KASNEB Audit & Assurance - Question 2a

Highlight two limitations of external audits. ... [Click to view full question and step-by-step solution]

KASNEB Audit & Assurance - Question 2c

Describe four types of audit opinions that an auditor could issue. ... [Click to view full question and step-by-step solution]

KASNEB Audit & Assurance - Question 3a

(i) Define the term 'sampling risk'. (ii) Discuss two types of errors that could arise from sampling risk. ... [Click to view full question and step-by-step solution]

KASNEB Audit & Assurance - Question 3c

Explain four purposes of an audit program. ... [Click to view full question and step-by-step solution]

KASNEB Audit & Assurance - Question 4b

List four audit procedures that could be carried out using computer assisted audit techniques ... [Click to view full question and step-by-step solution]

KASNEB Audit & Assurance - Question 5b

Explain four ways in which the auditor might minimise risk during a particular audit. ... [Click to view full question and step-by-step solution]

May 2016

1a

Auditing in the public sector

In the context of International Standards of Supreme Auditing Institutions 3100, Performance Audit Guidelines Key Principles"

(i) Define the term "performance auditing".

(ii) Discuss the three approaches that might be taken in examining the performance of the audited entty

1b

Overview of Forensic Accounting, Errors, Frauds and Irregularities

During the audit of Bamboo Lid.. you suspect that there might have been some irregularities in the procurement department based on the discussions you had with some of the staff members.

Required:

Explain six audit steps you would undertake to help you in arriving at an appropriate audit opinion.

2a

Nature and purpose of an audit

Highlight two limitations of external audits.

2b

Assurance and non- assurance engagements

Describe the type of assurance report a practitioner would issue in each ofthe foliowing engagements:

(i) Reasonable assurance engagement.

(ii) Limited assurance engagement.

2c

Auditors Reports

Describe four types of audit opinions that an auditor could issue.

2d

Planning and Risk Assessment

In the context of International Standard on Auditing (ISA) 260 -"Communicating with those charged with governance". describe three matters that the auditor should communicate to those charged with governance in relation to auditor independence.

3a

Audit evidence

(i) Define the term "sampling risk".

(ii) Discuss two types of errors that could arise from sampling risk.

3b

Planning and Risk Assessment

Describe the impact of each of the following situations on the sample sıze:

(i) An increase in the extent to which the auditor's risk assessment takes into account relevant controls.

(ii) An increase in the use of other substantive procedures directed at the same assertion.

(iii) An increase in the auditor's assessment of the risk of material misstatement.

3c

Planning and Risk Assessment

Explain four purposes of an audit program.

4a

Auditing in a computerised system

Describe the following Computer Assisted Audit Techniques (CAATs):

(i) Embedded audit facilities.

(ii) Integrated test facilities.

4b

Auditing in a computerised system

List four audit procedures that could be carried out using computer assisted audit techniques

4c

Internal control systems and Internal Audit Function

Shujaa Ltd. is in the process of implementing a computer based accounting system. As their auditor, you have been requested to advise on the appropriate controls to be implemented to prevent unauthorised changes to the data files.

Required:

Suggest six controls that the management of Shujaa Ltd. should consider.

5a

Audit evidence

In the context of International Standards on Auditing (ISA) 560 - "Subsequent Events":

(i) Define the term "subsequent event".

(ii) Discuss two objectives of the auditor in relation to subsequent events.

5b

Planning and Risk Assessment

Explain four ways in which the auditor might minimise risk during a particular audit.

5c

Audit evidence

You have been appointed the auditor of Fadhili Ltd. and as part of the audit, you have requested management to provide you with a letter of representation.

Required:

Discuss three matters you would expect to find in the letter in relation to management's responsibilities.

May 2016

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