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Principles Of Auditing Question Paper

Principles Of Auditing 

Course:Commerce

Institution: Kenyatta University question papers

Exam Year:2009




KENYATTA UNIVERSITY
UNIVERSITY EXAMINATIONS 2008/2009
INSTITUTE OF OPEN LEARNING
EXAMINATION FOR THE DEGREE OF BACHELOR OF COMMERCE
BAC 303: PRINCIPLES OF AUDITING
DATE: FRIDAY, 14TH AUGUST 2009

INSTRUCTIONS: Answer ALL questions.

1. (a) What is auditing (2 marks)
(b) Discuss the differences between early and modern audits. (10 marks)
(c) What are the disadvantages of an audit. (4 marks)

2. (a) What is meant by letter of engagement. (4 marks)
(b) Your firm has recently been appointed auditors of Wasafiri Ltd, a
transport company quoted on the stock Exchange. Explain why a
letter of engagement is desirable for this appointment. (6 marks)
(c) Explain the rights of an auditor. (12 marks)

3. (a) Explain the meaning of the following terms:
(i) Relevant audit evidence (2 marks)
(ii) Reliable audit evidence (3 marks)
(iii) Sufficient audit evidence (3 marks)
(b) Describe briefly the nature and reliability of each of the following
techniques of audit testing giving an example of each:
(i) Inspection (4 marks)
(ii) Observation (3 marks)
(iii) Inquiry (3 marks)

4. (a) Under what circumstances would an audit report be qualified? (8 marks)
(b) Discuss auditors liability under common law. (6 marks)




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