Question Tag: Regulatory Framework

Search 500 + past questions and counting.

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

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

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

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

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

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

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

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

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

Find Related Questions by Tags, levels, etc.

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

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

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

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

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

Question

The rules and regulations which apply to financial reporting may be collectively referred to as the “regulatory framework.” In practice, most of these frameworks refer to:

A. Entities
B. Stock markets
C. Financial accounts
D. Cash flow statements
E. Fund statements

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, Regulatory Framework
Level: Level 1

Topic: Regulatory Environment of Accounting
Series: MAY 2013

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

Question

The Federal Government of Nigeria is committed to the principle of transparency and accountability in all its financial activities. The country has diverse sources of revenue which include natural resources, ranging from iron-ore, crude oil, zinc, tin-ore, and coal. In order to enhance its agenda of “zero tolerance for corruption,” the country established, among others, the Nigeria Extractive Industry Transparency Initiative Commission (NEITI) with the sole aim of reducing corruption in the extractive industry. The establishment of the commission was backed by an Act of National Assembly in 2007.

The commission normally carries out annual audits of accounts of companies in the extractive industry after obtaining their statements of accounts on a regular basis. Records available to NEITI revealed that five out of fifty-two companies in the industry failed to render their statements of accounts for the year 2016; another eight companies rendered falsified statements of accounts, while thirty-nine companies rendered accurate statements of accounts.

The records of receipts and expenditures of NEITI revealed total receipts of N2,396,581,900 in 2016, out of which N1,998,500,770 was expended on the commission’s activities up to December 31, 2016.
Further scrutiny of the accounts revealed receipts of gratification by some government officials in the eight companies that presented falsified statements of accounts. There were also expenses on frivolous overseas tours allegedly for attending seminars and workshops.

In line with the Act that established the commission, the audit reports on the financial activities of the companies in the extractive industry have been sent to the President and the National Assembly.

Required:
a. Discuss five actions that should be taken against the companies that failed to render their statements of accounts and those that rendered falsified statements of accounts.
(7½ Marks)
b. Calculate the unspent amount by the commission as at December 31, 2016 and the treatment of the unspent amount.
(4 Marks)
c. Outline five functions of NEITI as contained in the Act that established it and indicate the members of the National Stakeholder Working Group (NSWG) as contained in the NEITI Act, 2007.
(12½ Marks)
d. Explain six procedures for the appointment of auditors and publication of reports as contained in Section 4 of NEITI Act, 2007.
(6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit, Extractive Industry, financial accountability, NEITI, Regulatory Framework, Transparency
Level: Level 2

Topic: Regulatory and Institutional Framework
Series: NOV 2018

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

Question

Auditors are regulated by professional bodies and should follow recognised auditing standards such as International Standards on Auditing (ISAs).

Required:
Explain why it is important for audits to be conducted in accordance with Auditing Standards that are common to all audits.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Consistency, Audit quality, Auditing Standards, Financial Statements, Professional Bodies, Regulatory Framework
Level: Level 2

Topic: Regulatory Framework and Audit Responsibilities
Series: NOV 2017

AA – May 2016 – L2 – Q1b – Audit and Assurance Evidence,

This question discusses the advantages, disadvantages, and consequences of enforcing auditing standards by statute.

Question

(b) Discuss the advantages and disadvantages of auditing standards to auditors and the consequences of them being enforceable by statute. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Framework, Auditing Standards, Professional Judgment, Regulatory Framework, Statutory Audit
Level: Level 2

Topic: Audit and Assurance Evidence
Series: MAY 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

PSAF – Nov 2017 – L2 – Q2a – Public Sector Fiscal Planning and Budgeting

Describe the challenges faced by public institutions classified as GBEs in preparing financial statements under obsolete financial laws.

Question

A public sector institution has recently had its operations enhanced and modified such that they qualify as Government Business Enterprise (GBE) within the meaning of IPSAS 1. The management of the institution, in preparing their financial report for 2015, realized that the existing financial laws and regulations do not support their new status.

Required: Describe FOUR challenges Public Institutions (like the one in the preamble) face in the preparation of their financial statements when some financial laws and regulations needed to support reporting on their new status and operations have become obsolete. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, GBEs, IPSAS, Public Institutions, Regulatory Framework
Level: Level 2

Topic: Public sector fiscal planning and budgeting
Series: NOV 2017

PSAF – May 2016 – L2 – Q2d – The Context of Public Financial Management

Discuss methods proposed by New Public Management for public financial management and explain the objectives and challenges of government regulatory and financial reporting frameworks.

Question

The New Public Management concept in the public sector aims at structural, organisational, and managerial changes in public financial management.

Required:
Identify TWO methods proposed by this new management system to improve public financial management. (2 marks)

ii) The intention, methods, and procedures of the regulatory and financial reporting framework of government are meant to ensure that the objectives of public institutions and the government are achieved.

Required:
Explain TWO objectives of the government regulatory and financial reporting framework. (2 marks)

iii) Explain ONE major challenge that may affect the implementation of the objectives of effective financial reporting. (1 mark)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Financial Reporting, New Public Management, Public Financial Management, Public Sector Reforms, Regulatory Framework
Level: Level 2

Topic: The context of public financial management
Series: MAY 2016

Question Tag: Regulatory Framework

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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

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

You're reporting an error for "AAA – Nov 2024 – L3 – Q5b – Anti-Money Laundering Regulations and Auditor Responsibilities"

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.

You're reporting an error for "AAA – Nov 2024 – L3 – Q5a – Roles of an Audit Committee in Corporate Governance"

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.

You're reporting an error for "AAA – May 2022 – L3 – Q5 – 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.

You're reporting an error for "AAA – Nov 2013 – L3 – A – Q14 – Regulatory Framework and Professional Standards"

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

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

You're reporting an error for "AAA – Nov 2012 – L3 – SA – Q1 – Regulatory Framework and Professional Standards"

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

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

You're reporting an error for "FR – Nov 2022 – L2 – Q4a – IFRS Issuance Process"

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

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

You're reporting an error for "PSAF – May 2023 – L1 – SA – Q2 – Regulatory and Institutional Framework"

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

Explanation of two sources of accounting regulations in Nigeria.

You're reporting an error for "FR – Nov 2020 – L2 – Q2b – Regulatory Framework for Financial Reporting"

FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting

This question is about the collective term for rules and regulations that apply to financial reporting.

You're reporting an error for "FA – May 2013 – L1 – SA – Q2 – Regulatory Framework of Accounting"

PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework

Discuss actions against companies with non-compliant financial reports, calculate NEITI unspent funds, outline NEITI functions and procedures for appointing auditors.

You're reporting an error for "PSAF – Nov 2018 – L2 – Q1 – Regulatory and Institutional Framework"

AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities

Explain why it is important for audits to be conducted in accordance with common auditing standards.

You're reporting an error for "AA – Nov 2017 – L2 – Q1b – Regulatory Framework and Audit Responsibilities"

AA – May 2016 – L2 – Q1b – Audit and Assurance Evidence,

This question discusses the advantages, disadvantages, and consequences of enforcing auditing standards by statute.

You're reporting an error for "AA – May 2016 – L2 – Q1b – Audit and Assurance Evidence,"

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"

PSAF – Nov 2017 – L2 – Q2a – Public Sector Fiscal Planning and Budgeting

Describe the challenges faced by public institutions classified as GBEs in preparing financial statements under obsolete financial laws.

You're reporting an error for "PSAF – Nov 2017 – L2 – Q2a – Public Sector Fiscal Planning and Budgeting"

PSAF – May 2016 – L2 – Q2d – The Context of Public Financial Management

Discuss methods proposed by New Public Management for public financial management and explain the objectives and challenges of government regulatory and financial reporting frameworks.

You're reporting an error for "PSAF – May 2016 – L2 – Q2d – The Context of Public Financial Management"

Our offerings

Contact Info

Customer

Get In Touch

admin