3 3/5 QUESTION ONE a) You are the partner responsible for the audit of Nyamenehene Ltd. for the year ended 31" December, 2017. The final audit has been completed and you have asked the audit manager to draft the audit report. The manager is aware that there is guidance for auditors relating audit of report ISA 706 Emphasis of matter paragraph and other matters paragraphs in the independent audit Report. The manager has asked for your assistance in this matter. Required: Define an Emphasis of matter paragraph and explain, providing examples, the use of such paragraph. (7 marks) Define another matter paragraph and explain, providing examples, the use of such paragraph. (8 marks) b) You have just finished auditing the accoun of Sunkwa Itd. and you have been to carry out tax investigations of Brightway limited a private company with husband(chief executive officer) the wife(General Manager) and the Son (financial controller) as the major shareholders. The investigation is at the request of the commissioner General of Ghana Revenue Authority. Required: Outline the procedures you will follow to carry out the tax investigations required by the commissioner General of Ghana revenue authority. (10 marks) Total = 25 marks QUESTION TWO The International Standard on Quality Control (ISQC) deals with a firm's responsibilities for its system of quality control for audits and review of financial statements, and other assurance and related services engagements. Required: a) Identify and describe FOUR (4) quality control procedures that are applicable to an audit engagement. (16 marks) b) Discuss TWO (2) problems that may be faced in implementing quality control procedures in a small firm of Chartered Accountants. (9 marks) Total = 25 marks 4 4/5 III o