pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
pathfinder - The Institute of Chartered Accountants of Nigeria
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PATHFINDERQUESTION 2“<strong>The</strong> technique <strong>of</strong> internal control assessment takes on full significance in the context<strong>of</strong> audit <strong>of</strong> large companies. In the case <strong>of</strong> smaller companies, the audit objectives areunchanged, but the absence <strong>of</strong> normal internal control criteria will <strong>of</strong>ten necessitate adifferent approach to the audit work.”Required:-(a) Comment briefly on the above statement (3 Marks)(b) State SIX principal arguments in favour <strong>of</strong> abolishing audit requirementsfor small companies.(12 Marks)(Total 15 Marks)QUESTION 3Under the current global economic meltdown, an auditor is expected to take positivesteps to confirm that the client‟s company is still a going concern.Required:a. List TEN financial symptoms <strong>of</strong> going concern problems <strong>of</strong> an enterprise.(5 Marks)b. Outline the management‟s mitigation plans to ameliorate the financial threats<strong>of</strong> going concern status <strong>of</strong> an enterprise.(5 Marks)c. List TEN other (non-financial) symptoms that may raise problems about thegoing concern status <strong>of</strong> an enterprise.(5 Marks)(Total 15 Marks)QUESTION 4Write short notes on the following:a. Database management system (DBMS) (3 Marks)b. Operating system (3 Marks)c. Utilities and service programs (3 Marks)d. Translators (3 Marks)e. Control programs (3 Marks)(Total 15 Marks)INTERMEDIATE EXAMINATION - NOVEMBER 201038