Question 1

(a) Explain the concept of Value for Money (VFM) audit and briefly discuss the meaning of each of the major components of value for money.

Question

(b) What are the powers that the Controller and Auditor General (CAG) have according to the Public Audit Act of 2008. (c) The Controller and Auditor General provide assurance to the Parliament on the accountability and performance of the public sector. REQUIRED: Describe ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL, NBAA 1 year 0 Answers 6 views Enlightened

0

Question 2

(a) Every auditor has to determine the sufficient appropriate type and level of audit evidence to accumulate in order to be satisfied that the client’s financial statements are fairly presented. This judgement is important because cost of examining and evaluating all available evidences is too high.

Question

REQUIRED: (i) Explain the factors that influence the sufficient and appropriate audit evidence. (ii) Identify and explain the factors affecting the persuasiveness of audit evidence. (b) Financial audit and operational audit are not mutually exclusive and are interconnected. REQUIRED: Discuss the difference between the financial ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL, NBAA 1 year 0 Answers 8 views Enlightened

0

Question 3

(a) Mikocheni Pumps is a newly small Company which manufactures pumps. The Company has software which records all inventories, purchases, sales and accounting transactions. Sales orders are received through mail, fax or telephone. The sales orders received are not monitored through the computer software. The software can be used by authorized persons only. The dates of transactions are only recorded in the format (MM/DD/YY) set by the software. The software has a provision through which transactions cannot be cancelled. Transactions can be cancelled only by recording journal entries.

Question

REQUIRED: With examples, explain the types of control procedures which the company must adopt so as to ensure effective and efficient internal controls at the work place. (b) Smart Collections is a garment manufacturing Company situated in Arusha, Tanzania. The Company has ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL 1 year 0 Answers 11 views Enlightened

0

Question 4

(a) Compliance with fundamental principles of professional ethics may potentially be threatened by a wide range of different circumstances.

Question

REQUIRED: State any five (5) ethical threats and for each threat give one example of a circumstance that may create the threat. (b) Assume you are the audit manager of Island Associate Auditors and you are planning to audit MAM Plc, a ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL, NBAA 1 year 0 Answers 6 views Enlightened

0

Question 5

(a) Upon completion of his audit works for different clients, the Engagement Partner reviewed the audit working papers and came across the following:

Question

Client 1. There was material inconsistency between the financial information and other information in documents containing the financial statements and the auditor’s report thereon. The material inconsistency has been traced to the financial information but management has refused to affect ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL, NBAA 1 year 0 Answers 7 views Enlightened

0

Question 6

(a) Audit evidence can be obtained either through basic accounting records or documents obtained from third parties upon request by the auditor. This technique of obtaining information from the third part is normally referred to as direct confirmation.

Question

REQUIRED: (i) Discuss the quality of audit evidence generated by direct confirmation techniques, giving three examples where the techniques might be used. (ii) Identify the sequence of steps involved when directly seeking debtors’ confirmation. (b) It is always emphasized that one of the ...

0

AUDITING PRINCIPLES AND PRACTICE, INTERMEDIATE LEVEL, NBAA 1 year 0 Answers 9 views Enlightened

0

Register Now

Login

Lost Password

Add question

Login

Register Now