pathfinder - The Institute of Chartered Accountants of Nigeria

PATHFINDERPART II SHORT-ANSWER QUESTIONS (20 MARKS)1. A person that has the ability to control or exercise significant influence over the otherparty is described as……………………2. Audit risk is assessed during the …………………3. Pension Reform Act 2004, provides that pension funds and assets shall only be heldby……………….4. If an auditor or client cannot trace transactions from its inception to the finaldestination in the accounting records, then the process lacks ………………………5. Forensic accounting involves investigative accounting and ………………….6. Revenue or expense items that are unusual in nature and of infrequent occurrenceare called ………………7. The risk that the auditor expects to be present in spite of controls is known as ………..8. State a type of statutory document that is usually found in the permanent auditfile.9. The process of dividing a population into sub-populations each of which is a group ofsampling units which have similar characteristics is known as ………….10. Establishing authority limits for making payments is a type of …………….…11. Risk assessment has two main components: risk identification and ……………….12. A collection of data that is accessible and used by a number of different users fordifferent purposes is known as ……………13. In a computer environment, manual authorisation of input documentation is a form of……………14. Periodically the directors render accounts of their stewardship to shareholders. Theseaccounts of stewardship are referred to as ………………………………………INTERMEDIATE EXAMINATION - NOVEMBER 201036