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 2022 – L2 – Q1 – Audit Opinion and Standards

Explores the auditor's opinion, ISA 200 objectives, audit scope, and regulatory roles in auditing standards compliance.

Question

In an accountancy class on “Audit Opinion in International Standards on Auditing”, Ado, a lecturer at ICAN University, was explaining to the students that the end product of external audit work is the auditor‟s opinion expressed on the financial statements. He stated that a general purpose financial statement was in compliance with the financial reporting framework designed to meet the common financial information needs of a wide variety of users.

The role of audit is to provide a high level of assurance to the users of the financial statements and that it is necessary for users to have confidence that consistent auditing standards have been applied to the audits of financial statements of companies. He went further to explain that the overall objectives of the independent auditor is to ensure that the conduct of an audit is in accordance with International Standards on Auditing. He concluded that the auditor‟s report shall include a section with the heading “Opinion” as stated below
Opinion
We have audited the financial statements of Inajit Plc set out on pages XXX to XXXX which comprise the statement of financial position as at year end date, and the statement of profit or loss and other comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, the notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements give a true and fair view of financial position of Inajit Plc as at year end date, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and the requirements of the Companies and Allied Matters Act 2020 and Financial Reporting Council Act,2011. At the end of the lecture a student in the class came to you for further explanation on the topic.
Required:
a. State the objectives of the independent auditor as stated in International Standards on Auditing. (5 Marks)
b. Outline what ISA 200 requires the auditor to do in relation to the audit of financial statements. (10 Marks)
c. Explain the scope of audit as described in the independent auditor’s report. (5 Marks)
d. Highlight the role of regulatory bodies in ensuring that audits are carried out in line with standards. (10 Marks)

Answer

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Tags: Audit Objectives, Audit opinion, Financial Statements, ISA Compliance, Regulatory Standards
Level: Level 2

Topic: Audit Reports
Series: NOV 2022

AA – Nov 2022 – L2 – Q2a – Audit Documentation Requirements

Overview of audit documentation requirements per ISA 230, including reasons and required contents.

Question

The International Standards on Auditing (ISA) 230 deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements.

Required:
a. State FIVE reasons for preparing audit documentation. (5 Marks)
b. Highlight the requirements of ISA 230 on audit documentation. (3 Marks)
c. State FIVE contents each of current and permanent files. (10 Marks)
d. Explain who owns audit working papers and why. (2 Marks)

Answer

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Tags: Audit Documentation, Audit Files, ISA 230, Working Papers
Level: Level 2

Topic: Audit Documentation, ISA 230 Requirements
Series: NOV 2022

AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

Question

ISA 210, Agreeing the Terms of Audit Engagements, requires that the auditor needs to agree the terms of audit engagement prior to commencement of work.

Required:
a. What is an engagement letter? (2 Marks)
b. Highlight EIGHT major items expected to be found in a typical audit engagement letter. (8 Marks)
c. State FIVE advantages of an engagement letter. (5 Marks)
d. State FIVE requirements of ISA 210 with respect to the preconditions for accepting appointment as an auditor. (5 Marks)

Answer

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Tags: Audit Engagement Terms, Audit Preconditions, Auditor appointment, Engagement letter, ISA 210
Level: Level 2

Topic: Agreeing the Terms of Audit Engagements (ISA 210)
Series: NOV 2022

AA – Nov 2022 – L2 – Q4 – Audit Evidence for Engineering Assets and Liabilities

Addressing audit evidence for engineering company assets and liabilities, including procedures for confirmations and plant disposals.

Question

You are part of an audit team engaged on the audit of an engineering company which has a substantial amount of plant and machinery in its books. While reviewing the accounts, you also observed that there were some current assets and liabilities that may require external confirmations.

Required:

a. How would you establish the amount and level of audit evidence required for the current assets and liabilities? (5 Marks)

b. State which procedures will be applied to generate audit evidence in the following scenarios:

i. Confirming the accuracy of figures in the trade receivables account
ii. Confirming that the plant and machinery purchased in the year is actually in use during the year
iii. Ascertaining that the change in performance is in line with expectations
iv. Confirming the accuracy of the total receivable figures in the statement of financial position
v. Confirming contingent liability as to legal fees (5 Marks)

c. State the audit procedures you would take concerning the disposal of plant and machinery. (5 Marks)

d. State the requirements of ISA 505 concerning maintaining control over the external confirmation requests of current assets and liabilities. (5 Marks)

Answer

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Tags: Audit evidence, Current Liabilities, Engineering Assets, External Confirmations, ISA 505 Compliance, Plant and Machinery Disposal
Level: Level 2

Topic: Audit evidence
Series: NOV 2022

AA – Nov 2022 – L2 – Q5 – Internal Audit Necessity

Explanation on internal audit necessity, maintaining independence, and internal audit limitations.

Question

In the apex bank‟s regulatory supervisory report to Dutse Bank Limited, the management has been directed to ensure institution of an Internal Audit Unit. Prior to this time, the bank believed that internal audit staff might be colluding with other staff to suppress information on fraudulent transactions and as such the desired result might not be achieved. Apart from this, it was considered that savings could be made from transport, hotel and other allowances to be paid to staff when on official assignments. The independent auditor had earlier mentioned the need for this in the audit report but management was of the view that it is acceptable to cross-train employees in different departments to be able to audit departments other than their own. In the opinion of management, this
will provide a more independent and unbiased view through checks and balances. The audit function they perform through multitasking will best add value to the progress of the organisation. It is also the belief of management that the basic processes of both accounting and auditing are similar. The two systems use essentially the same procedures and techniques of bookkeeping, computation and analysis. To them, accounting and auditing strive to ensure that the financial statements and records provide a fair reflection of the actual financial position of an organisation. Both activities are inter-related and go hand in hand, especially in setting up processes in the organisation, hence, there is no need for any Internal Audit Unit or duplication of efforts.
As the independent auditor of the bank, you were shown the regulatory supervisory report and you have been asked to make presentation to the Board of Directors on the necessity for the Internal Audit Unit in the bank.
Required:

a. Explain the need for the internal audit functions in an organisation. (5 Marks)
b. State the various measures that can be taken to protect the independence of internal auditors. (5 Marks)
c. Explain the weaknesses and limitations of internal audit. (5 Marks)

Answer

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Tags: Audit Independence, Audit Limitations, Corporate Governance, Internal Audit
Level: Level 2

Topic: Independence of Internal Auditors, Internal Audit Functions, Limitations of Internal Audit
Series: NOV 2022

AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

Question

When prompted on a question at the presentation meeting to the audit committee of AMIRAH Plc, the Partner of OIO professional services stated that the end result of the statutory audit is general purpose financial statements on which audit opinion will be expressed. He explained that the auditor shall express an unmodified opinion when the auditor concludes his work, based on the audit
evidence obtained, that the financial statements as a whole are free from material misstatement and that the financial statements are prepared, in all
material respects, in accordance with the applicable financial reporting framework. However, if the external auditor is unable to obtain sufficient and appropriate audit evidence to conclude that the financial statements as a whole
are free from material misstatement, the auditor shall modify the opinion in the auditor’s report. In summary, the auditor’s opinion is a certification that accompanies financial statements after the examination of the books of accounts.
You are the manager in the firm and a member of the audit committee has requested for more explanation on the presentation by the partner.
Required:
a. Explain general purpose financial statements. (5 Marks)
b. Highlight to an audit committee member, the contents of audit opinion in financial statements. (10 Marks)

Answer

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Tags: Audit Committee, Audit opinion, Financial Statements, ISA 700
Level: Level 2

AA – Nov 2022 – L2 – Q7 – Audit Planning and Procedures Level: Level 2

This question covers audit planning considerations, benefits of planning, spreading audit work, and final audit procedures.

Question

In order to ensure that an audit is carried out effectively and efficiently, the work needs to be planned, controlled and recorded at each stage of the program.
Required:
a. What matters must be taken into consideration when planning an audit? (3 Marks)
b. What are the benefits of adequate audit planning? (3 Marks)
c. What are the key benefits that would arise from spreading the audit work across interim and final audits? (4 Marks)
d. State FIVE audit procedures that are carried out at the final audit stage. (5 Marks)

Answer

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Tags: Audit Control, Audit Planning, Final Audit Stage, Interim Audit, Procedures
Level: Level 2

Topic: Audit Procedures, Internal Control System, Planning an Audit
Series: NOV 2022

AA – Nov 2014 – L2 – Q7 – Emerging Trends in Auditing

Describe vouching, systems-based, and risk-based audits and discuss where vouching and systems audits are still applicable.

Question

The audit process has evolved from vouching and systems-based audits to risk-based auditing.

Required:

a. Give brief descriptions of each of the three types of audit stated above. (9 Marks)

b. State the instances where vouching and systems audits are still applicable. (6 Marks)

Answer

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Tags: Audit Process, Audit Techniques, Risk-Based, Systems-Based, Vouching
Level: Level 2

Topic: Emerging Trends in Auditing

AA – Nov 2014 – L2 – Q6 – Audit-Related Services

Outline the benefits of auditing partnership accounts, key audit considerations, and substantive procedures for partnership-owned schools.

Question

The audit of the accounts of a partnership is not statutorily required, but it is clear that various benefits would accrue to the firm if its accounts are voluntarily audited.

Required:

a. State FOUR reasons which may necessitate the audit of the accounts of a partnership. (4 Marks)

b. State FIVE important issues that you, as an auditor, would look into while auditing the books of a partnership. (5 Marks)

c. Suggest SIX substantive procedures that might be performed on the receipts of a school owned by a partnership. (6 Marks)

Answer

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Tags: Financial Statements, Partnership Audit, Partnerships in Education, Receipts, Substantive Procedures
Level: Level 2

Topic: Audit-related services

AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

Question

The ICAN Professional Code of Conduct and Guide for Members gives a list of threats to auditors’ independence, which may impair integrity, objectivity, or the good reputation of the profession.

Required:

Explain the following threats and give TWO examples each of circumstances that may lead to the threats:

a. Self-Interest (3 Marks)

b. Self-Review (3 Marks)

c. Advocacy (3 Marks)

d. Familiarity (3 Marks)

e. Intimidation (3 Marks)

Answer

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Tags: Advocacy, Auditor Independence, Familiarity, Intimidation, Self-Interest, Self-Review
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors

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 2022 – L2 – Q1 – Audit Opinion and Standards

Explores the auditor's opinion, ISA 200 objectives, audit scope, and regulatory roles in auditing standards compliance.

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AA – Nov 2022 – L2 – Q2a – Audit Documentation Requirements

Overview of audit documentation requirements per ISA 230, including reasons and required contents.

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AA – Nov 2022 – L2 – Q3 – Terms of Audit Engagement

Covers engagement letters, contents, benefits, and ISA 210 requirements for auditor appointment.

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AA – Nov 2022 – L2 – Q4 – Audit Evidence for Engineering Assets and Liabilities

Addressing audit evidence for engineering company assets and liabilities, including procedures for confirmations and plant disposals.

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AA – Nov 2022 – L2 – Q5 – Internal Audit Necessity

Explanation on internal audit necessity, maintaining independence, and internal audit limitations.

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AA – Nov 2022 – L2 – Q6 – Audit Opinion in Financial Statements

Describe contents of audit opinion in financial statements as presented to an audit committee.

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AA – Nov 2022 – L2 – Q7 – Audit Planning and Procedures Level: Level 2

This question covers audit planning considerations, benefits of planning, spreading audit work, and final audit procedures.

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AA – Nov 2014 – L2 – Q7 – Emerging Trends in Auditing

Describe vouching, systems-based, and risk-based audits and discuss where vouching and systems audits are still applicable.

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AA – Nov 2014 – L2 – Q6 – Audit-Related Services

Outline the benefits of auditing partnership accounts, key audit considerations, and substantive procedures for partnership-owned schools.

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AA – Nov 2014 – L2 – Q5 – Professional Ethics and Code of Conduct for Auditors

Explain threats to auditor independence and provide examples of each.

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