Question Tag: Regulatory Framework

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AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

Question

Lamsey Jewelers is a family-owned business specializing in high-end jewellery, located in Dunkwa-On-Offin in the Central Region of Ghana. The company sources gold from various suppliers in the small-scale mining sector. Recently, the Minerals Commission received anonymous tips suggesting that Lamsey Jewelers may be involved in laundering money through its operations. Authorities suspect that the business could be used to conceal the origins of illicit funds through gold purchases and sales.

To investigate these suspicions, regulatory authorities have appointed Baba Yara and Associates, an independent auditing firm, to conduct a thorough review of Lamsey Jewelers’ operations and financial transactions. During the audit, Baba Yara and Associates discovered that Lamsey Jewelers has been accepting large cash payments for custom jewellery orders without conducting proper due diligence on the customers. Several transactions involving cash payments exceed typical retail amounts, raising suspicions of potential money laundering.

Required:

i) Discuss the key legal and regulatory requirements in Ghana related to anti-money laundering relevant to Lamsey Jewelers.

ii) Discuss the obligations placed on professional firms such as Baba Yara and Associates in relation to money laundering.

Answer

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Tags: Anti-Money Laundering, Audit Procedures, Compliance, Due diligence, Financial Crimes, Professional Ethics, Regulatory Framework, Risk Assessment
Level: Level 3

Topic: Regulatory Framework and Audit Responsibilities
Series: Nov 2024

AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

Question

An Audit Committee is a sub-group of a company’s Board of Directors responsible for the oversight of the financial reporting and disclosure process. The duties and responsibilities of the Audit Committee greatly contribute to good corporate governance practices of a company.

Required:
Explain FOUR roles of an Audit Committee in compliance with good corporate governance practices.

Answer

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Tags: Audit Committee, Compliance, Corporate Governance, Financial Reporting, Internal Audit, Oversight, Regulatory Framework, Risk Management
Level: Level 3

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

AAA – May 2022 – L3 – Q5 – Regulatory Framework and Professional Standards

Discuss arguments for and against audit exemption for small companies and evaluate considerations for auditing small entities.

Question

The Companies and Allied Matters Act, 2020 has classifications and responsibilities for various types of companies incorporated under it. A particular class that has received more attention in recent times and in the Act is small companies.

Your audit team has been approached by a few of these small companies for guidance on the issue and your team has been assigned this responsibility. Part of the concerns of your firm is whether or not those small companies merit the concerns of regulatory authorities and the accounting firms that have to be responsible for their audit.

Your team has a number of young assistants who are yet to understand the differences and therefore need enlightenment on this as part of the training programs.

Required:

a. Discuss the arguments for and against the exemption of small companies from audit. (10 Marks)

b. On the basis that an audit may be conducted for a small entity, evaluate the points the auditors would consider. (5 Marks)

Answer

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Tags: Audit Considerations, Audit Exemption, Regulatory Framework, Small Companies, Training and Guidance
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

Question

Factors that contribute to the weaknesses of local auditing standards include the following EXCEPT:
A. Standard setters being subject to political pressures
B. Having inadequate resources
C. Being insufficiently timed in response to market needs
D. Loss of investment by stakeholders
E. Having sources of fund which raise questions about their independence

Answer

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Tags: Audit Standards, Independence, Local Auditing Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

Question

An auditor can disclose the client’s confidential information for the following reasons EXCEPT:
A. Auditor suspects that the client has committed treason
B. When there is a public duty to disclose
C. Disclosure is needed to protect the auditor’s interest
D. When the client has committed an act of felony
E. When information is formally requested by another client

Answer

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Tags: Auditor’s Disclosure, Confidentiality, Ethics, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

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Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

Question

a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.

Required:

Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)

b. Bureau of Establishments and Training of Waso State awarded a contract to one of its Government Business Entities (GBE), Unity Enterprises, for the supply of stationery for use in various MDAs in the State. The Bureau conducted the following transactions for the year ended December 31, 2020:

The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
The Bureau transferred 25,000 reams of duplicating papers to its outstation office.

Required:

Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.

Answer

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Tags: Administrative Guidelines, Financial Memoranda, Local Government, Public Sector Accounting, Regulatory Framework
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: MAY 2023

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Non-accounting professionals usually wonder why an entity‟s general purpose
financial reporting should be regulated without allowing users to be free from
choice of presentations.
In order to give clarity on this subject to the non-accounting professionals in your
workplace,

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

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Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

Question

Required:

i) Discuss the key legal and regulatory requirements in Ghana related to anti-money laundering relevant to Lamsey Jewelers.

ii) Discuss the obligations placed on professional firms such as Baba Yara and Associates in relation to money laundering.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Anti-Money Laundering, Audit Procedures, Compliance, Due diligence, Financial Crimes, Professional Ethics, Regulatory Framework, Risk Assessment
Level: Level 3

Topic: Regulatory Framework and Audit Responsibilities
Series: Nov 2024

AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

Question

Required:
Explain FOUR roles of an Audit Committee in compliance with good corporate governance practices.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Committee, Compliance, Corporate Governance, Financial Reporting, Internal Audit, Oversight, Regulatory Framework, Risk Management
Level: Level 3

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

AAA – May 2022 – L3 – Q5 – Regulatory Framework and Professional Standards

Discuss arguments for and against audit exemption for small companies and evaluate considerations for auditing small entities.

Question

Your team has a number of young assistants who are yet to understand the differences and therefore need enlightenment on this as part of the training programs.

Required:

a. Discuss the arguments for and against the exemption of small companies from audit. (10 Marks)

b. On the basis that an audit may be conducted for a small entity, evaluate the points the auditors would consider. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Considerations, Audit Exemption, Regulatory Framework, Small Companies, Training and Guidance
Level: Level 3

Topic: Regulatory Framework and Professional Standards

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Standards, Independence, Local Auditing Standards, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

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 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

Question

Answer

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Tags: Auditor’s Disclosure, Confidentiality, Ethics, Regulatory Framework
Level: Level 3

Topic: Regulatory Framework and Professional Standards
Series: NOV 2012

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

Question

Describe SIX steps involved in the process of issuing International Financial Reporting Standards (IFRS). (6 Marks)

Answer

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Tags: Financial Reporting Standards, IASB, IFRS, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2022

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

Question

a. The revised Local Government Financial Memoranda (1991) spells out the administrative guidelines, the existing checks and balances, and roles of officers in local governments.

Required:

Identify THREE objectives and FIVE contents of Local Government Financial Memoranda. (8 Marks)

The Bureau issued a purchase order to Unity Enterprises for the supply of 1,250,000 reams of duplicating papers at N1,200 per unit. The items were supplied on May 31, 2020.
An additional order for 5,000 training bags was placed with Unity Enterprises at N2,500 per bag. The bags were delivered on June 30, 2020.
During the year, 1,100,000 reams of duplicating papers and 4,500 training bags were issued to user departments for training activities.
Physical verification revealed that 25,000 reams of duplicating papers were damaged by floodwater.
The Bureau transferred 25,000 reams of duplicating papers to its outstation office.

Required:

Record the above transactions as journal entries in the books of Bureau of Establishments and Training of Waso State.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Administrative Guidelines, Financial Memoranda, Local Government, Public Sector Accounting, Regulatory Framework
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: MAY 2023

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

Question

Identify and explain TWO sources of accounting regulations in Nigeria. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Standards, Nigeria, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework for Financial Reporting
Series: NOV 2020

Question Tag: Regulatory Framework

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AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

AAA – May 2022 – L3 – Q5 – Regulatory Framework and Professional Standards

Discuss arguments for and against audit exemption for small companies and evaluate considerations for auditing small entities.

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

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.

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

Responsibilities and regulatory compliance of auditors conducting transnational audits.

AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities

Discuss anti-money laundering regulations in Ghana and auditors' responsibilities in compliance.

AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance

Explain four roles of an audit committee in compliance with good corporate governance practices.

AAA – May 2022 – L3 – Q5 – Regulatory Framework and Professional Standards

Discuss arguments for and against audit exemption for small companies and evaluate considerations for auditing small entities.

AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards

This question assesses knowledge of factors that weaken local auditing standards and identifies an unrelated factor.

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.

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

Responsibilities and regulatory compliance of auditors conducting transnational audits.

AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards

Understanding conditions under which an auditor may disclose client’s confidential information.

FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process

Summary: Describe six steps in the issuance process of International Financial Reporting Standards (IFRS).

PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework

Objectives and contents of Local Government Financial Memoranda and journal entries for Bureau transactions.

FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting

Explanation of two sources of accounting regulations in Nigeria.

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