Audit committee – Knowsia

AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

Question

An audit engagement partner suspects that a director of a client company has been carrying out fraudulent activity. What would be the most appropriate immediate course of action?

A Challenge the suspected individual

B Report the suspicions to the audit committee of the client company

C Report the suspicions to the chairman of the board of the client company

D Seek legal advice

Answer

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Tags: Audit committee, Auditor Response, Fraud suspicion, Governance, Legal advice
Level: Level 3

Topic: Professional responsibility and liability

AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

Question

Which of the following are functions of the audit committee?

1 Policy on giving non-audit work to the audit firm

2 Review of the performance of the external auditor

3 Review of the external auditor’s working papers

4 Review with the external auditors their report on the financial statements

A 1,2 and 3 only

B 1,3 and 4 only

C 2,3 and 4 only

D 1,2 and 4 only

Answer

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Tags: Audit committee, Auditor performance, Financial Statements, Governance, Non-Audit Work
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q3.4 – Quality Management System

Non-component of audit firm’s quality management.

Question

Which of the following would not be part of a system of quality management at an audit firm?

A Use of technical manuals

B Standardized audit documentation

C Continuing professional development of audit staff

D Audit committee

Answer

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Tags: Audit committee, Audit Firm, ICAG, Quality management
Level: Level 3

Topic: Practice management

AAA – L3 – SA – Q3.1 – Audit Committee Role

Non-role of the audit committee.

Question

Which of the following is NOT a role of the audit committee?

A To monitor the effectiveness of the internal audit function

B To appoint the external auditors

C To monitor the effectiveness of the external audit process

D To review the auditor’s report on the financial statements

Answer

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Tags: Audit committee, Auditor Appointment, Corporate Governance, ICAG
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q2.3 – Audit Committee Functions

Function of audit committee per 2020 Code.

Question

According to the Code of Corporate Governance for Listed Companies 2020, which ONE of the following is a function of the audit committee:

A To make recommendations to the Board with respect to the effectiveness of internal controls

B To review the risks facing the company

C To make recommendations on induction and training to the Board

D To recommend a remuneration policy for directors to the Board.

Answer

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Tags: Audit committee, Corporate Governance, ICAG, Internal controls
Level: Level 3

Topic: The regulatory environment

AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

Question

Which of the following are potential advantages of having an audit committee?

1 Conflict between the auditor and the executive directors is reduced

2 Responsibility for internal control is given to independent non-executive directors and so becomes more effective

3 Costs of internal control and the external audit are reduced

4 It provides additional reassurance to shareholders about the reliability of the financial statements

A 1 and 4 only

B 2 and 3 only

C 1 and 3 only

D 2 and 4 only

Answer

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Tags: Audit committee, Auditor Independence, Corporate Governance, ICAG

Topic: The regulatory environment

BCL – L1 – Q111 – Governance and ethical issues relating to business

Explain four key functions of an audit committee in corporate governance.

Question

Explain FOUR (4) functions of an audit committee of the Board.

Answer

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Tags: Audit committee, Auditor Independence, Board Oversight, Compliance, Corporate Governance, Ethical Standards, Financial Reporting, Internal Control, Risk Management, Transparency
Level: Level 1

Topic: Governance and ethical issues relating to business

SCS – L3 – Q3- Corporate Governance

Explain the composition and functions of an Audit Committee in corporate governance.

Question

a) The role of Audit Committee in corporate governance cannot be overemphasized.

(i) What should be the composition of an Audit Committee, and who might be invited by the committee to attend their meetings?

(ii) Explain FOUR (4) functions of an Audit Committee.

(b) Corporate governance is now a very popular and important area in strategic management. However, corporate governance is poor in a number of organizations.

Answer

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Tags: Audit committee, Auditor Independence, Corporate Governance, Internal controls, Non-executive directors
Level: Level 3

Topic: Corporate governance

AAA – L3 – Q18 – Internal Audit

Comment on the appointment and reporting lines of Ms Ama Asantewaa as Internal Auditor at Asante Akyem District Assembly.

Question

The Asante Akyem District Assembly has appointed Ms Ama Asantewaa as the Internal Auditor. She was appointed by the District Chief Executive (DCE) after he attended a seminar at KIMPA for newly appointed DCEs where the importance of pre-auditing of all payments by Internal Auditors for expenditures incurred by all Government Ministries, Departments Municipal, and District Assemblies (MMDAs) was stressed.
Ms Asantewaa has just completed National Service at the Internal Audit Agency, holds an HND in Accounting and is a native of the same village as the DCE of Asante Akyem District. Ms Asantewaa will report to the District Finance Officer.
At the first meeting after the appointment of the DCE, the District Assembly had set up its standing committees and one of them was the Audit and Finance Sub-Committee. The first meeting of the sub-committee requested Ms Asantewaa to prepare briefing notes to show her vision and approach to the Internal Audit function at the District Assembly and to discuss how she will maintain her independence as well as her knowledge and understanding of Internal Audit Practices recommended by the Institute of Internal Auditors (IIA) as in the IIA’s International Professional Practices Framework (IPPF).
You are an Auditor in Public Practice and the Auditor General of Ghana has appointed you to perform the statutory audit of the Asante Akyem District Assembly. The Audit and Finance Sub-Committee of the District Assembly has requested that you attend the meeting at which the Internal Auditor will brief them and help them in assessing the Internal Auditor’s briefing.
Required:
(a) Comment on the matters that you will consider on the appointment of Ms Asantewaa and her reporting lines as discussed above. (b) State the issues that you should expect Ms Asantewaa to discuss in her briefing to Audit and Finance Sub-Committee of the District Assembly.

Answer

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Tags: Audit committee, Corporate Governance, IIA Standards, Independence, Internal Audit, Public Sector Audit
Level: Level 3

Topic: Internal Audit and Outsourcing

AAA – L3 – Q10 – Corporate governance

Explain corporate governance and roles of directors, external auditor, internal auditor, and audit committee.

Question

(a) Explain what is meant by corporate governance.

(b) Explain how the following fit into the workings of corporate governance.

(i) The directors

(ii) The external auditor

(iii) The internal auditor

(iv) The audit committee

Answer

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Tags: Audit committee, Corporate Governance, Directors, External auditor, Internal auditor
Level: Level 3

Topic: Corporate governance

Tag (SQ): Audit committee

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AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

AAA – L3 – SA – Q3.4 – Quality Management System

Non-component of audit firm’s quality management.

AAA – L3 – SA – Q3.1 – Audit Committee Role

Non-role of the audit committee.

AAA – L3 – SA – Q2.3 – Audit Committee Functions

Function of audit committee per 2020 Code.

AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

BCL – L1 – Q111 – Governance and ethical issues relating to business

Explain four key functions of an audit committee in corporate governance.

SCS – L3 – Q3- Corporate Governance

Explain the composition and functions of an Audit Committee in corporate governance.

AAA – L3 – Q18 – Internal Audit

Comment on the appointment and reporting lines of Ms Ama Asantewaa as Internal Auditor at Asante Akyem District Assembly.

AAA – L3 – Q10 – Corporate governance

Explain corporate governance and roles of directors, external auditor, internal auditor, and audit committee.

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Tag (SQ): Audit committee

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AAA – L3 – SA – Q5.3 – Professional responsibility and liability

What should an auditor do upon suspecting fraudulent activity by a director?

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AAA – L3 – SA – Q5.1 – The regulatory environment

What are the functions of an audit committee?

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AAA – L3 – SA – Q3.4 – Quality Management System

Non-component of audit firm’s quality management.

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AAA – L3 – SA – Q3.1 – Audit Committee Role

Non-role of the audit committee.

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AAA – L3 – SA – Q2.3 – Audit Committee Functions

Function of audit committee per 2020 Code.

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AAA – L3 – SA – Q1.2 – Audit Committee Advantages

Advantages of having an audit committee.

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BCL – L1 – Q111 – Governance and ethical issues relating to business

Explain four key functions of an audit committee in corporate governance.

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SCS – L3 – Q3- Corporate Governance

Explain the composition and functions of an Audit Committee in corporate governance.

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AAA – L3 – Q18 – Internal Audit

Comment on the appointment and reporting lines of Ms Ama Asantewaa as Internal Auditor at Asante Akyem District Assembly.

You're reporting an error for "AAA – L3 – Q18 – Internal Audit"

AAA – L3 – Q10 – Corporate governance

Explain corporate governance and roles of directors, external auditor, internal auditor, and audit committee.

You're reporting an error for "AAA – L3 – Q10 – Corporate governance"

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