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AUDITING EXAMINATION STYLE QUESTIONS
Table of Contents
AUDITING EXAMINATION STYLE QUESTIONS ................................................................................ 1
1.
APPOINTMENT, QUALIFICATIONS, RIGTHS AND DUTIES .......................................... 2
2.
LAWS AND REGULATIONS ..................................................................................................... 2
3.
CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS ............................................. 2
4.
AUDIT EVIDENCE ...................................................................................................................... 3
5.
AUDITORS REPORT .................................................................................................................. 4
6.
PUBLIC SECTOR AUDIT .......................................................................................................... 4
7.
INTERNAL AUDIT ...................................................................................................................... 4
8.
INTERNAL CONTROLS ............................................................................................................ 5
9.
AUDIT RISK AND LIABILITY ................................................................................................. 5
10.
GOING CONCERN.................................................................................................................. 5
11.
SAMPLING AND AUDIT APPROACHES ........................................................................... 6
12.
PLANNING AND CONTROL ................................................................................................ 6
13.
FINANCIAL STATEMENT REVIEW .................................................................................. 6
14.
SUBSEQUENT EVENTS ......................................................................................................... 6
15.
WRITTEN REPRESENTATION ........................................................................................... 7
16.
EXPERT ENGAGEMENT ...................................................................................................... 7
17.
ACCOUNTING FOR ESTIMATE AND FAIR VALUE MEASUREMENT AND
DISCLOSURE....................................................................................................................................... 7
18.
INTERNATIONAL AUDITING STANDARDS (ISAs) ........................................................ 7
19.
ENVIRONMENTAL AUDIT .................................................................................................. 7
20.
BANK AUDIT ........................................................................................................................... 8
21.
SMALL COMPANY AUDIT ................................................................................................... 8
22.
FRAUD & FORENSIC AUDIT ............................................................................................... 8
23.
AUDIT COMMITTEE ............................................................................................................. 8
24.
ANTI MONEY LAUNDERING .............................................................................................. 9
25.
DIRECTORS REPORT AND MANAGEMENT COMMENTARY ................................... 9
AUDITING SUGGESTED ANSWERS .................................................................................................... 9
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1.
APPOINTMENT, QUALIFICATIONS, RIGTHS AND DUTIES
1.1. Discuss 6 rights and 5 duties of the auditor
1.2. What is professional etiquette and what are the procedures for replacing outgoing auditor
1.3. Mention 5 qualification of auditor and 4 disqualifications to be an auditor
1.4. Explain the role of shareholders and directors in appointing the auditor
1.5. Explain why auditing is a strong reputable profession and challenges
1.6. Explain 5 advantages, 5 disadvantages of auditing and 7 non audit services
1.7. Discuss primary audit objectives, 5 secondary objectives and 8 users of audit report
1.8. Discuss 10 types of audit and usefulness
1.9. How auditor remuneration is determined, authorized, fixed, and disclosed on accounts
1.10. Draft management representation letter, engagement letter & conform letter
1.11. Discuss 5 functions and 10 contents of the engagement letter
1.12. Discuss 5 reasons why an auditor or auditing firm may not seek reappointment-114
1.13. Discuss the 7 key contents on the audit proposal seeking a new audit business-116
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2.
LAWS AND REGULATIONS
2.1.
2.2.
2.3.
2.4.
2.5.
Mention 7 regulatory framework governing auditing process in public and private sector
What indicators would help auditor to decide whether an entity is a private or public sector
Explain the 12 powers and duties, mandate and scope of the CAG
Explain the roles of IAG with respect to public sector audit committee
Clients and auditors are both required to comply with laws and regulations.
2.5.1. Discuss 2 types of situations regarding laws on financial statement
2.5.2. Mention 7 laws and discuss 7 consequences of non compliance with selected laws
2.5.3. Discuss management and external auditor roles on laws and regulation
2.5.4. Discuss 10 steps / audit procedures on non compliance affecting financial statements
2.5.5. Discuss 7 indicators for noncompliance with laws and 10 mitigation strategies
2.6. In a tabular form, discuss laws, effects of non compliance, control activities to mitigate and audit
procedures with respect to laws and regulation e.g. ITA, VAT, Company Act, BFIA
2.7. Discuss five strategies for audit firm to reduce risk of litigation
2.8. Discuss auditor’s responsibilities for reporting non-compliance act noted during the audit-310
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3.
CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
3.1. Define code of ethics, list two types and its importance to the profession and business
3.2. Discuss 6 principles of code of ethics for professional accountants
3.3. With respect to confidentiality,
3.3.1. Mention 4 grounds when auditors are allowed to disclose confidential information
3.3.2. Explain the IFAC processes of setting auditing standards
3.3.3. List 3 factors to consider before releasing confidential information
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3.4. Threat is a major challenge in complying with code of ethics. Discuss by:
3.4.1. Defining threat? Explain 6 threats. Support your answer with 3 examples in each threat
3.4.2. Discuss 20 safeguards against threats for client, audit firm. professional body and laws
3.4.3. Corruption management strategies in profession
3.5. Publicity is allowance and sometimes not allowed. Discuss this statement
3.5.1. What are conditions to be fulfilled before placing advertisement for publicity
3.5.2. List 5 allowable and 5 non allowable publicity
3.6. Auditor must be objective and independent from planning to reporting. Discuss
3.6.1. The differences between objectivity and independence principles
3.6.2. Discuss three types of independence and requirements
3.6.3. Discuss professional scepticism and its importance in auditing
3.7. Discuss 5 roles and 5 challenges of code of ethics for professional accountants
3.8. Discuss 7 contents of the code of ethics
3.9. Discuss 5 ethical theories, philosophies and approaches on ethics
3.10. With examples, discuss and differentiate principle based and rule based on ethics
3.11. Define ethical dilemma and 7 American Accounting Association steps in sorting them
3.12. Discuss 7 principles in developing code of conduct for business and profession
3.13. Differentiate between conflict of interest and public interest.What is public interest?
3.14. Define interest and outline its 5 contents of interest
3.15. Discuss 7 roles of accounting professional bodies like NBAA in public interest
3.16. Discuss 7 criteria for assessing public interest actions and deeds
3.17. Discuss rule based and principle based auditing approaches with prones and cons - 193
3.18.
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4.
AUDIT EVIDENCE
4.1.
4.2.
4.3.
4.4.
4.5.
Define audit evidence, working papers and importance of working papers
Mention types and contents of audit working papers
List 7 objectives and audit procedures when auditing asset, liabilities and equity
Define financial assertions and discuss 7 assertions on financial statements
Describe audit procedures to determine:
4.5.1. Completeness of income of the organization-68
4.5.2. Accuracy and completeness of book and mineral royalties-65
4.5.3. Four financial statement assertions on direct confirmation of debtors-80
4.5.4. And obtain bank confirmation letter on company bank balance-129
4.6. Discuss 7 methods of gathering audit evidence before making opinion
4.7. Define analytical review and 4 procedures /components. List 7 purposes of analytical review
4.8. Discuss limitations of doing analytical procedures in the audit commencement-90
4.9. Discuss 3 types of confirmation and circumstance to use each method and challenges
4.10. Mention 5 areas whereby confirmation, inquiry and observation techniques can be used
4.11. Mention 2 features and 5 guiding factors on sufficiency and appropriateness of audit evidence -85
4.12. Discuss 5 reasons for planning and collecting audit evidence and implication
4.13. Discuss substantive test and audit procedures with respect to the following
4.13.1. Going concern
4.13.2. Event after period end
4.13.3. Legal claims against the client
4.13.4. Cash and bank operations
4.13.5. Accounting estimates and fair value measurement
4.13.6. Equity, expenses, property plant and equipment, bank loans
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4.13.7. Valuation of the brand name, logo and signs-67
4.13.8. Consolidation working papers -154
4.13.9. Inventory is value at costs or net realizable value—63
4.13.10. Trade payables – 86
4.13.11. Purchases and procurement system -88
4.13.12. Accrued expenses -87
4.13.13. Bank balance of the organisation – 59
4.13.14. Participation in stock taking assignment-89-98
4.13.15. Cashflow forecast and projections-153
4.14. Discuss custodian, ownership, contents and procedures of audit working papers
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5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
5. AUDITORS REPORT
Define audit report, list 3 types of opinions
5 factors to be considered by auditor before making opinion and 10 contents of audit report
What are the differences and relationship between directors report and auditors report
Discuss the differences between emphasis of matter and other matter paragraph– Also 283 284
List 5 contents of the other matter paragraph
What opinion will auditor issues under the following circumstances:
5.6.1. Client did not allow to inspect a branch constituting 90% of business operation
5.6.2. Client don’t want to disclose some mandatory and voluntary information
5.6.3. Client has going concern challenge but not accounted for fearing loss of funding
5.6.4. Financial statements has going concern challenges
5.6.5. Capitalization instead of expensing recurrent expenses
5.6.6. Subsequent events have not be taken care of on financial statement and notes
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6. PUBLIC SECTOR AUDIT
6.1. Differentiate public and private sector.
6.2. What factors will guide the auditor to classify the client if falls under public sector
6.3. 5 differences and 5 similarities between CAG and IAG
6.4. Discuss 5 areas of common interest of IAG and CAG
6.5. List 5 duties and 12 powers of CAG and 5 circumstance for leaving the office
6.6. Explain appointment, reporting and duties of the IAG
6.7. The role of the IAG in public sector audit committee
6.8. Define INTOSAI, list 3 functional objectives and membership
6.9. Discuss value for money audit, its elements, advantage and disadvantage
6.10. Discuss three Tanzanian institutions which qualified to be INTOSAI members
6.11. Discuss 7 steps in conducting public sector audit and contents of code of ethics
6.12. Differentiate input, output, intermediate result and impact in public sector
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7. INTERNAL AUDIT
7.1. Define internal audit? List 7 functions of IA and 5 differences with external audit
7.2. List 5 factors to be considered by external auditor before relying on internal audit work
7.3. What is IPPF? List 2 major types of IPPF and under each type discuss 3 elements
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7.4. Discuss 5 principles on the code of ethics for IA and at least 2 rules under each principle
7.5. Discuss 5 common areas of interest between internal and external auditors
7.6. Discuss 7 factors for growth & development and 10 challenges of internal audit profession
7.7. Differentiate audit charter and its contents and board of director charter
7.8. Discuss 3 position papers and their respective contents under IPPF
7.9. Discuss 3 lines of defences in risk management and control
7.10. Discuss advantages and disadvantages of having an internal audit function in business-163
7.11. Discuss advantages and consequences of outsourcing internal audit services -84-162
7.12. Factors limiting the independence of internal auditor department – 133
7.13. Discuss the contents of a quality internal auditor’s report-225
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8. INTERNAL CONTROLS
What the 5 features of a good internal control system in purchase and procurement
Discuss 5 control activities of business operations and 4 limitations of internal control
With examples, differentiate between test of controls from substantive procedures - 56
Design internal control system of 1. Cash 2. Sales 3. Assets 4. Procurement 5 Payroll
In tabular form narrate 5 risks, consequences/implication and controls and audit work on
8.5.1. Payroll systems
8.5.2. Sales and account receivables
8.5.3. Purchase, expenses and account payable
8.5.4. Cash and bank operations
8.5.5. Stock count exercise -90
8.5.6. Petty cash system -134
8.6. Discuss audit procedures before, during and after stock counting exercise
8.7. Discuss examples of matters the external auditor should consider on whether a matter is significant in
terms of deficiency in internal control of organization - 49
8.1.
8.2.
8.3.
8.4.
8.5.
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9. AUDIT RISK AND LIABILITY
Differentiate between audit risk and business risks? List 5 factors for each of 2 risks
List 3 types of audit risk and 10 types of business risks and their relationship
List 7 factors which may contribute to the inherent risk and 7 causes of detection risk
Under what circumstance may auditor be liable. Justify answer with 5 court cases
Discuss mitigation strategies on audit risk. List 4 risk management strategies
Define sampling concept and its relationship with risk. Discuss 5 methods of sampling.
Negligence may lead to liability to the audit.
9.7.1. Justify by citing laws which may create liability to the auditing firm
9.7.2. Discuss 15 mitigation strategies to the negligence to protect the auditor
9.8. Discuss the causes, implication and remedy for expectation gap
9.9. Discuss the purpose of risk assessment and sources of audit evidence -138
9.1.
9.2.
9.3.
9.4.
9.5.
9.6.
9.7.
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10. GOING CONCERN
10.1. Define and discuss 3 assumptions of organization to have a going concern status
10.2. Differentiate management and auditors role with respect to going concern status
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10.3. Discuss potential indicators for going concern challenges and what are mitigation
10.4. Discuss audit opinions if company accept and reject going concern challenges
10.5. Explain the application of analytical procedures in going concern audit
10.6. List audit procedures for organization with going concern challenge
10.7. Discuss the concept of assessment period and implications on auditors report
10.8. Draft an audit opinion statement on the following situations:
10.8.1. Going concern accounted and disclosed on finance statement
10.8.2. Going concern assumption is not properly accounted neither disclosed
10.8.3. Management assessment period is less than 12 months and unwilling to extend
11. SAMPLING AND AUDIT APPROACHES
11.1. Define transaction auditing, risk based audit, vouching and system based audit
11.2. Define population, sampling, sampling frame, sampling technique & systematic error
11.3. Discuss 7 factors contributing to systematic error/biasness in sampling
11.4. Discuss 7 non probability sampling methods and 4 probability sampling methods
11.5. Define sampling risk, tolerable error, anomalous error and confidence level
11.6. Discuss 5 characteristics of a good sample and 5 factors in determining sample size
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12. PLANNING AND CONTROL
12.1. Differentiate audit planning, audit control and auditor strategies –also check-91
12.2. Discuss 10 matters to be considered on setting audit strategies
12.3. Discuss 5 key activities and sub activities of audit planning
12.4. There are 7 major categories in controlling and monitoring audit work. Mention 7 broad based categories.
Support with at least 5 examples under each category
12.5. Discuss 5 risks of material misstatement on financial statement on stocks valuation – 67
12.6. Discuss matters and procedures you will consider to gain understanding of client business – 105 ISA 315
12.7. What would be auditors considerations on materiality at all audit levels
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13. FINANCIAL STATEMENT REVIEW
13.1. State role of accountant, independent reporting accountant and external auditor
13.2. State objectives and 7 principles governing financial statement review engagement
13.3. Discuss 10 audit procedures and substantive tests carried out when auditing:
13.3.1. Receivables and sales
13.3.2. Payables and purchases
13.3.3. Investment in stock exchange listed company
13.3.4. Accrued expenses and contingent liabilities
13.3.5. Taxes
13.4. What is negative assurance. Draft reporting accountant report and state 10 contents
13.5. Define and outline 10 contents of the prospective financial information - 233
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14. SUBSEQUENT EVENTS
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14.1. Discuss 2 types of subsequent events and list 4 examples under each type
14.2. Discuss 4 elements/components of events after period end and audit implications
14.3. Discuss audit procedures with respect to events after period end-also check -287
14.4. What type of audit opinion auditor issues in case s/he discovered materials error:
14.4.1. After audit completion and sharing but before issuing financial statements
14.4.2. After audited financial statements have been issuing to the public on newspapers
14.4.3. After audited financial statements being passed by members at general meeting
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15. WRITTEN REPRESENTATION
15.1. Discuss 5 reasons why auditor should seek management written representation
15.2. Discuss implication on auditor’s report regarding written representation:
15.2.1. If client refuses to sign written representation
15.2.2. If current management were not hired during audit period and reject to sign
15.3. Discuss audit procedures if management written representation is not provided
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16. EXPERT ENGAGEMENT
16.1. Define auditor’s expert and management’s expert
16.2. Discuss 5 broad factors to be considered by auditor before engaging expert
16.3. Under each of the 5 factors above, list at least 4 examples
16.4. Discuss 5 functions and duties of the expert in external audit work
16.5. Discuss 13 elements of the contract between auditor and expert
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17. ACCOUNTING FOR ESTIMATE AND FAIR VALUE MEASUREMENT AND DISCLOSURE
17.1. Define accounting estimate and list 8 examples of accounting estimate transactions
17.2. Define management estimate, auditors estimate, outcome estimate, uncertainty
17.3. Discuss 2 audit objectives of accounting estimates with 7 determining factors
17.4. What 7 criteria which management considers when making accounting estimates
17.5. Discuss 5 factors contributing to the risk assessment levels on accounting estimates
17.6. Discuss substantive tests when auditing accounting for estimates
17.7. Discuss 7 factors considered by auditors before engaging an expert in estimates
17.8. Discuss roles of auditors and those charged with governance on estimates
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18. INTERNATIONAL AUDITING STANDARDS (ISAs)
18.1. Discuss the process of developing International Auditing Standards (ISAs) by IAASB
18.2. Discuss 4 factors influencing development of ISAs
18.3. Discuss the role of INTOSAI in developing government auditing standards
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19. ENVIRONMENTAL AUDIT
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19.1. Accountants and auditors have traditionally not associated with environmental issues, yet they may have
material effect on financial statements of any organization. Discuss this statement. Also:
19.1.1. Define environment, environmental audit, vicarious liability and 5 audit objectives
19.1.2. State 5 reasons for increased pressure on environmental issues globally
19.1.3. Discuss 10 impacts of environmental risk on financial statements
19.1.4. State 5 types of audit which could cover environmental matters
19.1.5. Discuss audit procedures in four fundamental areas on environmental audit
19.1.6. List 10 contents of external auditor environmental audit report
20. BANK AUDIT
20.1. List the major goals and guidance statement of IAPS 1006 and IAPS 1004
20.2. Define the term bank and list 5 major roles. List different types of banks
20.3. Discuss 12 distinctive features of a bank compared with a manufacturing company
20.4. Discuss 5 major roles of each of the following parties in a bank industry:
20.4.1. Board of directors
20.4.2. Management
20.4.3. External auditor
20.4.4. Bank supervision unit from the central bank
20.5. What are the minimum requirement to be fulfilled to keep bank licence
20.6. Discuss 12 risks affecting the bank industry and 6 strategies to minimize fraud
20.7. What are audit procedures with respect to loan and advances with high credit risk
20.8. Discuss the concept of KYC and private bank. List 3 risks associated with private banking
20.9. Discuss 5 Key Performance Indicators (KPI) of a bank commonly known as CAMEL
20.10. Obtain bank audited financial statements and compute at least 3 ratios under each KPI
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21. SMALL COMPANY AUDIT
21.1. Define a small entity. Discuss characteristics and limitations of auditing a small company
21.2. SMEs are not subjected to the full IFRS/ISA. List 10 ISAs applicable to SMEs
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22. FRAUD & FORENSIC AUDIT
22.1. Differentiate between fraud, errors and irregularities
22.2. List two types of fraud and support your answer with 3 examples under each category
22.3. What is the role of management, auditor and regulator with respect to fraud
22.4. With an aid of a diagram, discuss 4 Fraud Risk Factors (FRF)
22.5. Discuss auditing and investigation procedures with respect to suspected fraud
22.6. Discuss the concept of forensic audit and explain the duties of the CAG on this aspect
22.7. List 3 key parties in the process of conducting forensic audit-check public sector audit+256
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23. AUDIT COMMITTEE
23.1. List 4 potential and actual board committees of a financial institution
23.2. Define audit committee and outline 10 roles of the audit committee
23.3. Smith Report 2003 laid out 6 elements in the composition of audit committee. Discuss
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23.4. Discuss 4 roles of the audit committee with respect to financial reporting and 6 roles of audit committee in
reinforcing independence of the external auditor
23.5. States advantages and disadvantages of having an audit committee in the board -87
24. ANTI MONEY LAUNDERING
24.1. What is Money Laundering and terrorism financing? Discuss 3 steps in money laundering
24.2. Discuss 3 broad categories of recommendations and consequences of tipping off
24.3. Discuss roles of Anti Money Laundering Officer (AMLO) and Financial Intelligence Unit (FFI)
24.4. List 15 examples of predicate offenses which may lead to money laundering
24.5. Outline 20 indicators of money laundering activities
24.6. What are the 4 effects on money laundering on the financial statements of an organization
24.7. Discuss strategies and control elements in combating money laundering by accountants
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25. DIRECTORS REPORT AND MANAGEMENT COMMENTARY
Auditors are required by law, company act, to check and report on their independent auditor report to
shareholder on whether directors report is consistent with financial statement on the other matter/legal
requirement paragraph when landing his/her opinion. IFRS practice statement on management commentary
discuss in details about the management commentary and Tanzania Financial Reporting Standard (TFRS) No. 1.
25.1. Define directors report and specify 8 principles when preparing directors report
25.2. Discuss 15 contents of the directors report/management commentary
25.3. What opinion would the auditor provide if:
25.3.1. There is inconsistency between financial report and directors report
25.3.2. If directors report reflects financial statements and related notes
25.4. Discuss the concept of forward looking information and Key Performance Indicators
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26.
AUDITING SUGGESTED ANSWERS
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