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Hbc2214:Auditing I Question Paper

Hbc2214:Auditing I

Course:Bachelor Of Commerce

Institution: Meru University Of Science And Technology question papers

Exam Year:2012

QUESTION ONE (30 MARKS)
a) Outline the skills and knowledge required by authors in the 12st century. (5 Marks) b) Auditing can be classified according to nature of work done and method of approach. Discuss this statement. ( 5 Marks) c) Give two benefit of auditing to a public limited company. ( 2 Marks) d) Distinguish between auditing and accounting. ( 4 Marks) e) Explain the procedure a company has to follow when changing its auditors. ( 6 Marks) f) Explain the three objectives of internal control systems. ( 6 Marks) g) Describe the grouping of public accounting firms. ( 2 Marks)
QUESTION TWO (20 MARKS)
a) What is audit risk? ( 3 Marks) b) Describe the components of audit risk (7 Marks) c) Discuss the difference between preliminary and substantive analytical procedures ( 5 Marks) d) Discuss the criteria that may determine the strength competence of audit evidence ( 5 Marks)
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QUESTION THREE (20 MARKS)
a) How does an auditor know the competence of quality of the evidence from a specific audit procedure? ( 10 Marks) b) What are auditors responsibility for detecting illegal acts that have been committed by chief personnel. ( 5 Marks) c) Describe the process of being a licensed public accountant. ( 5 Marks)
QUESTION FOUR (20 MARKS)
a) Although Auditors are generally considered to be rational decision makers, sometimes the make common mistakes when processing information and analyzing specific decision. Give reasons when a well-international auditors may make mistakes in professional judgment. ( 10 Marks) b) Explain the auditors planning process when planning for an audit of a new client. (10 Marks)

Hbc2214:Auditing I Question Paper

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