Subject: AUDIT & ASSURANCE

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ATAX – May 2017 – L3 – Q4c – Tax Administration and Dispute Resolution

State three particulars required in a Notice of Appeal against a tax assessment.

Question

Where a taxpayer receives a Notice of Assessment, he either agrees or disagrees with it. Where he agrees with the assessment, the position of the law is that the tax must be remitted within the statutory time limit. Where he disagrees, he is expected to raise a Notice of Objection.

Required:
State THREE particulars to be specified in a Notice of Appeal against an assessment. (3 Marks)

Answer

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Level: Level 3

Topic: Tax Administration and Dispute Resolution

PM – Nov 2024 – L2 – Q5 – Risk Management

Financial evaluation and credit terms review for a new customer order in Vena Plc.

Question

Vena Plc. manufactures engineering equipment. The company has received an order from a new customer for 5 machines at N5,000,000 each. Vena Plc.’s terms of sale are 10 percent of the sales value payable with order. The deposit has been received from the new customer. The balance is payable 12 months after acceptance of the order by Vena Plc.

Vena Plc.’s past experience has been that only 60 percent of similar customers pay within 12 months. Customers who do not pay within 12 months are referred to a debt collection agency to pursue the debt. The agency has in the past had a 50 percent success rate of obtaining immediate payment once they became involved. When they are unsuccessful, the debt is written off by Vena Plc. The agency’s fee is N500,000 per order, payable by Vena Plc. with the request for service. This fee is not refundable if the debt is not recovered.

You are an accountant in Vena Plc.’s credit control department, and based on the company’s past experience and discussions with the sales and credit managers, you do not expect the pattern of payment and collection to change.

Incremental costs associated with the new customer’s order are expected to be N3,600,000 per machine; 70 percent of these costs are for materials and are incurred shortly after the order has been accepted. The remaining 30 percent is for all other costs, which you can assume are paid shortly before delivery in 12 months’ time. The company is not presently operating at full production capacity.

A credit bureau has offered to provide an error-free credit information about the new customer if the price is right.

Vena Plc.’s opportunity cost of capital is 16 percent. Ignore taxation.

Required:

a. Write a report to the Credit Control Manager evaluating, from a purely financial point of view, whether Vena Plc. should accept the order from the new customer based on the information provided. (12 Marks)

b. Comment on what other factors should be considered before a decision to grant credit is taken. (3 marks)

Answer

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Tags: Credit Evaluation, Credit terms, Opportunity Cost, Payment Collection, Risk Assessment
Level: Level 2

Topic: Risk Management

PM – Nov 2024 – L2 – Q4 – Decision-Making Techniques

Determine optimal production mix for maximizing profit using marginal costing and throughput accounting principles.

Question

PK Limited manufactures two models of heavy-duty cooking racks suitable for restaurant kitchens and other commercial environments. Both models utilize the same types of raw materials and machine hours. No inventories are held. The sales budget for next year is as follows:

Model	Sales Units	Selling Price (N)
A	300,000	1,000
B	140,000	1,400

The following additional information is provided:

Cost data:

Model	Material Cost (N)	Variable Production Conversion Costs (N)
A	400	100
B	500	300

Fixed production overheads attributable to the manufacture of both models total N40,500,000.
Production is completed in the machining department, where the production rate per hour is:
- Model A: 12.5 units
- Model B: 10 units
Machine hours are limited to 30,000 hours.

Required:

a. Using marginal costing principles, calculate the optimal mix (units) of each model that will maximize net profit, and indicate the value of the net profit. (5 Marks)

b. Calculate the throughput accounting ratio for each model and briefly discuss when a product is worth producing under throughput accounting principles. Assume that the variable overhead cost, amounting to N24 million for the chosen product mix in part (a), is fixed in the short term. (7 Marks)

c. Using throughput accounting principles, advise management on the quantities of each model to produce for maximizing profit and provide a projected net profit for PK Limited next year. (5 Marks)

d. Explain two ways in which the concept of ‘contribution’ in throughput accounting differs from its use in marginal costing. (3 Marks)

Answer

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Tags: Bottleneck, Contribution, Machine Hours, Marginal Costing, Optimal Production Mix, Throughput Accounting
Level: Level 2

Topic: Decision-making techniques

PM – Nov 2024 – L2 – Q3 – Budgeting and Budgetary Control

Outline key stages in linking long-term objectives to budgetary control, and explain different budgeting types and forecasting methods.

Question

You are the management accountant of a large manufacturing company in Kaduna. A management retreat has been planned for next week to set the agenda for the preparation for next year’s budget.

Required:

a. Outline the key stages in the planning process that link long-term objectives and budgetary control. (8 Marks)

b. Explain the meaning of the terms ‘fixed budget’, ‘rolling budget’, and ‘zero-based budget’, and discuss the circumstances under which each budget might be used. (8 Marks)

c. Discuss whether time series analysis may be preferred to linear regression as a way of forecasting sales volume. (4 Marks)

Answer

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Tags: Budgeting, Fixed Budget, Forecasting, Planning Process, Rolling Budget, Time Series Analysis, Zero-Based Budget
Level: Level 2

Topic: Budgeting and Budgetary Control

PM – Nov 2024 – L2 – Q2 – Cost Management Strategies

Evaluation of Ope-Olu Limited's inventory holding cost and the impact of switching to a JIT production system.

Question

Ope-Olu Limited produces and sells household items. For a particular product, the marketing department has prepared the following quarterly expected demand for next year:

Quarter	Expected Demand (Units)
1	400,000
2	440,000
3	760,000
4	560,000

The existing production facility can only produce 540,000 units per quarter under regular time. However, it is possible to increase output by 40% if working overtime is introduced.

It is the policy of the company to manufacture units using a constant level of production system. This means that although the opening and closing levels of inventory for the year are zero units, there are increases and decreases in the quarterly inventory levels. Based on this policy, the unit selling price, variable production costs, and contribution for next year are expected to be as follows:

Additional Information:

Overtime is paid at 150% of the normal rate, and the unit variable production overhead cost will increase by 25% for those units produced during overtime.
The company incurs a holding cost (based on average inventory) of N25 per unit per quarter for each item that is held in inventory.
The company is considering switching to a Just-in-Time (JIT) production system due to fluctuating sales demand.

Required:

a. Discuss generally, the key conditions that are necessary for the successful implementation of a JIT manufacturing system. (7 Marks)

b. Calculate the cost of holding inventory for each of the quarters and the year in total under the current production system. (6 Marks)

c. Calculate the financial impact of changing to a JIT production system. (7 Marks)

Answer

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Tags: Cost Analysis, Demand forecast, Inventory Holding, JIT, Overtime Production
Level: Level 2

Topic: Cost Management Strategies

AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

Question

You witnessed a scene during the audit of Tiwani Cement Limited, an indigenous medium-sized cement manufacturing company.

Indigenes of the host town, situated in the southern part of the country, staged a peaceful protest at the premises of the company. Their concern was the company’s apparent lack of attention toward the poor condition of roads surrounding their factory—ostensibly damaged by the heavy equipment and vehicles the company operated.

The management appeased the protesters, promising immediate consideration of their demands.

The Managing Director has now asked for your advice.

Required:

Advise the Managing Director of Tiwani Cement Limited on what the company could do in this type of situation.
(Total 15 Marks)

Answer

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Tags: Community Relations, Environmental impact, Reputation Management, Social responsibility
Level: Level 2

Topic: Corporate Governance and Audit Committees

AA – Nov 2023 – L2 – Q6 – Audit of Financial Statements

Assessing development costs under IAS 38 and audit tests for verification.

Question

Your client, Picturescope Limited, intends to produce a motion picture titled “Naija Power”. The development costs before presentation to investors for financing the production is estimated to be N15 million.

Required:

a. As the assurance provider, assess the situation to confirm that the amount spent so far can be recognised as development costs within the provisions of IAS 38 – Intangible Assets.
(6 Marks)

b. Explain the audit tests that you would perform in respect of the development costs expended so far.
(9 Marks)

Answer

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Tags: Audit Procedures, Development Costs, IAS 38, Recognition Criteria
Level: Level 2

Topic: Audit of Financial Statements

AA – Nov 2023 – L2 – Q5 – Emerging Trends in Auditing

Information system audit steps for a business continuity plan and its importance.

Question

The world-wide COVID-19 pandemic disrupted the operations of Divine Hope Limited, like it did to many other business concerns. Sequel to this, the management of Divine Hope Limited has now commissioned the development of a Contingency or Business Continuity Plan to ensure continuity of operations, even if such a pandemic or similar situation should re-occur.

Required:

a. Explain SIX steps to be taken in the information system audit of a Contingency or Business Continuity Plan.
(9 Marks)

b. Explain why the audit of the Contingency or Business Continuity Plan is very necessary.
(6 Marks)

Answer

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Tags: Audit Steps, Business Continuity, Contingency Plan, Necessity of Audit
Level: Level 2

Topic: Emerging Trends in Auditing

AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

Question

Greater Tomorrow Foundation (GTF) was established with the aim of providing support to children from disadvantaged backgrounds who wish to participate in sports, such as tennis, athletics, and football. It has benefited the country, with some beneficiaries representing the nation in international competitions.

GTF has a constitution detailing how income can be spent and limits administrative expenditure to one-eighth of its income annually.

GTF’s income comes solely from voluntary donations, including:

Cash collected by volunteers from the public.
Direct donations from generous individuals.

Certain donations specify that the principal amount cannot be spent, with income generated (interest) allocated to specific activities, like providing sports equipment (e.g., footballs, boots, rackets, sportswear, etc.).

Required:

a. Explain FIVE areas of inherent risk in Greater Tomorrow Foundation (GTF) and explain the effect of each risk on the audit approach. (10 Marks)

b. Explain FIVE reasons why the control environment may be weak in GTF. (10 Marks)

Answer

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Tags: Audit Approach, Compliance, Control Environment, Donations, Financial Controls, Inherent Risk, Non-profit
Level: Level 2

Topic: Audit of Public Sector Entities

AA – Nov 2023 – L2 – Q3 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Evaluate ethical threats due to auditor relationships and actions, and recommend mitigations for compliance.

Question

The following scenarios may threaten compliance with fundamental principles in auditing:

i. The audit supervisor is married to the daughter of the Managing Director of the client company;

ii. The audit firm’s Senior Partner holds shares in the client company;

iii. The assurance firm also provides valuation services, internal audit services, and taxation services to an assurance client;

iv. The assurance firm earns more than 50% of its annual revenue from one assurance client; and

v. The firm obtained motor vehicle financing from a client bank for its staff.

Required:

a. Explain why compliance with fundamental principles in auditing may be threatened in each of the above FIVE circumstances. (10 Marks)

b. Explain FIVE ethical requirements that would reduce or mitigate the threats to compliance with the fundamental principles in the above FIVE circumstances. (10 Marks)

Answer

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Tags: Auditor Independence, Compliance Threats, Conflict of Interest, Family Relationships, Non-Audit Services, Professional Ethics, Revenue Dependency
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors (IESBA Code)

AA – Nov 2020 – L2 – Q2 – Introduction to Auditing

Explain key concepts of auditing, including the objective of audit, independence, materiality, and the roles of management and auditors.

Question

In a bid to increase the interest of students in auditing, your audit firm has instituted a program in conjunction with universities in Nigeria, whereby the universities provide the firm with an opportunity to speak to students about the audit profession and what it means to be an auditor with a view to getting them interested in pursuing a career in audit when they graduate. During the program, audit personnel interact one-on-one with the students. As an audit senior in the firm, you have been asked to attend one of such programs and present a paper.

Required:
Explain the following in relation to the contents of your paper:
a. The definition and objective of an audit (2 Marks)
b. The concepts of accountability, stewardship, and agency (3 Marks)
c. Independence of the auditor (1 Mark)
d. True and fair view (2 Marks)
e. Materiality (2 Marks)
f. The rights and duties of an external auditor (6 Marks)
g. The responsibilities of management (4 Marks)

Answer

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Tags: Audit Definition, Audit Objective
Level: Level 2

Topic: Introduction to Auditing, Professional Ethics and Code of Conduct for Auditors
Series: NOV 2020

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

Question

List and explain the type of audit procedures that might be appropriate in the audit of gross premium income.

Answer

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Tags: Audit Procedures, Insurance, Premium Income
Level: Level 2

Topic: Audit evidence
Series: NOV 2020

AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

Question

Explain the limitations of internal controls.

Answer

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Tags: Fraud, Human Error, Internal Controls, Limitations
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

AA – Nov 2020 – L2 – Q1b – Internal Control Systems

Identify weaknesses in an insurance process and list controls to address them.

Question

Identify the weaknesses in the process and a control that might address each weakness.

Answer

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Tags: Controls, Insurance Audits, Weaknesses
Level: Level 2

Topic: Internal Control Systems
Series: NOV 2020

AA – Nov 2020 – L2 – Q1a – Auditing in a Computerized Environment

List five general IT control areas and provide examples of controls within each area.

Question

Aladdin Insurance Nigeria Limited is a private company that provides life and non-life insurance services. The company has annual gross premium of N15 billion.
Ordinarily, the underwriting process is manual and is initiated when a customer
walks into a branch and fills a proposal form requesting for an insurance policy (or
an agent fills in the form at the request of the customer). The proposal form
requires information relating to the subject matter of the insurance policy/cover
required by the customer as this will aid the company in assessing the risks
attached and will also help the underwriter to quote a reasonable premium
amount. The prospective insured must disclose all material and relevant
information. The policy proposal form requires important information, such as:

• The name and address of the customer;
• Occupation of the customer;
• Details of the property being proposed for insurance. This could be vehicle
details (for motor insurance) property (for burglary or fire) or other details
relating to life insurance, etc;
• Value of the property being proposed for insurance; and
• Previous insurance history of the client.

The underwriter reviews the information in the proposal form and assesses the risks
inherent in the contract with a view to making a recommendation as to whether to
accept or reject the proposal; if the recommendation is to accept, how much
premium should be charged. For external and complex risks, external inspectors are
engaged. After inspection, the report is sent to the underwriter to review and
consider if any risk recommendations should be made to the customer (usually on
how to properly manage risks) or if an amendment to the policy wordings is
required. The proposal form and the recommendation of the underwriter is passed
on to an approving authority based on the approval limits.
On approval of the policy, the policy terms are communicated to the customer for
review and acceptance. On acceptance, the customer signs the proposal form and pays the premium. Payment method includes cash, cheques, bank transfers. The
details of the policy are recorded in the system by the underwriters who also act as
the accountants. Based on NAICOM‟s requirements, premium should be paid before
the insurance cover starts.
However, due to the COVID 19 pandemic, the Federal Government announced a
lock down of Lagos, thereby imposing a restriction on movement of goods and
persons in the state. In response to this, the company bought a new underwriting
system and automated its entire underwriting process.

Required:

a. List FIVE control areas for General Information Technology (IT) Controls and examples of controls that can be found in each area.

Answer

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Tags: Audit Controls, Information Systems, IT Controls
Level: Level 2

Topic: Auditing in a Computerized Environment
Series: NOV 2020

AA – May 2018 – L2 – Q7 – Audit Sampling and Other Selective Testing Procedures

Discusses key factors in designing audit samples and compares statistical versus non-statistical sampling approaches.

Question

Auditors do not normally check 100% of transactions and balances that go into the production of financial statements. Auditors usually carry out a sampling test. ISA 530 distinguishes between statistical and non-statistical sampling approaches.

Required: a. Explain THREE key factors the auditor has to take into consideration in designing a sample. (6 Marks) b. Distinguish between statistical and non-statistical sampling approaches. (4 Marks) c. State TWO advantages and TWO disadvantages of statistical sampling approach. (5 Marks)

Answer

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Tags: Audit Sampling, Non-Statistical Sampling, Sample Design, Sampling Risk, Statistical Sampling
Level: Level 2

Topic: Audit Sampling and Other Selective Testing Procedures
Series: MAY 2018

AA – May 2018 – L2 – Q6 – Assurance Services

Focuses on identifying and explaining the key elements of an assurance engagement.

Question

In an assurance engagement, an “assurance firm” is engaged by one party to give an opinion on a piece of information that has been prepared by another party.

Required: a. Identify and explain FIVE elements contained in an assurance engagement performed by an auditor. (15 Marks)

Answer

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Tags: Assurance Engagement, Criteria, Evidence, Three-Party Relationship
Level: Level 2

Topic: Assurance services
Series: MAY 2018

AA – May 2018 – L2 – Q5 – Auditing in a Computerized Environment

Discusses controls and potential problems in Electronic Data Interchange (EDI) systems.

Question

Electronic Data Interchange (EDI) systems allow electronic transmission of business documents, such as purchase orders, invoices, payroll information, etc.

Required: a. Explain FOUR major controls to be put in place to minimize the risks inherent in EDI systems. (8 Marks) b. Discuss THREE features of EDI Systems that may create additional problems for the auditor. (7 Marks)

Answer

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Tags: Audit risks, Computerized Audits, Controls, Data Transmission, EDI
Level: Level 2

Topic: Auditing in a Computerized Environment
Series: MAY 2018

AA – May 2018 – L2 – Q4 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Focuses on ethical issues relating to independence and potential threats when auditors take management roles in audit clients.

Question

Joe Adams was the engagement partner to Maikai Airlines Limited from 2012 to 2014. He retired from the firm of the Chartered Accountants and intends to join Maikai Airlines Limited as Finance Director. It is the policy of the firm to pay all partners in full when they disengage.

Required: a. Identify and explain FOUR ethical matters worthy of consideration as Joe Adams joins Maikai Airlines Limited. (8 Marks) b. Discuss the THREE threats that could arise should Joe Adams join Maikai Airlines Limited. (6 Marks) c. Explain THREE matters specified by the Code of Ethics as safeguards in relation to this matter. (6 Marks)

Answer

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Tags: Auditor Independence, Ethical Issues, Safeguards, Threats to Independence
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: MAY 2018

AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

Question

Internal Control Systems are never foolproof. All systems, no matter how effective they may appear to be, have several limitations.

Required: a. Discuss briefly FOUR limitations of internal control systems in an organization. (8 Marks) b. Explain the problems that may arise when control systems rely excessively on the involvement of senior management in small entities. (12 Marks)

Answer

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Tags: Audit Systems, Control Limitations, Internal Control, Management Control, Risk Mitigation
Level: Level 2

Topic: Internal Control Systems
Series: MAY 2018

Subject: AUDIT & ASSURANCE

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ATAX – May 2017 – L3 – Q4c – Tax Administration and Dispute Resolution

State three particulars required in a Notice of Appeal against a tax assessment.

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PM – Nov 2024 – L2 – Q5 – Risk Management

Financial evaluation and credit terms review for a new customer order in Vena Plc.

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PM – Nov 2024 – L2 – Q4 – Decision-Making Techniques

Determine optimal production mix for maximizing profit using marginal costing and throughput accounting principles.

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PM – Nov 2024 – L2 – Q3 – Budgeting and Budgetary Control

Outline key stages in linking long-term objectives to budgetary control, and explain different budgeting types and forecasting methods.

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PM – Nov 2024 – L2 – Q2 – Cost Management Strategies

Evaluation of Ope-Olu Limited's inventory holding cost and the impact of switching to a JIT production system.

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AA – Nov 2023 – L2 – Q7 – Corporate Governance and Audit Committees

Guidance on addressing community concerns over environmental impact of industrial operations.

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AA – Nov 2023 – L2 – Q6 – Audit of Financial Statements

Assessing development costs under IAS 38 and audit tests for verification.

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AA – Nov 2023 – L2 – Q5 – Emerging Trends in Auditing

Information system audit steps for a business continuity plan and its importance.

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AA – Nov 2023 – L2 – Q4 – Audit of Public Sector Entities

Identify inherent risks in a non-profit organization and assess control environment weaknesses impacting audit approach.

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AA – Nov 2023 – L2 – Q3 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Evaluate ethical threats due to auditor relationships and actions, and recommend mitigations for compliance.

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AA – Nov 2020 – L2 – Q2 – Introduction to Auditing

Explain key concepts of auditing, including the objective of audit, independence, materiality, and the roles of management and auditors.

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AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

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AA – Nov 2020 – L2 – Q1c – Internal Control Systems

Discuss the limitations of internal controls and how they affect an organization’s ability to prevent errors and fraud.

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AA – Nov 2020 – L2 – Q1b – Internal Control Systems

Identify weaknesses in an insurance process and list controls to address them.

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AA – Nov 2020 – L2 – Q1a – Auditing in a Computerized Environment

List five general IT control areas and provide examples of controls within each area.

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AA – May 2018 – L2 – Q7 – Audit Sampling and Other Selective Testing Procedures

Discusses key factors in designing audit samples and compares statistical versus non-statistical sampling approaches.

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AA – May 2018 – L2 – Q6 – Assurance Services

Focuses on identifying and explaining the key elements of an assurance engagement.

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AA – May 2018 – L2 – Q5 – Auditing in a Computerized Environment

Discusses controls and potential problems in Electronic Data Interchange (EDI) systems.

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AA – May 2018 – L2 – Q4 – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

Focuses on ethical issues relating to independence and potential threats when auditors take management roles in audit clients.

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AA – May 2018 – L2 – Q3 – Internal Control Systems

Discusses limitations of internal control systems and issues when small entities rely heavily on senior management.

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