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NATIONAL OPEN UNIVERSITY OF NIGERIA
UNIVERSITY VILLAGE, PLOT 91, CASDASTRAL ZONE, NNAMDI AZIKIWE EXPRESS WAY, JABI, ABUJA.
FACULTY OF MANAGEMENT SCIENCES
JANUARY 2021 EXAMINATION
COURSE CODE: ACC 411
CREDIT UNIT: 3
COURSE TITLE: AUDITING II
TIME ALLOWED: 2
1/2HOURS
Instructions:
1. Attempt question number one (1) and any other three (3).
2. Question number 1 is compulsory and carries 25 marks while the other 3 questions carry 15 marks each. Present all your points in coherent and orderly manner.
QUESTION 1
a. Define Money Laundering (5 Marks)
b. According to Money Laundering (Prohibition) Act 2011 state five ways in which criminal offences connected with money laundering ( I mark each) = 5Marks
c. State and explain the 5 Stages in Money Laundering (2 Marks Each) = 10 Marks
d. Five specific obligations for detecting and reporting suspicions of money laundering are placed on professional firms (for example, lawyers and accountants) and financial institutions (I mark each) = 5 Marks
Total Marks = 25 Marks
QUESTION 2
a. State and explain three Sources of Regulation for Audit and Assurance services in Nigeria(3 Marks each = 9 Marks).
b. According to ISA , in the case of the legal environment and non-compliance by a client company, what does the law require the auditor to do? 3points x 2 Marks Each= 6 Marks
Total Marks : 15 Marks
QUESTION 3
a. State five of the directorates of the Financial Reporting Council according to Act. 18 (5 points x 2 marks each ) = 10 Marks b. Five Functions of the Board as stated in (Section 8) of the Act are? 5 points x 1 Mark Each = 5 Marks
Total Marks = 15 Marks
QUESTION 4
a. State five other Provisions with indirect impact on the work of the Auditor as spelt out by the Public Corporation Accounting Oversight Board? 5 points x 2 Mark Each = 10 Marks b. State the basis for Human Resources/Assignment of Engagement Teams 5 points x 1 Mark Each = 5 Marks
Total Marks = 15 Marks
QUESTION 5
a Enumerate the Fundamental Ethical Principles in an audit 5 points x 1 Mark Each = 5 Marks
b.Circumstances where professional accountants may disclose Confidential Information 5 points x 2 Mark Each = 10 Marks
Total : 15 Marks
