Legal Requirements – Page 2

AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

Question

In compliance with ISA 250 “Consideration of Laws and Regulations in an Audit of Financial Statements,” the auditor shall conduct the audit in a manner that gives them confidence that the client has met all legal requirements of the country in which it operates.

As the Audit Partner in charge of APB Manufacturing Plc, you are required to:

a. Identify and clarify SIX steps that ISA 250 requires of you in ascertaining that the company complies with all applicable laws and regulations. (9 Marks)
b. State and explain FOUR procedural actions you will take in the event that the company failed to comply, in material areas, with applicable laws and regulations. (6 Marks)

Answer

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Tags: Audit Procedures, Compliance Testing, ISA 250, Legal Requirements, Non-Compliance Actions
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

Question

Auditors can disclose the client’s confidential information for the following reasons EXCEPT:

A. Auditors know client has committed terrorist offence
B. Information is required by the auditor for another client
C. Auditors suspect client has committed treason
D. There is public duty to disclose
E. Disclosure is needed to protect auditor’s own interest

Answer

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Tags: Auditor Disclosure, Client Information, Confidentiality, Ethics, Legal Requirements
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

Question

Which of the following is NOT a factor to be considered when deciding the form of a business enterprise?

A. The degree of personal liability
B. The willingness to share decision-making powers and risks
C. The cost of establishing the business
D. The location of the business
E. The legal requirements concerning the provision of public information

Answer

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Tags: Business Structure, Decision Making, Legal Requirements, Liability
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

Question

Under the Companies and Allied Matters Act, the contents of a notice of meeting must specify the following EXCEPT the:
A. Place
B. Date
C. Time
D. General nature of business
E. Remuneration of members

Answer

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Tags: Company Meetings, Legal Requirements, Notice
Level: Level 1

Topic: Company Law
Series: MAY 2014

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

Question

A contract may be valid without consideration if it
A. Has exclusion term
B. Has warranty
C. Is by deed
D. Is implied
E. Is made express

Answer

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Tags: Consideration, Contract, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

Question

The essential elements of a contract include the following EXCEPT:
A. Offer
B. Acceptance
C. Consideration
D. Intention to create legal relationship
E. Invitation to treat

Answer

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Tags: Contract Law, Essential Elements, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

Question

The minimum number of persons that could form a Public Limited Liability Company is
A. 28
B. 21
C. 14
D. 7
E. 2

Answer

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Tags: Company Formation, Legal Requirements, Public Limited Liability Company
Level: Level 1

Topic: Company Law
Series: NOV 2014

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

Question

Electronic evidence is currently admissible under the Nigerian law.

Required:
On which condition could a customer’s online transaction be admitted in evidence?

Answer

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Tags: Admissibility, Electronic Evidence, Legal Requirements
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2017

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

Question

State FIVE reasons for which the Corporate Affairs Commission may refuse to register the documents of a proposed company.

Answer

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Tags: Business Names, Company Registration, Corporate Affairs Commission, Legal Requirements
Level: Level 1

Topic: Company Law
Series: MAY 2017

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

Question

Under the Companies and Allied Matters Act 2004, the name of a private company limited by shares shall end with the word:
A. Registered
B. Limited
C. Incorporated
D. Corporation
E. Cooperative

Answer

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Tags: CAMA, Company Law, Legal Requirements, Private Company
Level: Level 1

Topic: Company Law
Series: MAR/JULY 2020

BL – May 2016 – L1 – SB – Q5c – Introduction to Law

Brief explanation of criminal law, ethical codes, and bribery in the context of professional conduct.

Question

Criminal Law and Ethical Codes are to control the conduct of men and professionals in a state.

You are required to:

i. Explain briefly: Criminal Law (2 Marks)

ii. Explain briefly: Ethical Codes (2 Marks)

iii. Explain briefly: Bribery (2 Marks)

Answer

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Tags: Board of Directors, Corporate Governance, Legal Requirements
Level: Level 1

Topic: Introduction to Law
Series: MAY 2016

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

Question

You have been nominated as an Auditor to replace a professional colleague who is retiring from an engagement after having served the mandatory period of six years as required by statute.

Required:
Describe FIVE (5) procedures you should follow to fulfill the legal and professional requirements for the acceptance of the engagement.

Answer

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Tags: Acceptance Procedures, Audit Engagement, Audit Firm, Legal Requirements, Professional Responsibility
Level: Level 2

Topic: Professional and Ethical Considerations
Series: DEC 2022

BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations

Discuss the typical provisions in a partnership agreement and the steps required when a partner retires.

Question

a) What provisions should typically be contained in a Partnership Agreement? (10 marks)

b) Upon the retirement of a partner in a Partnership, after that partner had given notice to that effect to the other partners, describe the steps that ought to be taken by the remaining partners pursuant to the notice, in accordance with law. (10 marks)

Answer

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Tags: Company Law, Legal Requirements, Partnership Agreement, Retirement of Partners
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: MAY 2016

BCL – May 2016 – L1 – Q5a – Company Law

State five items required by law in the regulations of a company registered under the Companies Act.

Question

State FIVE items that are by law required in the Regulations of a Company registered under the Companies Act. (5 marks)

Answer

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Tags: Companies Act, Company Regulations, Legal Requirements
Level: Level 1

Topic: Contract Law
Series: MAY 2016

BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations

List of particulars required for sole proprietorship registration with the Registrar-General.

Question

List FOUR (4) particulars for registration with the Registrar-General by a sole proprietor. (4 marks)

Answer

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Tags: Business Registration, Legal Requirements, Sole Proprietorship
Level: Level 1

Topic: Alternative forms and constitutions of business organisations
Series: NOV 2019

Question Tag: Legal Requirements

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AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

BL – May 2016 – L1 – SB – Q5c – Introduction to Law

Brief explanation of criminal law, ethical codes, and bribery in the context of professional conduct.

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations

Discuss the typical provisions in a partnership agreement and the steps required when a partner retires.

BCL – May 2016 – L1 – Q5a – Company Law

State five items required by law in the regulations of a company registered under the Companies Act.

BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations

List of particulars required for sole proprietorship registration with the Registrar-General.

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Question Tag: Legal Requirements

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AAA – Nov 2016 – L3 – Q5 – Regulatory Framework and Professional Standards

Identify steps and procedural actions auditors take under ISA 250 to ensure compliance with laws and regulations.

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AAA – Nov 2011 – L3 – SA – Q5 – Ethical Issues in Auditing

Identifies exceptions where auditors may not disclose a client's confidential information.

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BMF – Nov 2014 – L1 – SA – Q3 – Business and Organizational Structures and Choices

Identifies the factor irrelevant to deciding the form of a business enterprise.

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BL – May 2014 – L1 – SA – Q14 – Company Law

Understanding what a notice of meeting must specify.

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BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

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BL – Nov 2014 – L1 – SA – Q14 – Law of Contract

Identifying an element that is not essential to a contract

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BL – Nov 2014 – L1 – SA – Q4 – Company Law

Identifying the minimum number of persons required to form a Public Limited Liability Company

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BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking

Discusses the conditions under which electronic evidence, such as a customer's online transaction, can be admitted in court under Nigerian law.

You're reporting an error for "BL – May 2017 – L1 – SB – Q6d – Law Relating to Banking"

BL – May 2017 – L1 – SB – Q1d – Company Law

Identifies reasons why the Corporate Affairs Commission may refuse to register a proposed company.

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BL – MarJul 2020 – L1 – SA – Q4 – Company Law

Question testing knowledge on the requirement for naming a private company under the Companies and Allied Matters Act 2004.

You're reporting an error for "BL – MarJul 2020 – L1 – SA – Q4 – Company Law"

BL – May 2016 – L1 – SB – Q5c – Introduction to Law

Brief explanation of criminal law, ethical codes, and bribery in the context of professional conduct.

You're reporting an error for "BL – May 2016 – L1 – SB – Q5c – Introduction to Law"

AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations

Describes the five procedures an auditor must follow to comply with legal and professional requirements before accepting an audit engagement.

You're reporting an error for "AA – Dec 2022 – L2 – Q2c – Professional and Ethical Considerations"

BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations

Discuss the typical provisions in a partnership agreement and the steps required when a partner retires.

You're reporting an error for "BCL – May 2016 – L1 – Q7 – Alternative Forms and Constitutions of Business Organizations"

BCL – May 2016 – L1 – Q5a – Company Law

State five items required by law in the regulations of a company registered under the Companies Act.

You're reporting an error for "BCL – May 2016 – L1 – Q5a – Company Law"

BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations

List of particulars required for sole proprietorship registration with the Registrar-General.

You're reporting an error for "BCL – Nov 2019 – L1 – Q2c – Alternative forms and constitutions of business organisations"

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