Tag (SQ): Benefits
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- 20 Marks
Distinguish between formal and informal organisations.
Question
(a). Distinguish between formal and informal organisations.
(b). One of your colleagues is reluctant in joining a formal group that has been established in your company. Explain FIVE benefits that may accrue to him/her if he/she joins the group.
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- Tags: Benefits, Formal Groups, Group Dynamics, Organisational Structure, Social Benefits
- Level: Level 1
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- 20 Marks
Explain the elements of control for consolidated financial reporting under IPSAS 35.
Question
(A) CONTROL
Explain the elements of control for consolidated financial reporting purposes.                                                                                                                                                                           (B)
CONTROL
Discuss the circumstance in which a controlling entity does not have to prepare consolidated financial statements under IPSAS 35.
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- Tags: Benefits, Consolidation, Control, Financial Reporting, Governance, IPSAS 35, Power, Public Sector
- Level: Level 2
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- 20 Marks
Explain steps to implement NIFMIS and discuss five benefits for a covered entity's financial management system migration.
Question
The principal spending officer of the covered entity where you work as a financial officer wishes to migrate the entity’s financial management system onto the Nigeria Integrated Financial Management Information System (NIFMIS) platform, in accordance with the provisions of the Public Financial Management Act 2019. However, he has a limited understanding of the steps involved in the implementation.
Required:
(a) Explain to the principal spending officer, the steps involved in implementing the NIFMIS in the entity.
(b) Discuss five benefits of implementing NIFMIS in the entity.
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- 20 Marks
Explain ethical threats to auditor independence for Vark Co and suggest safeguards to mitigate them. Discuss the benefits of establishing an internal audit function for Vark Co.
Question
(a) You are a manager in the audit firm of XYZ & Co; and this is your first time you have worked on one of the firm’s established clients, Vark Co. The main activity of Vark Co is providing investment advice to individuals regarding saving for retirement, purchase of shares and securities and investing in tax efficient savings schemes. Vark is regulated by the relevant financial services authority.
You have been asked to start the audit planning for Vark Co, by Mr. Lee, a partner in XYZ & Co. Mr. Lee has been the engagement partner for Vark Co, for the past nine years and so has excellent knowledge of the client. Mr. Lee informs you that Mr. Tan, the audit senior, received investment advice from Vark Co during the year and intends to do the same next year.
In an initial meeting with the finance director of Vark Co, you learnt that the audit team will not be entertained on Vark Co’s yacht this year as this could appear to be an attempt to influence the opinion of the audit. Instead, he has arranged a balloon flight costing less than one-tenth of the expenses of using the yacht and hopes this will be acceptable. The director also states that the fee for taxation services this year should be based on a percentage of tax saved and trust that your firm will accept a fixed fee for representing Vark Co in court in a dispute regarding the amount of sales tax payable to the taxation authorities. Sales tax payable is material to the current year financial statements.
Required:
(i) Explain the ethical threats which may affect the auditor of Vark Co.
(ii) For each ethical threat, discuss how the effect of the threat can be mitigated.
You have been asked to start the audit planning for Vark Co, by Mr. Lee, a partner in XYZ & Co. Mr. Lee has been the engagement partner for Vark Co, for the past nine years and so has excellent knowledge of the client. Mr. Lee informs you that Mr. Tan, the audit senior, received investment advice from Vark Co during the year and intends to do the same next year.
In an initial meeting with the finance director of Vark Co, you learnt that the audit team will not be entertained on Vark Co’s yacht this year as this could appear to be an attempt to influence the opinion of the audit. Instead, he has arranged a balloon flight costing less than one-tenth of the expenses of using the yacht and hopes this will be acceptable. The director also states that the fee for taxation services this year should be based on a percentage of tax saved and trust that your firm will accept a fixed fee for representing Vark Co in court in a dispute regarding the amount of sales tax payable to the taxation authorities. Sales tax payable is material to the current year financial statements.
Required:
(i) Explain the ethical threats which may affect the auditor of Vark Co.
(ii) For each ethical threat, discuss how the effect of the threat can be mitigated.
(b) Discuss the benefits of Vark Co establishing an internal audit function.
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