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Audit of Company Accounts

Unit: Company law

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December 2024

1 Questions
Question 6b
​​In relation to financial audit of company accounts, explain THREE types of auditor’s opinion.


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August 2024

1 Questions
Question 5c
​​Examine FIVE consequences of non-compliance with audit requirements under company law.


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April 2024

3 Questions
Question 7a
​ ​​​​In relation to company accounts, outline SEVEN consequences of non-compliance with accounting standards and disclosure requirements.


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Question 6b
​​Outline FIVE powers of a company’s external auditor.


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Question 6a
​​Highlight FIVE roles of the board of directors in the oversight of company accounts under company law in your country.


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August 2023

2 Questions
Question 7a
​​Describe FOUR types of opinions that can be issued in an Auditor’s report.


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Question 1b
​​Summarise any FOUR legal duties of a company’s external auditor.


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April 2023

2 Questions
Question 4b
​​Outline THREE items contained in a company’s auditor report.


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Question 4a
​​The general rule is that an auditor is only liable to the company for professional negligence. Discuss THREE circumstances under which the auditor of a company might be liable to third parties for professional negligence.


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April 2022

1 Questions
Question 4b
​​With respect to audit of company accounts, state four grounds which might disqualify a person from being appointed as an auditor of a company.


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Question 6a
​​Explain three items that an auditor would investigate in a company’s financial records to enable the auditor form an opinion about a company’s financial statements.


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September 2021

2 Questions
Question 7b
​​Summarise the procedure of filling a casual vacancy in the office of a company auditor.


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Question 7c
​​With reference to a quoted company, identify five contents of its annual financial statements and reports for a financial year.


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May 2021

2 Questions
Question 1a
​​ XYZ Ltd. is a newly formed company which deals in manufacture and supply of stationery. The board of directors of XYZ Ltd. is composed of first time directors who are not conversant with company operations. Advise the board of directors of XYZ Ltd. with regards to auditors and specifically on the following: 

(i) Eligibility for appointment as a statutory auditor of a company.

(ii) Auditor's rights to information from foreign subsidiaries. 

(iii) Person mandated by law to provide an auditor with information or explanations as the auditor thinks necessary for carrying out their responsibilities.


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Question 4b
​​Identify four uses of a statement of profit or loss.


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November 2020

1 Questions
Question 5b
​​Discuss five rights of a financial auditor who is resigning from a company.


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November 2019

1 Questions
Question 2b
​​With reference to external auditors:

(i) Highlight four ways in which the remuneration of the Company Auditor might be fixed.

(ii) Discuss three remedies available to a company whose auditor has been negligent.


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May 2019

2 Questions
Question 6b
​​With regard to company accounts, audit and investigation: 

(i) Specify three categories of members who might apply to the court for appointment of company inspectors to investigate the affairs of the company. 

(ii) Enumerate seven requirements for group financial statements.


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Question 4a
​​In the context of company auditors:

(i) Summarise the criteria used for the appointment of an eligible natural person or firm as a statutory auditor.

(ii) Describe four individuals who may not act as statutory auditors of an auditee company.

(iii) Outline four rights of an auditor of a company in relation to meetings.


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May 2018

1 Questions
Question 4c
​​Explain the duties of company auditors under the following sub-headings: 

(i) Duties towards the company. 

(ii) Duties towards the general public.


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November 2017

3 Questions
Question 1c
​​(i) Summarise four rules governing the appointment of the first auditors of a company.

(ii) Outline two ways in which a company auditor might receive his remuneration.


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Question 1b
​​Outline four circumstances when group accounts of a holding company need not include the accounts of its subsidiary.


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Question 1a
​​Jones Tiida is a director of Tenti Ltd., a manufacturing company which was established recently. He has approached you for advice on whether or not the company should appoint auditors in view of the need to save on costs. 

In relation to the above statement, advise Jones Tiida on six purposes of auditing company accounts.


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May 2017

2 Questions
Question 4a
​​ Describe three instances when an auditor of a company might not be held liable to a third party for alleged professional negligence.


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Question 4b
​​ Highlight four rights of an auditor in relation to resolutions and meetings.


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May 2016

1 Questions
Question 5b
​​Enumerate the rights granted to a company auditor to enable him perform his duties as an auditor.


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November 2015

1 Questions
Question 5a
​​Outline four matters that are required to be expressed in an auditors' report.


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Question 5a
​​ Explain three grounds for removal of an auditor of a company.


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