
Level: Level 3

Topic: Current issues, The regulatory environment
Series: JULY 2023

AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues

Discuss factors affecting audit quality according to the IAASB’s recent publication on Audit Quality.

Question

Required:
Discuss with examples what factors affect Audit Quality according to the recent publication of the IAASB on Audit Quality. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit quality, Contextual Factors, IAASB, Inputs, Key Interactions, Outputs
Level: Level 3

Topic: Audit evidence, Current issues
Series: MAY 2016

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

Question

Required:
Discuss the IAASB’s Clarity project on ISAs in relation to the audit of SMEs. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Clarity Project, IAASB, ISAs, SME Audits
Level: Level 3

Topic: Current issues
Series: NOV 2016

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

Question

Required:

i) Analyze the factors that influence the development of new Auditing Standards. (6 marks)

ii) Discuss the procedures for developing new Auditing Standards. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Auditing Standards, IAASB, IFAC, Regulatory Environment
Level: Level 3

Topic: The regulatory environment
Series: MAY 2020

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

Question

Required:
Identify and discuss the matters that you will include in your training material.
NB: Your answer should consider the IAASB Q & A paper on professional scepticism.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit quality, Financial audit, IAASB, Professional scepticism
Level: Level 3

Topic: Assurance services
Series: MAY 2019

Question Tag: IAASB

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AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents

Explains the key contents of an audit engagement letter, highlighting the responsibilities and scope of an audit.

You're reporting an error for "AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents"

AA – Nov 2024 – L2 – Q1a – Levels of Assurance

Discusses the differences between reasonable assurance and limited assurance in audit engagements.

You're reporting an error for "AA – Nov 2024 – L2 – Q1a – Levels of Assurance"

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

You're reporting an error for "AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting"

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

You're reporting an error for "AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

You're reporting an error for "AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting"

AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

You're reporting an error for "AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues"

AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues

Discuss factors affecting audit quality according to the IAASB’s recent publication on Audit Quality.

You're reporting an error for "AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues"

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

You're reporting an error for "AAA – Nov 2016 – L3 – Q4b – Current Issues"

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

You're reporting an error for "AAA – May 2020 – L3 – Q5a – The regulatory environment"

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

You're reporting an error for "AAA – May 2019 – L3 – Q3b – Assurance services"

AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents

Explains the key contents of an audit engagement letter, highlighting the responsibilities and scope of an audit.

You're reporting an error for "AA – Nov 2024 – L2 – Q1b – Engagement Letter Contents"

AA – Nov 2024 – L2 – Q1a – Levels of Assurance

Discusses the differences between reasonable assurance and limited assurance in audit engagements.

You're reporting an error for "AA – Nov 2024 – L2 – Q1a – Levels of Assurance"

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

You're reporting an error for "AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting"

AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements

Explains assurance engagements, differences between reasonable and limited assurance, and elements of assurance engagement.

You're reporting an error for "AA – Nov 2018 – L2 – Q1a – Introduction to Audit and Assurance Engagements"

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

You're reporting an error for "AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting"

AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues

Discusses factors influencing new auditing standards and procedures for their development by the International Federation of Accountants (IFAC).

You're reporting an error for "AAA – July 2023 – L3 – Q5a – The regulatory environment | Current issues"

AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues

Discuss factors affecting audit quality according to the IAASB’s recent publication on Audit Quality.

You're reporting an error for "AAA – May 2016 – L3 – Q5b – Audit evidence | Current issues"

AAA – Nov 2016 – L3 – Q4b – Current Issues

Discuss IAASB’s Clarity project on ISAs concerning the audit of SMEs.

You're reporting an error for "AAA – Nov 2016 – L3 – Q4b – Current Issues"

AAA – May 2020 – L3 – Q5a – The regulatory environment

Analyze the factors influencing the development of new auditing standards and discuss the procedures involved in their creation.

You're reporting an error for "AAA – May 2020 – L3 – Q5a – The regulatory environment"

AAA – May 2019 – L3 – Q3b – Assurance services

Discuss the matters to include in training material on professional scepticism in audit based on IAASB guidelines

You're reporting an error for "AAA – May 2019 – L3 – Q3b – Assurance services"

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