Question Tag: Professional Standards

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MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

Question

According to the IESBA Handbook of the International Code of Ethics for Professional Accountants, 2024 Edition, a distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest and uphold ethical standards.

Required:

Explain the need for ethical standards in business (make reference to threats to ethical behavior).

Answer

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Tags: Business Integrity, Code of Conduct, Corporate Governance, Ethics, Professional Standards
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: Nov 2024

AAA – Nov 2013 – L3 – AII – Q5 – Quality Control in Audit Firms

Discusses the scope of quality control within an audit firm.

Question

Quality control should not be in respect of each engagement only but must be a……………………….in the entire firm.

Answer

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Tags: Audit Firms, Engagements, Firm-wide Policy, Professional Standards, Quality control
Level: Level 3

Topic: Quality Control in Audit Firms
Series: NOV 2013

AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability

Explores the legal defence for auditors against damages claimed by clients.

Question

1. An auditor’s legal defence that the damages claimed by the client were not brought about by any act of his is …………………………..

Answer

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Tags: Auditor Liability, Legal Defence, Negligence Claims, Professional Standards
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2013

AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing

Prepare a manual on external auditor eligibility and discuss auditor objectives under ISA 200.

Question

The accountancy profession earns confidence and public respect partly as a result of its self-regulatory mechanism, application of legal principles, and professional standards.

This issue became a subject of discussion when a group of business owners who just incorporated their companies were deliberating on who should carry out an audit and what are the guiding principles for determining the performance of such responsibility.

Required:

a. Prepare a manual to enable the discussants to understand this professional member’s eligibility to act as an external auditor. (9 Marks)

b. Discuss the objectives of an auditor in accordance with ISA 200: Overall objectives of the independent auditor and the conduct of an auditor in accordance with International Standards on Auditing. (6 Marks)

Answer

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Tags: Audit Guidance, Audit Objectives, Auditor Eligibility, ISA 200, Professional Standards
Level: Level 3

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Which of the following organisations has no representation on the Board of the Financial Reporting Council of Nigeria?
A. Chartered Institute of Taxation of Nigeria
B. Chartered Institute of Stockbrokers
C. Nigerian Institute of Bankers
D. Nigerian Institute of Estate Surveyors and Valuers
E. National Insurance Commission

Answer

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Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

Question

Auditors that carry out transnational audit usually belong to multinational firms and as such are:

A. Independent of the local laws and regulations
B. Not expected to operate under the professional rules of any particular country
C. Not accountable to any supervisory body
D. Expected to buy the shares of the multinational corporations to gain entry into the country
E. Operating subject to national laws and professional values in more than one country

Answer

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Tags: Multinational Firms, Professional Standards, Regulatory Framework, Transnational Audit
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

Question

Statements by professional accountancy bodies stating the basic procedures to be adopted when conducting an audit assignment are called………………..

Answer

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Tags: Audit Procedures, Professional Standards, Regulatory Statements
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

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Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

Question

You have recently been appointed the auditors of Spicer Plc, a company whose shares are traded on a stock exchange. The directors of Spicer Plc have recommended that you perform the following services:

The statutory audit of the annual accounts
Taxation services
Consultancy services in respect of the implementation of a new information technology system

Your firm has not acted for Spicer Plc before but does act as auditors to one of its major competitors.

Required:
a. Identify and explain the professional and ethical issues that should have been identified by your firm in relation to the provision of the services outlined above to Spicer Plc and describe the safeguards that should be in place in order to address these issues. (11 marks)

b. What are the five fundamental principles of ethics? Briefly explain their meaning. (5 marks)

c. A client’s affairs should not be disclosed to third parties. However, where a client has been guilty of an unlawful act, to whom should the auditor disclose this information, and in what order? (4 marks)

Answer

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Tags: Client Engagement, Confidentiality, Disclosure, Ethics, Professional Standards
Level: Level 2

Topic: Ethical Issues in Auditing
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

Question

Briefly explain TWO powers of a professional accounting organization.

Answer

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Tags: Powers, Professional Accounting, Professional Standards, Regulation
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

Question

Required:

Explain the need for ethical standards in business (make reference to threats to ethical behavior).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Integrity, Code of Conduct, Corporate Governance, Ethics, Professional Standards
Level: Level 2

Topic: Other Aspects of Performance Measurement
Series: Nov 2024

AAA – Nov 2013 – L3 – AII – Q5 – Quality Control in Audit Firms

Discusses the scope of quality control within an audit firm.

Question

Quality control should not be in respect of each engagement only but must be a……………………….in the entire firm.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Firms, Engagements, Firm-wide Policy, Professional Standards, Quality control
Level: Level 3

Topic: Quality Control in Audit Firms
Series: NOV 2013

AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability

Explores the legal defence for auditors against damages claimed by clients.

Question

1. An auditor’s legal defence that the damages claimed by the client were not brought about by any act of his is …………………………..

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Liability, Legal Defence, Negligence Claims, Professional Standards
Level: Level 3

Topic: Auditor’s Legal Liability
Series: NOV 2013

AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing

Prepare a manual on external auditor eligibility and discuss auditor objectives under ISA 200.

Question

The accountancy profession earns confidence and public respect partly as a result of its self-regulatory mechanism, application of legal principles, and professional standards.

Required:

a. Prepare a manual to enable the discussants to understand this professional member’s eligibility to act as an external auditor. (9 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Guidance, Audit Objectives, Auditor Eligibility, ISA 200, Professional Standards
Level: Level 3

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

Question

Answer

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Tags: Financial Reporting, Governance, Professional Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

Question

Auditors that carry out transnational audit usually belong to multinational firms and as such are:

Answer

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Tags: Multinational Firms, Professional Standards, Regulatory Framework, Transnational Audit
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

Question

Statements by professional accountancy bodies stating the basic procedures to be adopted when conducting an audit assignment are called………………..

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Professional Standards, Regulatory Statements
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2011

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

Question

Threats to objectivity include the following EXCEPT:

A. Familiarity threat
B. Self-regulatory threat
C. Intimidation threat
D. Advocacy threat
E. Self-interest threat

Answer

Find Related Questions by Tags, levels, etc.

Tags: Ethics, Objectivity, Professional Standards, Threats to Independence
Level: Level 3

Topic: Ethical Issues in Auditing
Series: NOV 2011

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

Question

The statutory audit of the annual accounts
Taxation services
Consultancy services in respect of the implementation of a new information technology system

Your firm has not acted for Spicer Plc before but does act as auditors to one of its major competitors.

b. What are the five fundamental principles of ethics? Briefly explain their meaning. (5 marks)

Answer

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Tags: Client Engagement, Confidentiality, Disclosure, Ethics, Professional Standards
Level: Level 2

Topic: Ethical Issues in Auditing
Series: MAY 2016

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

Question

Briefly explain TWO powers of a professional accounting organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Powers, Professional Accounting, Professional Standards, Regulation
Level: Level 1

Topic: The Role of Professional Accountants in Business and Society
Series: MAY 2023

Question Tag: Professional Standards

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MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

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AAA – Nov 2013 – L3 – AII – Q5 – Quality Control in Audit Firms

Discusses the scope of quality control within an audit firm.

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AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability

Explores the legal defence for auditors against damages claimed by clients.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability"

AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing

Prepare a manual on external auditor eligibility and discuss auditor objectives under ISA 200.

You're reporting an error for "AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing"

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

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AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

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AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

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AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

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BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

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MA – Nov 2024 – L2 – Q2b – Ethical Standards in Business

Explanation of the need for ethical standards in business with reference to threats to ethical behavior.

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AAA – Nov 2013 – L3 – AII – Q5 – Quality Control in Audit Firms

Discusses the scope of quality control within an audit firm.

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AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability

Explores the legal defence for auditors against damages claimed by clients.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q1 – Auditor’s Legal Liability"

AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing

Prepare a manual on external auditor eligibility and discuss auditor objectives under ISA 200.

You're reporting an error for "AAA – May 2022 – L3 – Q6 – Ethical Issues in Auditing"

AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards

This question assesses knowledge of the organizations represented on the Board of the Financial Reporting Council of Nigeria.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q3 – Regulatory Framework and Professional Standards"

AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards

Responsibilities and regulatory compliance of auditors conducting transnational audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q6 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards

Definition of audit procedure statements by accountancy bodies.

You're reporting an error for "AAA – Nov 2011 – L3 – SAII – Q11 – Regulatory Framework and Professional Standards"

AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing

Identifies exceptions to threats that compromise auditor objectivity.

You're reporting an error for "AAA – Nov 2011 – L3 – SA – Q4 – Ethical Issues in Auditing"

AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing

Examination of ethical issues in client engagement, fundamental ethical principles, and lawful disclosure obligations for auditors.

You're reporting an error for "AA – May 2016 – L2 – Q3 – Ethical Issues in Auditing"

BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society

Explain the two main powers of a professional accounting organization.

You're reporting an error for "BMF – May 2023 – L1 – SB – Q4a – The Role of Professional Accountants in Business and Society"

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