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Financial Auditing Question Paper

Financial Auditing

Course:Bachelor Of Business Management

Institution: Moi University question papers

Exam Year:2010

UNIVERSITY EXAMINATIONS: 2009/2010
EXAMINATION FOR THE DIPLOMA IN INTERNAL AUDIT
DAA 103: FINANCIAL AUDITING
DATE: APRIL 2010 TIME: 2 HOURS
INSTRUCTIONS: Answer Question ONE and Any other TWO Questions
QUESTION ONE
a) Defines financial audit and identify the main components [4 Marks]
b) Explain why an internal auditor needs to gather audit evidence? Identify any three available
means of gathering audit evidence [12 Marks]
c) Distinguish between statistical sampling and non statistical sampling? What are the advantages
of statistical sampling [12 Marks]
QUESTION TWO
a) Identify and discus any four functions of a budget as perceived in internal auditing?
[12 Marks]
b) List and briefly explain the general procedures for verification of assets
[8 Marks]
QUESTION THREE
Identify and discus any four financial statement assertions that an internal auditor would assume in the
course of his or her work [20 Marks]
QUESTION FOUR
Discus the verification procedures for:
a) Goodwill
b) Debtors
c) Creditors
d) Stock
e)Deferred Tax [20 Marks]
QUESTION FIVE
a) Define a budget and identify any three methods of budget setting (10 Marks)
b) Discus any two advantages and disadvantages of negotiated budget (10 Marks)

Financial Auditing Question Paper

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