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 2016 – L2 – Q2b – The Role and Responsibilities of Auditors

This question explains the steps an incoming auditor must take after accepting an appointment when there is a change in professional auditors.

Question

Explain in brief the measures to be taken by incoming Independent Auditors after accepting an appointment and when there is a change in professional appointment.

Answer

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Tags: Audit Communication, Change of Auditor, Ethical Standards, Incoming Auditor, Independence, Professional Appointment
Level: Level 2

Topic: The Role and Responsibilities of Auditors
Series: NOV 2016

AA – Nov 2016 – L2 – Q2a – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

This question addresses the ethical issues auditors face when accepting clients and engagements, focusing on independence and professional conduct.

Question

Audit practice around the world is generally a business, and its objective is to make profit. However, this does not mean that the practice should automatically accept every audit engagement that is offered to it to maximise profit. Circumstances may arise where it is appropriate to decline the offer of an audit engagement for either commercial or ethical reasons.

Required:
a. Discuss the ethical issues to be considered by an independent auditor in the following matters:
i. Client Acceptance
ii. Engagement Acceptance
(5 Marks)

Answer

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Tags: Auditor's Liability, Client Acceptance, Engagement Acceptance, Ethical Standards, Independence, Professional Ethics
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: NOV 2016

AA – Nov 2016 – L2 – Q1 – Internal Audits

This question addresses internal audit functions, the differences between internal and external auditors, outsourcing internal audit, and risk categories considered by internal auditors.

Question

KEMTA Nigeria Limited is a private electrical and mechanical engineering company. The company is one of the major players in the provision of cutting-edge engineering construction services in the Nigerian electrical, mechanical, and communication engineering industry. The company has sites in all 36 States of the Federation, including Abuja. They also work for major financial institutions, educational institutions, Federal, State, and Local Governments. The company has over 500 professionals, skilled, and unskilled workers on its payroll.

You have been the auditor of the company for the past five years. During your audit, you observed some weaknesses in the internal control system of the company. Your review of the domestic reports showed that your firm has been recommending the establishment of an internal audit department for the past three years. However, you observed that the Managing Director is not favorably disposed to this idea, seeing it as an additional cost to the company. He requested to know more about outsourcing the internal audit department.

Required:
a) State and explain the purpose and functions of internal audit in an organisation. (5 Marks)
b) Enumerate the fundamental differences between the internal and external auditors. (10 Marks)
c) Present:
i) The main reasons for outsourcing internal audit. (3 Marks)
ii) The benefits of outsourcing. (2 Marks)
iii) Possible problems of outsourcing. (4 Marks)
d) Identify and explain the THREE main categories of risks usually considered by internal auditors. (6 Marks)

Answer

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Tags: External audit, Internal Audit, Internal Control, Outsourcing, Risk Categories
Level: Level 2

Topic: Internal Audits
Series: NOV 2016

AA – May 2022 – L2 – SC – Q7 – Audit Documentation

Discuss factors for assessing materiality and principles for evaluating the impact of misstatements.

Question

Materiality is a fundamental concept in both auditing and accounting. It reflects the fact that users of financial statements find it useful even if they are not 100% accurate.

a. What are the factors that an auditor will consider when assessing whether or not an item is material? (5 Marks)
b. State the principles an auditor will apply in the concept of materiality:
i. When planning and performing the audit. (5 Marks)
ii. When evaluating the effect of misstatements on the financial statements. (5 Marks)

Answer

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Tags: Audit Planning, Financial Statements, Materiality, Misstatements
Level: Level 2

Topic: Audit Documentation
Series: MAY 2022

AA – May 2022 – L2 – SC – Q6 – Auditor’s Liability

Discuss three types of threats auditors face and the safeguards to mitigate those threats.

Question

In the course of carrying out their assignments, the auditors are usually faced with threats created by a broad range of circumstances.

a. Explain THREE types of threats usually faced by auditors. (6 Marks)
b. Explain the circumstances that may give rise to the threats in (a) above. (6 Marks)
c. Highlight THREE major categories of safeguards which may mitigate or reduce threats to auditors. (3 Marks)

Answer

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Tags: Auditor Independence, Auditor Threats, Ethical Issues, Professional Conduct
Level: Level 2

Topic: Auditor’s Liability
Series: MAY 2022

AA – May 2022 – L2 – SC – Q5 – Audit of Public Sector Entities

Advise on physical inventory count procedures, records to retain, and how to value inventory items.

Question

Garkuwa Nigeria Limited is a newly incorporated company that deals in building materials. The Managing Director is engaged on a full-time basis in the running of the business. Other employees are: the accounts officer who keeps the books, the cashier, and two laborers. The company does not maintain inventory records, and inventory is a material item in the financial statements. The Managing Director wants you to advise him on inventory count procedures with a view to ensuring that the methods used at arriving at the inventory value will be satisfactory. The first financial statements of the company are to be made up for the 12 months to December 31, 2021.

a. Advise the Managing Director on how he should organize and carry out the physical inventory count. (9 Marks)
b. State the records and information he should retain in connection with the count. (3 Marks)
c. How should he arrive at the individual values for the various inventory items? (3 Marks)

Answer

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Tags: Internal Controls, Inventory Count, Physical Inventory, Valuation Procedures
Level: Level 2

Topic: Audit of Public Sector Entities
Series: MAY 2022

AA – May 2022 – L2 – SB – Q4 – Emerging Trends in Auditing

Discuss five emerging technologies that could affect the auditing process and explain their potential impact on the statutory auditor.

Question

Emerging technologies have the potential to affect or disrupt the auditing process.

a. State five emerging technologies that have the potential to affect or disrupt the auditing process. (5 Marks)
b. Explain how these emerging technologies could affect the work of the statutory auditor. (15 Marks)

Answer

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Tags: Auditing Disruption, Digital Auditing Tools, Emerging Technologies, Future of Auditing
Level: Level 2

Topic: Emerging Trends in Auditing
Series: MAY 2022

AA – May 2022 – L2 – SB – Q3 – Planning an Audit

Discuss the benefits of audit planning, importance of maintaining audit quality, and procedures auditors should establish to ensure audit quality.

Question

The objective of the auditor, according to ISA 300 – Planning an audit of financial statements, is to plan and perform an audit in an effective manner.

a. Explain the benefits of audit planning. (5 Marks)
b. Why is it important that audit firms should maintain the quality of their work? (5 Marks)
c. Explain the procedures a firm of auditors should establish internally to maintain the quality of its work. (10 Marks)

Answer

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Tags: Audit Firms, Audit Planning, Audit Procedures, ISA 300, Quality control
Level: Level 2

Topic: Planning an Audit
Series: MAY 2022

AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

Question

There are five fundamental principles of ICAN code of conduct for members which auditors must comply with while carrying out their duties as auditors.

a. Explain the requirements for the application of ethics by ICAN members. (5 Marks)
b. Explain the fundamental principles of ICAN code of ethics. (10 Marks)
c. Under what circumstances may an auditor be required to disclose information to a third party? (5 Marks)

Answer

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Tags: Auditor Ethics, Ethical Standards, ICAN Code of Conduct, Professional Responsibilities
Level: Level 2

Topic: Professional Ethics and Code of Conduct for Auditors
Series: MAY 2022

AA – May 2022 – L2 – SA – Q1 – Auditing in a Computerized Environment

Discuss computer audit packages, CAATs, and threats to IT systems in a computerized auditing environment.

Question

Quality Plastic Manufacturing Company Limited has been operating for about a decade. The company is into the production of plastic chairs, bowls, tables, and other related products. It was awarded a contract to produce chairs for a Pentecostal church that has branches across 36 states of the country, including Abuja. The church has its convention ground that occupies large hectares of land along Lagos-Abeokuta expressway. The number of chairs, which are in millions, would be produced and delivered to the headquarters of the church from where they would be distributed to all the branches and the convention ground.

Given the fact that this contract would increase the fortune of the company, Ogbuefi Okafor, the Chairman of the company, saw the need for the company to grow bigger in the future and would require more funding to finance the expansion. He discussed this with his bank manager who advised him to approach a consultant that would prepare a feasibility study for him on the expansion.

Though he agreed with the bank manager, he however now feels that there is a need to convert the accounting system of the company from manual to computer-based as a result of the level of expansion envisaged. As a first step before conversion to a computer-based system, the company set up an internal control system, including an internal audit department. The internal audit department is headed by a partly qualified accountant who has passed the skills level of ICAN Professional Examinations but has a very wide experience in internal audit. Your firm has been the auditors of the company for the past five years.

a. Explain the computer audit packages that can be used in the audit documentation process and the advantages of these audit packages.
b. State the commonly used computer-assisted audit techniques (CAATs) and explain why they are essential in the audit process of a computer-based accounting system.
c. Explain ten threats to Information Technology (IT) systems, which the auditor should be aware of.

Answer

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Tags: Audit Documentation, CAATs, Computer-Based Auditing, Internal Controls, IT Systems Threats
Level: Level 2

Topic: Auditing in a Computerized Environment
Series: MAY 2022

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 2016 – L2 – Q2b – The Role and Responsibilities of Auditors

This question explains the steps an incoming auditor must take after accepting an appointment when there is a change in professional auditors.

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AA – Nov 2016 – L2 – Q2a – Professional Ethics and Code of Conduct for Auditors (IESBA Code)

This question addresses the ethical issues auditors face when accepting clients and engagements, focusing on independence and professional conduct.

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AA – Nov 2016 – L2 – Q1 – Internal Audits

This question addresses internal audit functions, the differences between internal and external auditors, outsourcing internal audit, and risk categories considered by internal auditors.

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AA – May 2022 – L2 – SC – Q7 – Audit Documentation

Discuss factors for assessing materiality and principles for evaluating the impact of misstatements.

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AA – May 2022 – L2 – SC – Q6 – Auditor’s Liability

Discuss three types of threats auditors face and the safeguards to mitigate those threats.

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AA – May 2022 – L2 – SC – Q5 – Audit of Public Sector Entities

Advise on physical inventory count procedures, records to retain, and how to value inventory items.

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AA – May 2022 – L2 – SB – Q4 – Emerging Trends in Auditing

Discuss five emerging technologies that could affect the auditing process and explain their potential impact on the statutory auditor.

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AA – May 2022 – L2 – SB – Q3 – Planning an Audit

Discuss the benefits of audit planning, importance of maintaining audit quality, and procedures auditors should establish to ensure audit quality.

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AA – May 2022 – L2 – SB – Q2 – Professional Ethics and Code of Conduct for Auditors

Discuss the fundamental principles of ICAN Code of Conduct for auditors and under what circumstances auditors may disclose information to third parties.

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AA – May 2022 – L2 – SA – Q1 – Auditing in a Computerized Environment

Discuss computer audit packages, CAATs, and threats to IT systems in a computerized auditing environment.

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