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Commercial and administrative law – November 2015 Past Paper
In the context of the Companies Act (Cap. 486), outline the procedure for the removal of an auditor
Explain the assurances that an auditor seeks to obtain in the audit of tangible fixed assets
Commercial and Administrative Law – July 2019 Past Paper
Briefly explain the meaning of the following terms in relation to audit reports:―Except for‖ opinion and disclaimer of opinion
Suggest six control measures that would help reduce the control risk associated with tangible fixed assets
What is an audit peer review? and state and briefly explain the objectives of an audit peer review
An internal control system is designed to provide reasonable assurance that all the control objectives are being achieved. Required: Identify and briefly explain any four inherent limitations of an internal control system
Bafu Ltd., a private limited company, manufactures a wide range of bathroom fittings. These fittings are made from steel components which are chromed in small vats. The steel components are sourced from outside suppliers. The year end stock mainly consists of these steel components and finished items. As at 31 October 2004, the total stock was valued at Sh. 6,048,000 out of total assets of Sh. 19,200,000. This stock figure was obtained by a physical count as at 31 October 2004, and valuation by reference to purchase invoices and manufacturing cost estimates. Required: With reference to each of the matters listed below, state the work you would do to conclude whether the amount attributed to stock is fairly stated. Identification of stock items
The auditor should obtain sufficient and appropriate audit evidence to be able to draw reasonable conclusions on which to base the audit opinion. Identify and briefly explain any three procedures for obtaining audit evidence