MAY 2013 – Page 4

AAA – Nov 2013 – L3 – SB – Q6 – Auditor’s Legal Liability

Discuss criminal charges against accountants, reasons auditors prefer out-of-court settlements, and the disadvantages of such settlements.

Question

Auditors’ liabilities may arise under common law and statute. Statutory liability may be civil or criminal. Professional accountants are increasingly guiding against incidences of litigation that may impact negatively on their work.

You are required to:

(a) Outline SIX ways through which accountants may be charged for criminal offenses. (6 Marks)

(b) Explain SIX reasons why auditors are willing to settle legal matters with their clients out of court. (6 Marks)

(c) State THREE disadvantages of an out-of-court settlement. (3 Marks)

(Total: 15 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor Liability, criminal offenses, legal considerations, Litigation, Out of Court Settlement, Professional Ethics
Level: Level 3

Topic: Auditor’s Legal Liability
Series: MAY 2013

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

Question

A reported difference in a confirmation of balances by a debtor to a client due to different reporting date but not due to misstatement or fraud is known as………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit evidence, Balance Confirmation, Discrepancy, Fraud, Reporting Dates
Level: Level 3

Topic: Audit evidence
Series: MAY 2013, NOV 2013

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

Question

Dr. Aminu recently transferred the sum of US$11,000 to his account in Business Bank Plc, Lagos, from his bank in the United States. He also informed his stockbroker of his intention to transfer his shares in some Nigerian companies listed on the New York Stock Exchange to his C.S.C.S. account with the stockbroker in Nigeria. The shares are valued at US$20,000.

You are required to:

Explain the reporting duty of Business Bank Plc and the stockbroker.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Transfers, Cross-Border Transactions, Nigerian Law, Reporting Duty
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

Question

Biodun and Johanna are twins of twenty-one years of age. By the Will of their deceased father that came into effect ten years ago, the trustees were directed to invest a sum of N5 million and apply the income to the education of Biodun and Johanna. These beneficiaries have directed that the trustees pay the N5 million over to them.

You are required to:

Explain the duty of the trustees in relation to the directive of Biodun and Johanna.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disbursement, Trust Funds, Trustees
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

Question

Explain THREE reasons for which a creditor shall be entitled to present a bankruptcy petition against a debtor.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Creditor’s Petition, Liquidated Debt
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What should be done where there is a casual vacancy in the offices of the auditors?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Auditor, Casual Vacancy, Company Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

What happens if, at an Annual General Meeting, no auditors were appointed or re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Failure to Appoint Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How would the existing auditors of the company, desirous of re-election at the next Annual General Meeting, and without objection, be re-appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Law, Re-Appointment of Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

Question

Chief Ogongo, the Chairman of the recently incorporated Fortune Finance Limited,
has requested your advice on the appointment of auditors of the company,
particularly on the following issues:

How will the first auditors of the company be appointed?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Appointment of Auditors, Company Law, First Auditors
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

Question

Harddin Limited has informed you of its intention to invite the public to acquire its securities and to deposit money with it for a fixed period payable at call.

You are required to:

Explain TWO conditions that Harddin Limited must fulfill to achieve its proposed plan.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Conversion, Investment and Securities Act, Public Subscription
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q6 – Agency Law

This question tests knowledge of the parties in an agency relationship.

Question

The parties to an agency relationship are agent and ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Agency, Principal
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q5 – Agency Law

This question tests the legal expression used to describe personal property rights enforceable only by action.

Question

The legal expression used to describe all personal property rights which can only be claimed or enforced by action and not by taking physical possession is known as ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Chose in Action, Legal Rights, Personal Property
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q4 – Law of Contract

This question tests the understanding of a counter-offer in contract law.

Question

Any qualification or amendment of the terms of an offer will constitute a ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Counter-offer, Offer
Level: Level 1

Topic: Law of Contract
Series: MAY 2013

BL – May 2013 – L1 – SA – Q3 – Law of Tort

This question tests the knowledge of a civil wrong that involves a breach of duty under tort law.

Question

A civil wrong involving a breach of duty fixed by the law and redressable primarily by action for damages is called ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Civil Wrong, Damages, Tort Law
Level: Level 1

Topic: Law of Tort
Series: MAY 2013

BL – May 2013 – L1 – SA – Q2 – Sources of Nigerian Law

This question tests knowledge of the principle on which judicial decisions are based.

Question

The principle of law on which a judicial decision is based is known as ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Judicial Decision, Law of Precedent, Legal Principles
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q1 – Sources of Nigerian Law

This question asks for the cut-off date for statutes of general application in Nigeria.

Question

The cut-off date for Statutes of General Application is ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legal History, Nigerian Law, Statutes
Level: Level 1

Topic: Sources of Nigerian Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

Question

Which of the following CANNOT be made a bankrupt?

A. A company
B. A Nigerian
C. A partnership
D. A foreigner who lives in Nigeria
E. A foreigner who has a place of business in Nigeria

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bankruptcy, Insolvency, Legal Status
Level: Level 1

Topic: Law of Trusts
Series: MAY 2013

BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question assesses the understanding of what is not recognized as a negotiable instrument under the law.

Question

Which of the following is NOT recognized by law as a negotiable instrument?

A. Bill of exchange
B. Cheque
C. Promissory note
D. I.O.U
E. Dividend warrants

Answer

Find Related Questions by Tags, levels, etc.

Tags: IOU, Negotiable Instruments, Promissory Note
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2013

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

Question

Which of the following does NOT lead to dissolution of a partnership?

A. Bankruptcy of a partner
B. Death of a partner
C. A partner causing his shares of the partnership to be charged for his separate debt
D. Unlimited duration
E. The happening of any event which makes the business of the firm to be unlawful

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Nigerian Law, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the knowledge of the number of modes of winding up a company.

Question

How many mode(s) of winding up of a company exist?

A. One
B. Two
C. Three
D. Four
E. Five

Answer

Find Related Questions by Tags, levels, etc.

Tags: Company Liquidation, Corporate Law, Winding-up
Level: Level 1

Topic: Company Law
Series: MAY 2013

Series: MAY 2013

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

AAA – Nov 2013 – L3 – SB – Q6 – Auditor’s Legal Liability

Discuss criminal charges against accountants, reasons auditors prefer out-of-court settlements, and the disadvantages of such settlements.

You're reporting an error for "AAA – Nov 2013 – L3 – SB – Q6 – Auditor’s Legal Liability"

AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence

Audit Evidence, Balance Confirmation, Reporting Dates, Discrepancy, Fraud

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q2 – Audit Evidence"

BL – May 2013 – L1 – SB – Q6C – Law of Trusts

Explain the reporting duty of a bank and stockbroker in cross-border transfers involving Dr. Aminu.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6C – Law of Trusts"

BL – May 2013 – L1 – SB – Q6B – Law of Trusts

Explain the duties of trustees regarding the disbursement of trust funds to beneficiaries.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6B – Law of Trusts"

BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking

State three reasons a creditor may present a bankruptcy petition against a debtor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q6A – Law Relating to Banking"

BL – May 2013 – L1 – SB – Q5D – Company Law

Explain the procedure to fill a casual vacancy in the office of the company’s auditor.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5D – Company Law"

BL – May 2013 – L1 – SB – Q5C – Company Law

Discuss what happens if no auditors are appointed at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5C – Company Law"

BL – May 2013 – L1 – SB – Q5B – Company Law

Explain how existing auditors can be re-appointed without objection at the AGM.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5B – Company Law"

BL – May 2013 – L1 – SB – Q5A – Company Law

Explain how the first auditors of a company are appointed.

You're reporting an error for "BL – May 2013 – L1 – SB – Q5A – Company Law"

BL – May 2013 – L1 – SB – Q4B – Company Law

Explain two conditions Harddin Limited must fulfill to invite public subscription.

You're reporting an error for "BL – May 2013 – L1 – SB – Q4B – Company Law"

BL – May 2013 – L1 – SA – Q6 – Agency Law

This question tests knowledge of the parties in an agency relationship.

You're reporting an error for "BL – May 2013 – L1 – SA – Q6 – Agency Law"

BL – May 2013 – L1 – SA – Q5 – Agency Law

This question tests the legal expression used to describe personal property rights enforceable only by action.

You're reporting an error for "BL – May 2013 – L1 – SA – Q5 – Agency Law"

BL – May 2013 – L1 – SA – Q4 – Law of Contract

This question tests the understanding of a counter-offer in contract law.

You're reporting an error for "BL – May 2013 – L1 – SA – Q4 – Law of Contract"

BL – May 2013 – L1 – SA – Q3 – Law of Tort

This question tests the knowledge of a civil wrong that involves a breach of duty under tort law.

You're reporting an error for "BL – May 2013 – L1 – SA – Q3 – Law of Tort"

BL – May 2013 – L1 – SA – Q2 – Sources of Nigerian Law

This question tests knowledge of the principle on which judicial decisions are based.

You're reporting an error for "BL – May 2013 – L1 – SA – Q2 – Sources of Nigerian Law"

BL – May 2013 – L1 – SA – Q1 – Sources of Nigerian Law

This question asks for the cut-off date for statutes of general application in Nigeria.

You're reporting an error for "BL – May 2013 – L1 – SA – Q1 – Sources of Nigerian Law"

BL – May 2013 – L1 – SA – Q20 – Law of Trusts

This question tests knowledge of which entities cannot be declared bankrupt.

You're reporting an error for "BL – May 2013 – L1 – SA – Q20 – Law of Trusts"

BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question assesses the understanding of what is not recognized as a negotiable instrument under the law.

You're reporting an error for "BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments"

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

You're reporting an error for "BL – May 2013 – L1 – SA – Q18 – Partnership Law"

BL – May 2013 – L1 – SA – Q17 – Company Law

This question tests the knowledge of the number of modes of winding up a company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q17 – Company Law"

Our offerings

Contact Info

Customer

Get In Touch

admin