pathfinder - The Institute of Chartered Accountants of Nigeria

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