pathfinder - The Institute of Chartered Accountants of Nigeria

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PATHFINDERICAN/102/P/3EXAMINATION NO………………………...THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIAINTERMEDIATE EXAMINATION – NOVEMBER 2010AUDIT AND ASSURANCETime Allowed – 3 hoursSECTION A Attempt All QuestionsPART IMULTIPLE CHOICE QUESTIONS (20 Marks)1. ONE of the major attributes of good audit evidence isA. narrative.B. easy to obtain.C. competence.D. physical existence.E. reliability.2. The following are risks associated with automating the business environmentEXCEPTA. Privacy violation.B. Computer virus.C. Authorised access to information and data.D. Hardware failure.E. Data loss.3. Which of the following is NOT a means of third party confirmation?A. Bank confirmation letterB. Valuation reports from expertsC. Debtors‟ circularizationD. Management representation letterE. Solicitors‟ letterINTERMEDIATE EXAMINATION - NOVEMBER 201030
PATHFINDER4. ONE of the following may NOT be a criterion for assessing the internal auditfunction:A. Qualities of the directors.B. Technical competence of staff.C. Availability of resources.D. Due professional care.E. Supervision.5. Insurance Act 2003 states that no insurer shall practice insurance business inNigeria unless the insurer has and maintains while carrying on that business apaid up share capital of the following amount EXCEPTA. Life insurance business not less than N150,000,000.00.B. Non-Life insurance business not less than N150,000,000.00.C. General insurance business not less than N200,000,000.00.D. Composite insurance business not less than N350,000,000.00.E. Re-insurance business not less than N350,000,000.00.6. According to Banks and Other Financial Institutions Act CAP B3 LFN 2004, thequalification of the approved auditor of a bank includes the following EXCEPTA. Membership of one of the professional bodies recognized in Nigeria.B. Approval by the Central Bank of Nigeria.C. Approval by the Chartered Institute of Bankers.D. Must be resident in Nigeria.E. Carrying on Professional practice in Nigeria as an accountant andauditor.7. The functions of the Audit Committee are as follows EXCEPTA. Reducing illegal activities and preventing fraudulent financial reporting.B. Strengthening the role of non-executive directors with a view toprotecting them from being misled by management.C. Increasing the credibility of audited financial statements.D. Helping the Board of Directors in meeting their responsibilities andreinforce the auditor‟s responsibility.E. Confirming the appointment of the external auditor.INTERMEDIATE EXAMINATION - NOVEMBER 201031
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Page 12 and 13: PATHFINDERMaterials on site as at e
Page 14 and 15: PATHFINDERQUESTION 5The table below
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Page 18: PATHFINDERWORKINGS13. Sample space
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Page 39 and 40: PATHFINDERQUESTION 5Auditing of com
Page 41 and 42: PATHFINDERPART II SHORT ANSWER QUES
Page 43 and 44: PATHFINDERany, in depreciation rate
Page 45 and 46: PATHFINDER(v)(vi)Creditors are able
Page 47 and 48: PATHFINDERvii. Natural disaster;vii
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Page 55 and 56: PATHFINDER8. What is the term used
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Page 60 and 61: PATHFINDERSECTION B: ATTEMPT ANY FO
Page 62 and 63: PATHFINDERQUESTION 3Mr. James makes
Page 64 and 65: PATHFINDERQUESTION 6SOULINE Company
Page 66 and 67: PATHFINDER5. RATES OF PERSONAL INCO
Page 68 and 69: PATHFINDERPART II: SHORT-ANSWER QUE
Page 70 and 71: PATHFINDERIncome tax payable 14,259
Page 72 and 73: PATHFINDERBased on the New Accounti
Page 74 and 75: PATHFINDERAll the above principles
Page 76 and 77: PATHFINDEREXAMINERS‟ REPORTPart (
Page 78 and 79: PATHFINDERCandidates are advised to
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PATHFINDERICAN/102/P/4EXAMINATION N
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E. Assessment.PATHFINDER9. All rese
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PATHFINDER17. Some students in the
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PATHFINDER15. The statistic that di
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PATHFINDERQUESTION 6A survey on the
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PATHFINDEREXAMINERS‟ REPORTThe qu
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PATHFINDERvi.vii.Information hoardi
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PATHFINDER(vii)Consideration: Commu
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PATHFINDERc ii.Cluster SamplingIt i
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PATHFINDEREXAMINERS‟ REPORT:The q
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PATHFINDERDecision:Since the calcul
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pathfinder - The Institute of Chartered Accountants of Nigeria

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