List five limitations of an audit | KNEC| KASNEB| KISM| Ebooks Kenya

Limitations of an audit

It is not possible to detect all the frauds and errors that might have taken place during the year;
Management might fail disclose to the auditor some of the information that is needed;
An audit is carried out on a test basis. It might not therefore be possible to examine all the transactions. The samples selected might not be representative of the population;
Time limit placed on the auditor‘s work. This could limit the amount of work to be performed.

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Define the term audit programme
How does audit planning assist in the conduct of an audit?
Write briefly explanatory notes on the following types of audit: Statutory audit, Private audit, Balance sheet audit and Management audit;
Define and explain the meaning of an audit programme
Write brief explanatory notes on the following audit terms: Vouching audit;
Explain the computer assisted audit techniques listed below: Embedded audit facilities and Integrated test facilities
Outline the basic elements of an unqualified audit report
What specific actions can an individual auditor or audit firm take to minimize liability arising from audit risk?
List the rights and duties of an independent auditor
Five exceptions to the rule in Ryland v. Fletcher
Name and briefly explain five categories of civil law
State the basic element of the scope paragraph of an audit report
List six matters that are contained in a notice of assessment.
Write brief explanatory notes on the following audit terms:Walk-through tests
Write brief explanatory notes on the following audit; Weakness tests terms
Write brief explanatory notes on the following audit terms:Control procedures;
Write brief explanatory notes on the following audit terms:Internal check;
Explain five advantages of arbitration as a form of settling disputes
Many auditors now use laptops computers to perform various audit tasks. However, if audit firms use laptop computers they risk data being corrupted and appropriate controls must therefore be put in place to prevent the corruption of data;Explain six ways which auditors can use laptop computers in their audit work (other than computer-assisted audit techniques)
State five circumstances that may lead to the dissolution of a partnership
Explain the auditor‘s planning process when planning for an audit of a new client
List three disadvantages of using standardized audit programmes and how these disadvantages can be avoided
Working papers provide the audit evidence. They can be categorized into: Auditors‘ prepared working papers, Client‘s schedules used as working papers , Audit programmes.Working papers are then organized into files usually referred to as either current files of permanent files.Required:c) What details should an audit programme indicate?
Why is an external audit necessary for companies registered under the Companies Act ?
Explain the meaning of the following audit terms: Tests of control. ,Substantive tests
Five exceptions to the general rule that performance must be precise and exact performance
Draft an online audit programme for the fixed assets of a large manufacturing company
The director of one of your growing clients have decided to create an internal audit function in their organizational structure. Required: List and briefly describe the duties you would expect the internal audit staff to perform
The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: i. Dating the auditor‘s report ii. Audit procedures iii. Events after the date of the audit report. Required: Outline the audit procedures considered necessary between the balance sheet date and the date of the auditor‘s report
The auditing standard on subsequent events provide the basic principles and procedures as to the auditor‘s responsibilities and deal with: i. Dating the auditor‘s report ii. Audit procedures iii. Events after the date of the audit report. Required: Summarise the appropriate actions of the auditor regarding events after the date of the audit report
Many auditors now use laptops computers to perform various audit tasks. However, if audit firms use laptop computers they risk data being corrupted and appropriate controls must therefore be put in place to prevent the corruption of data; Briefly describe two types of software that might be used by auditors in their work other than Computer Assisted Audit techniques
Write in point form an audit programme to cover salary and wages of a small size firm
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: State the important factors that must be considered when assessing the reliability of audit evidence
Describe the various procedures of obtaining audit evidence giving an example of each by way of illustration
Write a brief explanatory notes on the following terms in relation to audit evidence: Relevance. Reliability, Sufficiency
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: What factors would influence the auditor to accept third party certificates as audit evidence?
In relation to the Law of Contract; Explain five essentials of a valid contract
Why should the auditor be unwilling to take full responsibility for the detection of fraud during the annual audit? Explain
The director of one of your growing clients have decided to create an internal audit function in their organizational structure. Required: List and explain the criteria which you would consider before deciding to rely on the work of the internal audit function
The auditor‘s operational standard states, ―The auditor should obtain relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions thereon‖. Required: What factors would influence the judgment of the auditor with regard to sufficiency of audit evidence?

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