9. You have identified material uncertainties relating to going concern during your audit of Kejetia Co. these have been adequately disclosed by management. How will this impact the auditors report? A. The report should include a section titled Emphasis of Matter which will refer to the managements disclosure note B. The report should include a section titled Material Uncertainty Related to Going Concern which will refer to the managements disclosure note C. The report should include a section titled Going Concern issues which will refer to the managements disclosure note D. As management have adequately disclosed the uncertainties relating to going concern, the auditor does not need to modify the reports as the financial statements include the appropriate information

10. Which of the following statements is true? A. Random sampling is a method where the auditor picks the sample with no particular pattern B. Deviation must be extrapolated to determine the effects on the population C. Block sampling is where the auditor tests all items in a population D. Monetary unit sampling is a statistical method of sampling 11. Which of the following constitutes sampling? A. Where less than 100% of the items in a population are tested and have an equal chance of selection B. Where less than 100% of the items in a population are tested and have a chance of selection C. Where items within a population with certain characterises are chosen for testing D. Where every nth item in a population are chosen for testing 12. Which of the following statement is true? A. Statistical sampling methods are more reliable than non- statistical methods B. The auditor must always use stratification to ensure a representative sample is tested. C. More than one sampling method may be used to test one population D. A deviation occurred when a result differs from expectation during a substantive procedure 13. Which of the following would you NOT expect to see in a current file? A. Bank reconciliation B. Inventory count details C. Engagement letter D. Replies from customers relating to a circularisation 14. The objective and scope of the internal audit function vary wide and depend on the structure and size of the entity plus the requirement of management. Which TWO of the following functions could internal audit perform and still operate effectively? A. Examining financial and operational information for management B. Reviewing accounting system and related controls C. Approving annual budgets D. Preparing reconciliations between the receivables ledger control account and receivables ledger

15. Which of the following does NOT belong in the auditors report? A. Auditors address B. Basis of the opinion C. Involvement of any specialist D. Statement of responsibilities of auditors 16. The audit committee should be comprised of? A. An equal number of directors and shareholders representatives subject to a maximum of ten members B. An equal number of directors and shareholders representatives subject to a maximum of six members C. directors and shareholders representatives with directors forming the majority D. directors and shareholders representatives with shareholders representatives forming the majority 17. What is meant by the expression expectation gap? A. The gap between how the director of the company perform their duties and how shareholders expect them to perform B. The gap between how the director of the company perform their duties and how the general public expects them to perform C. The gap between the public perception of the role of company auditors and their statutory role and responsibilities D. The gap between the auditors own perception of their duties and how they are set out in the Companies Act. 18. The auditor is required to? A. Accumulate all material misstatements found during the audit, unless they are immaterial B. Communicate to the credit controller the effect that uncorrected misstatement may have on the auditors report C. Reassess materiality after evaluating the effect of uncorrected misstatements D. Accumulate all material misstatements found during the audit, unless they are clearly trivial 19. Value for money audit does NOT involve A. Effectiveness B. Extension C. Efficiency D. Economy 20. Which of the following process is NOT a process normally reviewed by an operational internal audit assignment? A. Procurement B. Marketing C. External audit D. Human resources

SECTION B (20marks) Answer all the questions in this section. The section contains two parts. The first part contains statements that are either true or false. You should indicate your answer by writing A if a statement is true or B if a statement is false. The second part requires you to answer questions from a case/scenario . PART ONE Answer all questions in this part. Each question carries one (1/2) mark. Regarding the reasons for preparing audit documentation, select whether each of the following statements are true or false. 21. To retain a record of matters of continuing significance to future audits A. True B. False 22. To provide evidence of audit work carried out in the event of a legal dispute A. True B. False 23. To enable an experienced auditor to carry out quality control reviews A. True B. False

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