The auditing guideline on ‘recording’ requires audit working papers to be sufficient complete and detailed so that an experienced auditor who has no previous connection with the audit is able to subsequently ascertain from working papers the work performed and to further support the conclusions reached thereon. Required: (a) State […]

You are the audit manager in charge of Car Alarms Ltd. Whose financial year ended on 31 March 1993. Due to the tight schedule of your programmes you are unable to devote anytime at the client‟s premises. Therefore you have delegated the responsibility to the audit senior. (a) State the […]

PQR Ltd is the sole supplier of electricity in your country. It supplies electricity to two separate consumers, namely (i) industrial and commercial users and (ii) domestic users. The company is able to charge different prices or tariffs to these two consumers. Suppose the PQR Ltd’s total cost of producing […]

a) Distinguish between internal audit and internal check (4 marks) b) Explain the matters you would consider and the work you would perform to enable you assess the extent to which you would rely on the work of the internal audit department of your client (12 marks) c) Give four […]

Define the term per capita income. Show its usefulness and highlight some of its inherent shotcomings. (7 marks) The table below represents estimated national income values for hypothetical economy X in millions of shillings: Gross National Product (at market prices) = 389.2 Depreciation allowance = 47.0 Indirect taxes less subsidies […]

(a) Describe the following types of Audits: i. Statutory Audits; ii. Internal Audits; iii. Private Audits; iv. Management Audits; (b) What are the similarities and differences between internal and external audits?

(a) What is an audit? (2 marks) (b)Explain the importance of audit to a limited liability company. (10 marks) (c) In addition to shareholders, many different parties are interested in the audited accounts of a company. Name FOUR such parties and state the significance of audited accounts to each one […]

Use the suggested course textbook and references to familiarize yourself with the vocabulary of the workshop (Part II). Define each word in writing and bring the definitions to the workshop. Federal Reserve System Liquidity rate Federal Reserve Board of Governors Federal Reserve District Banks Federal Reserve Open Market Committee Federal […]

Use the course textbook and references to familiarize yourself with the vocabulary from the first part of the workshop. Develop a glossary that defines and explains in detail the concepts listed in the vocabulary section of the workshop. Monetary policy Discount policy Expansive monetary policy Exchange rate regimes and policies […]