Day: February 20, 2021

QUESTION ONE Computer hardware and software are usually supplied separately. However, the process of evaluation and acquisition should be related to each other as the functioning of each depends on the other. Usually, companies develop an invitation to tender (ITT) Read More …

QUESTION ONE Companies typically buy software licenses for packages they use for their operation. What should a software license cover and what should companies check in their set-ups so as not to infringe on copyright law?                                         (8 marks) A risk Read More …

SYSTEM THEORY AND IFORMATION COMMUNICATION TECHNOLOGY Answer any FIVE questions. Marks allocated to each question are shown at the end of the question. QUESTION ONE List five types of systems (5 marks) Explain the following characteristics of a system: Differentiation; Read More …

QUESTION ONE Audit planning process allows the audit senior to acquire adequate knowledge about the entity. This process ensure an effective control of audit work. Required: Explain the auditor‘s planning process when planning for an audit of a new client. Read More …

 QUESTION ONE Working papers provide the audit evidence. They can be categorized into: Auditors‘ prepared working papers. Client‘s schedules used as working papers. iii.       Audit programmes. Working papers are then organized into files usually referred to as either current Read More …

  QUESTION ONE Give four merits of using a flowchart to record an accounting system. (4 marks) Explain how an Internal Control Evaluation Questionnaire (ICEQ) differs from an Internal Control Questionnaire (ICQ).                                                (4 marks) List six examples of Read More …

QUESTION ONE You have received a request form XYZ Ltd. to accept an appointment as their auditor for the financial year ending 31 December 2001. Required: Explain the preliminary procedures you would carry out upon your appointment. (6 marks) What Read More …

  QUESTION ONE Identify the potential users of audited financial statements. (7 marks) What are the specific needs of the potential users of audited financial statements you       have identified in (a) above?                                                                       (7 marks) An auditor is required Read More …

QUESTION ONE The National Metal Works Limited manufactures and retails door and window frames. The company recently dismissed their external auditors. The directors have approached your firm of accountants to act as their auditors and the directors have proposed a Read More …

  QUESTION ONE  Briefly explain the meaning of the term ―audit‖       (2 marks) What are the objectives of an audit according to the Companies Act?  (3 marks) List four advantages to a company of having its accounts audited (4 Read More …