Statutory Audit – Knowsia

AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

Question

Insurgency Relief Providers (IRP) is a non-governmental organization set up by a popular philanthropist from the southwest part of the country. The philanthropist sits as the chairman of the board of trustees and has a manager who is a close relative of the chief executive officer. All the management activities are in the hands of the manager, and the board of trustees sits occasionally to formalize major decisions. Initially, the sum of ₦50,000,000 was provided by the philanthropist, and fundraising was organized to raise an additional ₦200,000,000 in cash and pledges by political associates. The activity of IRP has been carried out with these and other donations from friends and well-wishers.

Activities of IRP are essentially performed in the northeastern region of the country. These activities include food and material supply using chartered vehicles and police/military escorts. The distribution is carried out with the involvement of some staff of the NGO who travel by air and within the safe zones of the region.

Due to the successes recorded and the need to increase these activities, the chairman of the board of trustees has made appeals to some foreign-friendly associates to be involved in his organization’s activities by providing financial support. A number of these organizations have shown interest and would want to review the operational activities and financial statements of IRP over the past three years.

For the purpose of the current request from foreign associates and other agencies, a statutory audit of the financial statements is required.

Your firm was appointed and has accepted the engagement.

Required:
a. Assess the inherent risks associated with the audit of the financial statements of IRP. (10 Marks)
b. Identify FIVE audit risks to be addressed by the auditor. (5 Marks)

Answer

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Tags: Audit risks, Inherent Risks, NGO Operations, Statutory Audit
Level: Level 3

Topic: Risk Management in Audits

AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

Question

In accordance with ISA 240, the primary responsibility for the prevention and detection of fraud rests with Management. But the issue of Accountants seeking specialization as forensic auditors has continued to dominate discussion on professional practice.

Required:
a. Explain forensic audit and how it applies to fraud investigation. (5 Marks)

b. Compare the responsibilities of the auditor in respect of fraud when conducting:
i. Statutory Audit (5 Marks)
ii. Forensic Audit (5 Marks)
(Total 15 Marks)

Answer

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Tags: Auditor Responsibilities, Forensic Audit, Fraud Detection, Professional Practice, Statutory Audit
Level: Level 3

Topic: Forensic Auditing
Series: NOV 2012

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

Question

Briefly discuss the following:
a. The scope of the statutory audit as described in the independent auditors’ report. (5 Marks)
b. The main limitations of an audit. (5 Marks)
c. The overall audit strategy. (5 Marks)
d. Understanding the entity and its environment. (5 Marks)

Answer

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Tags: Audit Planning, Audit strategy, Limitations, Statutory Audit
Level: Level 2

Topic: Audit Reports, Planning an Audit
Series: NOV 2015

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

AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

Question

For the purpose of the current request from foreign associates and other agencies, a statutory audit of the financial statements is required.

Your firm was appointed and has accepted the engagement.

Required:
a. Assess the inherent risks associated with the audit of the financial statements of IRP. (10 Marks)
b. Identify FIVE audit risks to be addressed by the auditor. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit risks, Inherent Risks, NGO Operations, Statutory Audit
Level: Level 3

Topic: Risk Management in Audits

AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

Question

Required:
a. Explain forensic audit and how it applies to fraud investigation. (5 Marks)

b. Compare the responsibilities of the auditor in respect of fraud when conducting:
i. Statutory Audit (5 Marks)
ii. Forensic Audit (5 Marks)
(Total 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Responsibilities, Forensic Audit, Fraud Detection, Professional Practice, Statutory Audit
Level: Level 3

Topic: Forensic Auditing
Series: NOV 2012

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit strategy, Limitations, Statutory Audit
Level: Level 2

Topic: Audit Reports, Planning an Audit
Series: NOV 2015

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

Question Tag: Statutory Audit

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AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

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

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

AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

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

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

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Question Tag: Statutory Audit

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AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

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AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing"

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

You're reporting an error for "AA – Nov 2015 – L2 – Q4 – Audit Reports"

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,"

AAA – May 2019 – L3 – Q5 – Risk Management in Audits

Assess inherent risks and identify specific audit risks related to auditing the financial statements of Insurgency Relief Providers (IRP).

You're reporting an error for "AAA – May 2019 – L3 – Q5 – Risk Management in Audits"

AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing

This question explores forensic audit, its application in fraud investigation, and compares auditor responsibilities in statutory versus forensic audits.

You're reporting an error for "AAA – Nov 2012 – L3 – SB – Q4 – Forensic Auditing"

AA – Nov 2015 – L2 – Q4 – Audit Reports

Discussing the scope of statutory audits, limitations of an audit, and overall audit strategy.

You're reporting an error for "AA – Nov 2015 – L2 – Q4 – Audit Reports"

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,"

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