Principles And Practices Of Auditing Question Paper

Principles And Practices Of Auditing

Course:Bachelor Of Commerce In Accounting

Institution: Kenyatta University question papers

Exam Year:2010

BAC 303
PRINCIPLES AND PRACTICES OF AUDITING
26TH NOVEMBER 2010
INSTRUCTIONS: Answer question one and two other questions

QUESTION ONE

A) With reference to the companies ACT, explain

a) The way in which an auditor may be appointed.
b) The duties of an auditor.
c) The rights of an auditor.(12marks)

B) Briefly explain the main and secondary of auditing. (8marks)

C) State and explain the prescribed circumstances under which an auditor may qualify his report.(6marks)

D) Differentiate between statutory and private audit.(4marks)

QUESTION TWO

A) What are professional ethics? (4marks)

B) State the ethical guidelines which are normally stated by professional accounting bodies in respect to each of the following aspects.

a) Independence
b) Competence
c) Confidentiality
d) Obtaining professional work (16marks)

QUESTION THREE

A) Your auditing firm has been appointed as the new auditors for the financial year ending 31st December 2000. Required

a) Itemize the steps you would take before the commencement of the audit.(10marks)
b) List and briefly explain the content of letter of engagement which you expect to get from the client.(10marks)

QUESTION FOUR

A) Define the term audit sampling. (2marks)

B) Why does the auditor need to adopt a sampling approach in the conduct of audit?(6marks)

C) Explain the situation where a sampling approach will not be appropriate. (12marks)

QUESTION FIVE

A) What is audit evidence? (2marks)

B) List and explain the various sources of audit evidence. (8marks)

C) List and explain the principle technique of assembling audit evidence. (10marks)

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