Mock Questions

…………….. is to confirm acceptance of a new audit assignment.

Discovery sampling is also called what?

……………….. is an approach which involves examination of various transactions.

The duties of a statutory auditor include all but one.

Company’s Financial Statements can be used for various purposes except

Some audit reports may contain an opinion with some reservations. This is called

What is meant by the phrase CSR

Which of the following is NOT an example of Assurance Engagement?

………………. presents a number of auditing issues.

Which of the following includes principles of auditing?

The auditors’ code of conduct published by APB, prescribes …..……. fundamental principles of independent auditing.

All of the information used by the auditor in arriving at the conclusion on which the audit opinion is based is known as:

According to CAMA 2004, section 358, one of the following persons shall be qualified for appointment as an auditor of a company.

Internal corporate governance controls includes all EXCEPT …………..

APB statement of ……………. provides for the knowledge of the business by the auditor

The steps to be followed in establishing materiality of an audit item are all EXCEPT ………

…………… means the records of audit procedures performed, evidence and conclusion reached.

………… is a type of on-line audits.

……………. need not be based on a statistical sample to be considered valid.

Which of the following is NOT external corporate governance control?

An ……………… can be sent to a prospective client before commencement of the audit.

The process whereby the managers of a business account or report to the owners of the business by means of financial statements is called ……………

…………… regulates the incorporation and conduct of business in Nigeria.

Materiality concept is fundamental to all verification assignment. TRUE OR FALSE

Teeming and lading can also be referred as …………..

An audit carried out by more than one firm of auditors is known as …………

A person who shall NOT be eligible for appointment as the approved     auditor of a Bank under the Banks and other Financial Institutions Act  is known as_______

The typical audit examination of the adequacy of internal controls within e-commerce environment is known as …………………

………… contains details of matters of continuing importance affecting an audit client.

Convenience sampling is also known as …………

Risks faced by businesses can be classified into …………… and …………..

A written request by a client to its debtors for confirmation of their outstanding balances as at a given date is called ……………

The attitude of independence of mind or objectivity with which an auditor should approach each assignment is called …………….

The effort in deciding in advance how audit objective will be attained within the terms of the Auditor’s engagement is called ………….

An assertion in a financial statement that all transaction and accounts that should be presented have been so included is called …………….. assertions.

As a statutory Auditor can you date your report before the date the directors approved the accounts? Yes or No

The ……………. takes place after the year – end, once the accounts have been prepared.

……………. regulates the operations of banks and other financial institutions in Nigeria.

The acronym KOB stands for ……………………

A management representation letter is not a substitute for any auditing procedures. True or False

An unqualified opinion is regarded as a clean bill of health which led many to call it clean opinion.

(a)        Explain clearly what an unqualified opinion indicates.

(b)       Briefly and clearly explain the content of the main body of an unqualified report.     

The IFAC Code of Ethics states that Professional Accountants have an obligation to respect the confidentiality of information about clients or employer’s affairs acquired in course of Professional Services.

[a]        Discuss at least five (5) of the IFAC Code of Ethics as it relates to Confidentiality.

[b]       State the conditions that may be considered in determining whether confidentiality information may be disclosed.

Define Audit Report. Enumerate the ‘Basic Elements of Audit Report’ as stated by CAMA 2004 as amended.

IAS, require that, for an external auditor to consider relying on the work of an internal auditor in order to reduce the extent of his audit procedures, he should evaluate that work to confirm its adequacy for this purpose. Thus, in planning the audit, auditors are expected to obtain and document an understanding of the accounting system.

You are required to:

(a)        State three (3) limitations of an internal control system.

(b)       Describe briefly the methods of recording internal control procedures.