NATIONAL OPEN UNIVERSITY OF NIGERIA

UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
MARCH/APRIL 2015 EXAMINATION

Course Code:       ACC411                                                             

Credit Unit: 3

Course Title:       ADVANCED AUDIT AND ASSURANCE

Time Allowed:    2 ½ Hrs

Instructions:       1. Attempt question Number one (1) and any other three (3).

     2. Question number 1 is compulsory and carries 25 marks, while the  three other questions carry 15 marks each

     3. Present all your points in coherent and orderly manner

QUESTION 1

1. Explain the following terms with examples.

1. Self-Accounting Unit
2. Non-Self Accounting Unit       (10marks)

2. What are the objectives of auditing government parastatals?  (15marks)

QUESTION 2

Describe the basic steps to be taken by an auditor in order to express an opinion on client’s financial statements.                       (15marks)

QUESTION 3

Audit working papers are usually arranged in two files according to their contents, namely, the current audit file and the permanent audit file.

Enumeratefive contents of each of these files.                   (15marks)

QUESTION 4

1. What is Standard Assurance Engagement?                (5marks)
2. What are the various elements peculiar to Assurance Engagement? (10marks)

QUESTION 5

What is the provision- according to Section 368 of CAMA, for the liability of auditors for negligence? (15marks)

QUESTION 6

List and describe the main accounts prepared by the Self-Accounting Units. (15marks)