Mock Questions

One of the following is not the essence of a letter of engagement.

To avoid the risk of disputes while considering  the fees that are appropriate for an engagement, the auditor should consider the following but one

In order to establish negligence, it is necessary to prove the following but

White collar crime does not include

________ is not type of financial crime

Which of the following is not a type of conflict of interest in relation to auditing?

The following are the various risks and auditor normally face when conducting audit except:

Pressure from client and other factors that impair an auditor’s objectivity is called

An audit firm that involves in promoting its client’s shares is indulging in what is called

Itemization of audit assignments to ensure its completion is called ………..

Ethical conflict is always caused by …………………

Which of the following is not an element of quality control?

………. of an entity has the primary responsibility for the control and detection of frauds and errors of an entity.

Forensic accounting requires all but one

The concept of value for money does not include the following

…………… principle highlight that a professional accountant should be fair and should not allow prejudice, bias or the influence of others to override him or her.

The Companies and Allied Matters Act 1990 prescribed the tenure of statutory auditors to be ………..

One of the following is not an element of Audit risk

Threats to independence and objectivity include the following except:

Review of financial statements at the final state of Audit involves all EXCEPT

Code of professional values are often established by a professional organization to help______

What sets out the terms of the contracts between the auditor and the auditee?

A professional accountant shall not only maintain confidentiality of information outside the clients firms but also within. True or False?

Professional liability insurance is an essential component of_____________

Under law of contract,___________________ is common basis for claims against professional accountant

The investigation carried out in respect of taxation, which would otherwise be out of date is described as ………………………

…………… is the examination of accounts and records of a business concern with some special purpose in view.

An Auditor should pay close attention to the requirements of ………….. when carrying out investigation in laundering cases.

An insurer in life business is expected to keep …………….. and ……………. reserves.

A Forensic Auditor is described as a person carrying investigation that is tenable as sufficient evidence in a legal suit.

Ethic is practical process of problem solving that tries to resolve actual or potential ________

An item is _______ if its omission or misstatement influences the decision of users of accounting information.

Another name for management audit is _____________Audit

The amount of audit work is determined by ___________

Auditors remuneration includes _____________and _____________

The value for which assets could be exchanged between knowledgeable willing parties in an arm’s length transaction is ……………….

In designing a good accounting system, the first thing to do is to establish……..

In Auditing, the auditor states that they can only give ………… in all material respect.

In money laundering,..…………….. is the shifting of spitted dirty money to various account in various parts of the world, away from origin.

……… is an operational guide and rules designed by management to govern the entire operation of an organization.

1. Before writing a forensic report, the forensic expert should compile all the data gathered during investigation and review it to determine how the report should be organised. What are issues that should clearly be contained in the report?
2. Enumerate the steps to be followed to detect computer related fraud.

Risk is usually associated with audit work, hence, an auditor has to apply professional due diligence and care in order to minimize possible potential risk while taking up a new audit engagement.

1. What types of risks an auditor needs to consider before accepting a new audit engagement.
2. Enumerate the various steps to be followed in accepting an audit engagement.

Risk is usually associated with audit work, hence, an auditor has to apply professional due diligence and care in order to minimize possible potential risk while taking up a new audit engagement.

1. What types of risks an auditor needs to consider before accepting a new audit engagement.
2. Enumerate the various steps to be followed in accepting an audit engagement.

Your firm is the auditor of Zapur Group which has some of its subsidiaries being audited by other accounting firms. Part of your work is to ensure that inter-company transactions and balances are correctly treated in the group accounts.

Required:

(a)        Why should inter-company balances within the group agree?

(b)       What are the consequences of inter-company balances not agreeing.

(c)        What audit work will you perform to ensure inter-company balances agree?