Compliance – Knowsia

BMIS – L1 – SA – Q2.5 – Business and organisational structure

Identifies work performed by the administration function in a large organisation.

Question

Which of the following is an example of the work performed by the administration function of a large organisation?

A Ensuring compliance with fire regulations

B Distribution

C Maintaining records of potential suppliers

D Checking purchase orders

Answer

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Tags: Administration function, Compliance, Organisational roles, Purchasing function
Level: Level 1

Topic: Business and organisational structure

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

FR – L2 – Q51 – Corporate Reporting and Compliance

Calculate Sharp Ltd's corporate income tax liability for 20X6 at a 34% tax rate.

Question

SHARP LTD (IV)
Using the information provided in “Sharp Ltd III” and assume that Sharp Ltd is subject to a higher tax rate of 34% in 20X6.

Required
(a) Calculate the corporate income tax liability for the year ended 31st December 20X6.

(b) Calculate the deferred tax balance that is required in the statement of financial position as at 31st December 20X6.

(c) Prepare a note showing the movement on the deferred tax account and thus calculate the deferred tax charge for the year ended 31st December 20X6.

(d) Prepare the statement of profit or loss note which shows the compilation of the tax expense for the year ended 31st December 20X6.

(e) Prepare a note to reconcile the product of the accounting profit and the tax rate to the tax expense for year ended 31st December 20X6.

Answer

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Tags: Compliance, Financial Reporting, profit, Tax Expense, Tax Reconciliation
Level: Level 2

Topic: Corporate Reporting and Compliance

PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

Question

16.4 FUNCTIONS OF INTERNAL AUDIT

Internal audit effectiveness is at the heart of public sector governance. In recent public financial management reforms, the role of internal audit has been emphasized. Further, the support role of Audit Committees to internal auditors has been emphasized.

Required:

(a) Explain the four functions of internal audit in public sector.

(b) Discuss five advisory roles and responsibilities of Audit Committees.

Answer

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Tags: Compliance, Financial management, Internal Audit, Public Sector Governance, Risk Management
Level: Level 2

Topic: Public expenditure and financial accountability framework

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

Question

(a) Public procurement rules seek to ensure adherence to certain general principles in procurement of goods, works and services in the public sector with the view of enhancing public financial management.

Required:

Explain five general principles of public procurement.

(b) Structures are important in achieving an open and orderly public procurement system. Each structure is entrusted with certain responsibilities in public procurement.

Required:

Explain the responsibilities of the following structures in public procurement within the framework of the Public Procurement Act:

(i) Head of Procurement Entity

(ii) Procurement Unit

(iii) Entity Tender Committee

Answer

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Tags: Compliance, Due Process, Entity Tender Committee, Head of Procurement, Procurement Structures, Procurement Unit, Public Procurement, Responsibilities
Level: Level 2

Topic: Economic and regulatory environment

AAA – L3 – Q62 – Audit-related services

Evaluate audit seniors' proposals for auditor’s reports for two clients with going concern and non-disclosure issues.

Question

You are the manager responsible for the audit of two, unrelated, audit clients. In each case you are currently reviewing the audit working papers and the audit seniors’ recommendations for the type of auditor’s report to be issued. Details are as follows:

(1) PrimeTech Laptops is a subsidiary of CoreTech Computers. Serious going concern problems have been noted during this year’s audit. PrimeTech Laptops will be unable to trade for the foreseeable future unless it continues to receive financial support from CoreTech Computers. A letter of support has been received and a copy is filed on the current audit file.
The audit senior has suggested that, due to the seriousness of the situation, the audit opinion should be modified.

(2) During the year, Rania Textiles has made a small loan to one of its directors but this has not been disclosed in the financial statements. Such disclosure is required by local legislation. Your auditor’s report gives an opinion on compliance with such legislation.
The audit senior has suggested that, as the amount involved is small, an unmodified opinion should be issued.

Required:
For each client, comment on the suitability or otherwise of the seniors’ proposals for the auditor’s reports. Where you disagree, indicate what kind of modification (if any) should be given instead

Answer

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Tags: Audit opinion, Auditor’s Report, Compliance, Financial support, Going Concern, Local legislation, Material Misstatement, Non-disclosure
Level: Level 3

Topic: Audit-Related Services

Tag (SQ): Compliance

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BMIS – L1 – SA – Q2.5 – Business and organisational structure

Identifies work performed by the administration function in a large organisation.

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

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

FR – L2 – Q51 – Corporate Reporting and Compliance

Calculate Sharp Ltd's corporate income tax liability for 20X6 at a 34% tax rate.

PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

AAA – L3 – Q62 – Audit-related services

Evaluate audit seniors' proposals for auditor’s reports for two clients with going concern and non-disclosure issues.

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Tag (SQ): Compliance

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BMIS – L1 – SA – Q2.5 – Business and organisational structure

Identifies work performed by the administration function in a large organisation.

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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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FR – L2 – Q51 – Corporate Reporting and Compliance

Calculate Sharp Ltd's corporate income tax liability for 20X6 at a 34% tax rate.

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PSAF – L2 – Q16.4 – Internal Audit Functions

Explain the four functions of internal audit in the public sector.

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FM – L2 – Q128 – Public Procurement Principles

Explain five general principles of public procurement to enhance public financial management.

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AAA – L3 – Q62 – Audit-related services

Evaluate audit seniors' proposals for auditor’s reports for two clients with going concern and non-disclosure issues.

You're reporting an error for "AAA – L3 – Q62 – Audit-related services"

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