Question Tag: Risk Assessment

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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 – Q4b – Compliance Audit in State Audits

Evaluate compliance audit engagements in state audits and discuss common areas covered in reports.

Question

Compliance audit is crucial in state audits to ensure multiple objectives. It determines whether the subject matter being considered follows specific criteria. These criteria may include:

Parliament decisions
The Law
Government Policy
Established agreed terms, etc.

Compliance audit can be conducted as either an Attestation Engagement or a Direct Reporting Engagement.

Required:
i) Evaluate these TWO engagements.
ii) Discuss common areas that will be covered by the reports of the two engagements.

Answer

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Tags: Attestation Engagement, Compliance Audit, Direct Reporting, Financial audit, Public Sector Audit, Regulatory Compliance, Risk Assessment
Level: Level 3

Topic: Types of Audit and Assurance Engagements
Series: Nov 2024

AAA – Nov 2024 – L3 – Q4a – Audit of Ghana’s Domestic Debt Exchange Programme

Describe how to plan and execute an audit of Ghana’s domestic debt exchange program.

Question

a) The Minister for Finance on December 5, 2022, invited holders of domestic bonds to voluntarily exchange GH¢137.3 (US$14.3) billion of the bonds and notes including E.S.L.A and Daakye Bonds for a package of 12 new eligible domestic bonds.

As Director of Audit at the Ghana Audit Service, describe how you would plan and execute an audit of the implementation of Ghana’s domestic debt exchange program as a form of CPD for a section of staff of the Ghana Audit Service.

Answer

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Tags: Audit Planning, Compliance Audit, Debt Exchange, Economic Impact, Financial audit, Public Sector Audit, Risk Assessment
Level: Level 3

Topic: Regulatory Framework and Audit Responsibilities
Series: Nov 2024

AAA – Nov 2024 – L3 – Q1b – Group Audit Risks and Consolidation Issues

Audit risks and procedures for a multinational group audit engagement.

Question

You are a Senior Auditor at Dromo Audit Firm, assigned to audit a new client, Afroherb Pharma LTD, a multinational pharmaceutical company. During the initial stages of engagement planning, you discovered that Afroherb Pharma LTD operates in multiple jurisdictions, including Ghana, Liberia, Sierra Leone, and The Gambia. The parent company is in Ghana, and the companies in the other jurisdictions are all subsidiaries. All these jurisdictions have significant regulatory requirements and operational difficulties. The company has recently expanded its product line to include vaccine production following the introduction of The Vaccine Centre in Ghana. The production of vaccines is also subject to stringent regulatory reviews.

Required:
i) State FOUR audit procedures you could perform in relation to the consolidation of the financial statements of Afroherb Group.
ii) Identify TWO specific risks associated with auditing Afroherb Pharma LTD, particularly in relation to its expansion into vaccine products. How should these risks be managed?
iii) State TWO problems associated with the planning of group audits

Answer

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Tags: Consolidation, Group Audits, International Regulations, Multi-Jurisdictional Compliance, Risk Assessment
Level: Level 3

Topic: Group audit, Planning
Series: Nov 2024

AA – Nov 2024 – L2 – Q5b – Substantive Testing of Accounts Receivable

Explain three substantive tests for verifying accounts receivable balance.

Question

Baaba & Associates, an audit firm, is conducting a year-end audit of Rashida LTD. The audit team is particularly concerned about the accuracy of the accounts receivable balance reported on the statement of financial position as of December 31, 2023. Therefore, as part of their audit procedures, they need to perform substantive tests to identify any material misstatements, errors, or fraud that could impact the accuracy of the financial statements.

Required:
Explain THREE substantive tests that the audit team at Baaba & Associates should perform to obtain sufficient appropriate audit evidence regarding the accuracy of Rashida LTD’s accounts receivable balance.

Answer

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Tags: Accounts Receivable, Audit evidence, Audit Procedures, Financial Reporting, Risk Assessment, Substantive Testing
Level: Level 2

Topic: Audit and Assurance Evidence
Series: Nov 2024

AA – Nov 2024 – L2 – Q5a – Tests of Control and Methods for Testing Controls

Explain two tests of control and their corresponding methods of testing.

Question

Oboshie Audit Firm has been engaged to audit the financial statements of Abakah Manufacturing LTD for the year ended December 31, 2023. During the planning phase of the audit, the audit team identified that Abakah Manufacturing LTD relies heavily on its internal control system to ensure the accuracy and completeness of its financial reporting.

Required:
i) Explain TWO tests of control to be performed by Oboshie Audit Firm to evaluate the effectiveness of Abakah Manufacturing LTD’s internal controls over its financial reporting.

ii) Identify a method that should be used under each test of control in (i) above.

Answer

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Tags: Approval of Transactions, Audit Procedures, Control Testing, Internal Controls, Risk Assessment, Segregation of Duties
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: Nov 2024

AA – Nov 2024 – L2 – Q2a – Cyber Security Threats & amp; Audit Response

Discusses cyber security threats in an IT-enabled audit environment and the appropriate audit responses to mitigate such risks.

Question

You are part of a team undertaking the audit of Glaglo LTD, a local retail company. The company recently introduced an online marketing and sales system. As part of understanding the company’s revenue process by way of a walkthrough test, you noted that the company has recently engaged a fintech company to handle payment processing from these online sales.

Required:

i) Discuss FOUR cyber security threats associated with the IT System employed by Glaglo LTD.

ii) State the audit response to the cyber security threats associated with the IT System employed by Glaglo LTD.

Answer

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Tags: Audit response, Cyber Security, Fintech, IT Controls, IT Systems, Online Sales, Risk Assessment
Level: Level 2

Topic: Definition and scope of the internal audit function
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

BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

Question

Disclosure of material facts is important in insurance transactions.

Required:
What is utmost good faith in insurance?

Answer

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Tags: Contract of Insurance, Insurance Law, Material Disclosure, Risk Assessment, Utmost Good Faith
Level: Level 1

Topic: Insurance and Banking Contracts
Series: Nov 2024

FM – May 2016 – L3 – Q1 – Investment Appraisal Techniques

Calculation of Adjusted Present Value (APV) for a proposed project and analysis of its application in investment appraisal.

Question

Katam Pie has adopted a strategy of diversification into many different industries in order to reduce risk for the company’s shareholders. This has resulted in frequent changes in the company’s gearing level and widely fluctuating risks of individual investments. Presently, the company has a target debt-to-asset ratio i.e., D/(E + D) of 25%, an equity beta of 2.25, and a pre-tax cost of debt of 5%.

On January 1, 2016, Katam Plc with a year-end of December 31, is considering the purchase of a new machine costing N750million, which would enable it to diversify into a new line of business. The new business will generate sales of N522.50million in the first year, growing at 4.5% p.a. A constant contribution margin ratio of 40% can be expected throughout the 15-year life of the project. Incremental fixed cash costs will be N84.32million in the first year, growing by 5.4% p.a.

A regional development bank has offered a 10-year loan of 3% interest to finance 40% of the cost of the machine. The balance of 60% will be financed equally by a 10-year commercial loan (with annual interest of 5%) and a fresh round of equity. The issue cost on the commercial loan will be 1%, and the new equity will incur an issue cost of 3%. All issue costs are on the gross amount raised for the respective capital. Issue costs on debt are allowed for tax purposes.

A firm that is already in the business of the new project has a gearing ratio of 20% (debt to asset) and a cost of equity of 18.1%. Its corporate debt is risk-free.

The tax rate is 30% payable in the year the profit is made. Tax depreciation of 20% on cost is available on the new machine. Katam Pie has a weighted average cost of capital of 14% and a cost of equity of 17.5%. The risk-free rate is 4%, and the market risk premium is 7%.

You are required to:

Estimate the Adjusted Present Value (APV) and advise whether the project should be accepted? (21 Marks)
Explain:
i. The circumstances under which the use of APV is appropriate. (5 Marks)
ii. The major advantages and limitations of the use of the APV method. (4 Marks)

Answer

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Tags: Adjusted Present Value, Cost of Capital, Investment Appraisal, Risk Assessment, Tax Effects
Level: Level 3

Topic: Investment Appraisal Techniques

AA – Aug 2022 – L2 – Q3a – Audit and Assurance Evidence

Explains factors that influence the sufficiency of audit evidence obtained during an audit.

Question

Sophie & Co., a firm of Chartered Accountants, is preparing the end-of-year audit for GH Mobile, a client that is listed on the Ghana Stock Exchange. You have been selected to be part of the team to audit the non-current assets of GH Mobile. As an audit associate, you were provided with evidence that you have assessed as not sufficient. Also, you have raised issues regarding the omission of important items in the management representation letter of the client.

Required:
Explain FIVE (5) factors that will influence the auditor’s judgement regarding the sufficiency of the evidence obtained.

Answer

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Tags: Audit evidence, Audit Judgment, Risk Assessment, Sufficiency of audit evidence
Level: Level 2

Topic: Audit and Assurance Evidence
Series: AUG 2022

AA – May 2021 – L2 – Q2b – udit and Assurance Risk Environment, Completion Procedures and Reporting

State audit tests necessary to determine if an entity is a going concern.

Question

ISA 570: Going Concern guides auditors to ensure that an entity can continue to operate into the foreseeable future.

Required:
State TWO (2) audit tests necessary to ascertain whether an entity is a going concern. (5 marks)

Answer

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Tags: Audit Tests, Financial Statements, Going Concern, ISA 570, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Risk Environment, Completion Procedures and Reporting
Series: MAY 2021

AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

Question

To prepare an audit strategy and an audit plan, the Auditor will need to gain an understanding of the entity and its environment in accordance with ISA 315 “Identifying and assessing the risk and material misstatement through understanding the entity and its environment”.

Required:
i) State FIVE (5) sources from which the Auditor can obtain knowledge of the industry and the organisation.

(5 marks)

ii) Identify FIVE (5) components that together make up internal controls. (5 marks)

iii) Define the concept of risk-based auditing. (3 marks)

Answer

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Tags: Audit strategy, Internal Controls, ISA 315, Risk Assessment, Risk-based Auditing
Level: Level 2

Topic: Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements
Series: MAY 2021

AA – May 2018 – L2 – Q3a – Planning and Approach for Audit and Assurance Engagements

Describes key audit procedures performed during the interim and final audit phases for large entities.

Question

i) The external audit process for large entities generally involves two or more phases. One phase involves understanding the business and risk assessment, determining the response to assessed risk, testing of controls, and a limited amount of substantive procedures. This phase is sometimes known as the interim audit. Another phase involves further tests of controls and substantive procedures, as well as audit finalization procedures. This phase is sometimes known as the final audit.

Required:
Describe and explain the main audit procedures and processes that take place during the interim and final audit of a large entity. (10 marks)

Answer

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Tags: Audit Procedures, Final Audit, Interim Audit, Risk Assessment, Substantive Procedures
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: MAY 2018

AA – May 2019 – L2 – Q2a – Audit and Assurance Risk Environment

Explains differences in audit approach between interim and final audit and discusses factors for relying on internal auditors' work.

Question

a) You are the Audit Manager in charge of the audit of Adepaye Ltd (Adepaye) for the year ended 30 April 2016 and you are currently planning the year-end audit. Adepaye specialises in the sale of provisions at its head office. The company has opened branches in Ofankor Barrier, Makola, Nanakrom, Kasoa, and Kanda within ten years of incorporation. During the interim audit, you noted that due to the present economic challenges in Ghana, the company has suffered increases in costs. Also, the presence of competitors is driving the sales prices of the company downward, affecting the profitability of the company.

Furthermore, the company has not recorded profit for over five years, thus threatening the going concern of the company. Due to the consistent cash flow challenges, the company has financed its operations with bank overdrafts and huge long-term loans as part of its capital structure.

In a discussion with management and those charged with governance during the interim audit, you were informed that the company plans to improve the customer relationship management of its operations to maintain its market share. The company has asked its bank for a loan to finance its working capital. This they believe would improve the liquidity of the company.

The company has prepared a cash flow forecast for five years from the end of the reporting year 30 April 2016 to support its bank loan request. The internal audit department has reported on the forecast to the board of directors. However, the bank has said it would like a report from the external auditors to confirm the reasonableness of the forecast amidst the current challenges in Ghana after their final audit.

The company has approached your firm to examine the cash flow forecast and then to report to the bank.

Required:
i) Explain TWO (2) differences in audit approach that the Audit Manager would adopt during the interim audit and the final audit.
(6 marks)
ii) Explain FIVE (5) factors you will consider before placing reliance on the work of the internal auditors of Adepaye Ltd.
(10 marks)

Answer

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Tags: Audit Planning, Final Audit, Interim Audit, Internal Audit, Risk Assessment
Level: Level 2

Topic: Audit and Assurance Risk Environment
Series: MAY 2019

AFM – Nov 2015 – L3 – Q1 – International investment and financing decisions

Evaluate the financial viability of a Nigerian subsidiary using NPV and MIRR and assess the associated risks and mitigation strategies.

Question

Ahomka Fruity Ltd (Ahomka), a listed company based in Ghana, produces fresh pineapple juice packaged in bottles and cans. The company has been exporting to Nigeria for many years, earning an annual after-tax contribution of NGN5 million. The company wants to establish a wholly-owned subsidiary in Nigeria to produce and sell its pineapple juice products over there. If a subsidiary is established and operated in Nigeria, Ahomka will cease exporting pineapple juice products to Nigeria. However, Ahomka plans to sell some raw materials and services to the subsidiary for cash.

Acquiring a suitable premise, required plant, and equipment, and installing the machinery will take the next two years to complete. Production and sales will commence in the third year and indefinitely.

Capital expenditure is estimated to be NGN10 million at the start of the first year and NGN5 million at the start of the second year. Ahomka will have to make working capital of NGN2 million available at the start of the third year, and this is expected to increase to NGN2.5 million at the start of the fifth year.

The proposed Nigerian subsidiary will produce the following pre-tax operating cash flows at the end of each of the first three years of production and sales:

Production/sales year	Pre-tax operating cash flows (NGN ‘000)
1	2,800
2	4,500
3	5,200

The tax rate in Nigeria is 30%, and tax is paid in the same year the profit is earned. Capital allowance is granted on capital expenditure at the end of each year of production/sale at the rate of 30% on a reducing balance basis.

After the first three years of production and sales, post-tax incremental net operating cash flows will grow at a rate of 4% every year to perpetuity.

Ahomka plans to finance the project entirely with loans raised from Ghana at an after-tax cost of 18%. The maximum post-tax operating cash flows possible will be remitted to the parent company at the end of each year to help pay off the loans. Nigeria does not restrict fund remittance to a parent company outside of Nigeria, and there are no taxes on funds remittance.

The Naira-Ghana Cedi exchange rate is currently NGN55.40/GHS. Annual inflation is expected to be 18% in Ghana and 20% in Nigeria.

Required:
(a) Perform a financial appraisal of the project using the net present value and the modified internal rate of return (MIRR) methods, and recommend whether Ahomka should proceed with the project. (10 marks)

(b) Present a paper to the Board of Directors of Ahomka, which advises on potential risks the company might be exposed to if it proceeds with the Nigerian subsidiary project, and strategies the company could employ to avoid or manage the risks.
(Note: Professional marks will be awarded for presentation) (10 marks)

Answer

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Tags: Financial Appraisal, Financial Risks, International Investments, Modified Internal Rate of Return, Net Present Value, Political Risks, Risk Assessment
Level: Level 3

Topic: International investment and financing decisions
Series: NOV 2016

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

Question

Your audit firm is auditing the current year’s financial statements of a major client in the insurance industry. At the planning stage when the engagement partner was doing the risk assessment, he had information that the company is under investigation by the National Insurance Commission for non-compliance with regulations. The client may be liable to sanctions if found culpable.

Non-compliance with laws and regulations has many implications for the operations of entities, their financial statements, and the audit of their financial statements.

Required:

i) Discuss the implications of the suspected non-compliance with the insurance law by the client on its operations and the financial statements. (5 marks)

ii) Evaluate the implications of the client’s non-compliance with the Insurance law on your audit. (5 marks)

Answer

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Tags: Audit Implications, Financial Statements, Insurance Law, Non-compliance, Risk Assessment
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: MAY 2017

AAA – Nov 2017 – L3 – Q3b – The Audit Approach, Professional Responsibility and Liability

Discuss the concept of professional skepticism and its importance, and assess areas where high levels of skepticism are needed in an audit.

Question

You are the audit manager in charge of the audit of Vulnerable Company Limited, which has been making losses in its operations owing to many factors including competition, impairment of some of its non-current assets, and losses incurred on derivatives in its hedging activities as well as problems of complying with many laws and regulations governing its operations.

During your briefing meeting with the Engagement Partner, he drew your attention to the Question and Answer paper on Professional Skepticism issued by the International Auditing and Assurance Standards Board (IAASB) and requested you to discuss its contents with the audit team before commencement of the field work.

Required:

i) Discuss the concept of Professional Skepticism and its importance in audit. (4 marks)

ii) Assess and evaluate the areas in an audit of your client where the audit team members need to exercise a high level of professional skepticism.

(6 marks)

Answer

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Tags: Audit Judgment, Professional Skepticism, Risk Assessment
Level: Level 3

Topic: Professional responsibility and liability, The audit approach
Series: NOV 2017

AAA – Nov 2017 – L3 – Q3a – Current Issues, Professional Responsibility and Liability

Evaluate potential money laundering issues in an audit client and discuss the need for ethical guidance for accountants on money laundering.

Question

Sampa Sawmill Ltd. is a company located in the Eastern Region of Ghana, involved in the exportation of wood products to overseas countries. Sampa Sawmill Ltd. is of late being accused of involvement in money laundering. Sampa had been an audit client of Tetteh and Associates, a firm of Chartered Accountants for the past three years.

Required:

i) As an Audit Manager of Tetteh and Associates in charge of Sampa Sawmill Ltd., evaluate the issues you will consider to prove or disprove the allegation. (5 marks)

ii) Discuss the need for ethical guidance for professional accountants on money laundering.

(5 marks)

Answer

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Tags: Ethics, Money laundering, Professional Guidance, Risk Assessment
Level: Level 3

Topic: Current issues, Professional responsibility and liability
Series: NOV 2017

AAA – May 2020 – L3 – Q1b – Planning, Audit evidence

Analyze specific issues pertinent to the audit of Mobilefone Ltd, including risks associated with the rapid growth of the client, weak internal controls, and the introduction of new products.

Question

Mobilefone Ltd (Mobilefone) is a large communication group which operates from several locations around the world. It has recently announced plans to expand its operations where it will offer a range of mobile communication facilities and provide internet services such as access, navigation, and internet-related software and services.

You are an Audit Manager of Kasim Hamza & Co. and you have been assigned with the planning work for the audit of Mobilefone, and this will be the second year in which your firm has provided its audit services.

You have just met with the Finance Director (FD) of Mobilefone prior to agreeing on the engagement letter for this year. The FD has informed you that Mobilefone has continued to grow quickly, with financial accounting systems changing rapidly and appropriate control systems being difficult to maintain. Additional services in terms of review and implementation of control systems have been requested. An internal audit department has recently been established within Mobilefone, and the controller wants you to ensure that external audit work is limited by using this department.

You have also learned that Mobilefone is to market a new type of mobile telephone, which is able to intercept messages from the emergency services. The legal status of this telephone is unclear at present, and development is not being publicized. The granting of the franchise to market the mobile telephone is dependent on the financial stability of Mobilefone. The FD has indicated that Kasim Hamza & Co. may be asked to provide a report to the mobile telephone franchiser regarding Mobilefone’s cash flow forecast for the year ending 31 March 2019, to support the franchise application.

Required:
As part of risk assessment procedures for the audit of Mobilefone for the year ending 31 March 2019, analyze FIVE (5) specific issues pertinent to this particular audit.
(10 marks)

Answer

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Tags: Audit Planning, Client Growth, Fee Income, Going Concern, Internal Controls, Risk Assessment
Level: Level 3

Topic: Audit evidence, Planning
Series: MAY 2020

Question Tag: Risk Assessment

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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.

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AAA – Nov 2024 – L3 – Q4b – Compliance Audit in State Audits

Evaluate compliance audit engagements in state audits and discuss common areas covered in reports.

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AAA – Nov 2024 – L3 – Q4a – Audit of Ghana’s Domestic Debt Exchange Programme

Describe how to plan and execute an audit of Ghana’s domestic debt exchange program.

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AAA – Nov 2024 – L3 – Q1b – Group Audit Risks and Consolidation Issues

Audit risks and procedures for a multinational group audit engagement.

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AA – Nov 2024 – L2 – Q5b – Substantive Testing of Accounts Receivable

Explain three substantive tests for verifying accounts receivable balance.

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AA – Nov 2024 – L2 – Q5a – Tests of Control and Methods for Testing Controls

Explain two tests of control and their corresponding methods of testing.

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AA – Nov 2024 – L2 – Q2a – Cyber Security Threats & amp; Audit Response

Discusses cyber security threats in an IT-enabled audit environment and the appropriate audit responses to mitigate such risks.

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

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

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BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

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FM – May 2016 – L3 – Q1 – Investment Appraisal Techniques

Calculation of Adjusted Present Value (APV) for a proposed project and analysis of its application in investment appraisal.

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AA – Aug 2022 – L2 – Q3a – Audit and Assurance Evidence

Explains factors that influence the sufficiency of audit evidence obtained during an audit.

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AA – May 2021 – L2 – Q2b – udit and Assurance Risk Environment, Completion Procedures and Reporting

State audit tests necessary to determine if an entity is a going concern.

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AA – May 2021 – L2 – Q1b – Audit and Assurance Risk Environment, Planning and Approach for Audit and Assurance Engagements

Identify sources for audit knowledge and explain components of internal control and risk-based auditing.

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AA – May 2018 – L2 – Q3a – Planning and Approach for Audit and Assurance Engagements

Describes key audit procedures performed during the interim and final audit phases for large entities.

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AA – May 2019 – L2 – Q2a – Audit and Assurance Risk Environment

Explains differences in audit approach between interim and final audit and discusses factors for relying on internal auditors' work.

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AFM – Nov 2015 – L3 – Q1 – International investment and financing decisions

Evaluate the financial viability of a Nigerian subsidiary using NPV and MIRR and assess the associated risks and mitigation strategies.

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AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

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AAA – Nov 2017 – L3 – Q3b – The Audit Approach, Professional Responsibility and Liability

Discuss the concept of professional skepticism and its importance, and assess areas where high levels of skepticism are needed in an audit.

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AAA – Nov 2017 – L3 – Q3a – Current Issues, Professional Responsibility and Liability

Evaluate potential money laundering issues in an audit client and discuss the need for ethical guidance for accountants on money laundering.

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AAA – May 2020 – L3 – Q1b – Planning, Audit evidence

Analyze specific issues pertinent to the audit of Mobilefone Ltd, including risks associated with the rapid growth of the client, weak internal controls, and the introduction of new products.

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