QUESTION ONE
a) Defines financial audit and identify the main components [4 Marks]
b) Explain why an internal auditor needs to gather audit evidence? Identify any three available
means of gathering audit evidence [12 Marks]
c) Distinguish between statistical sampling and non statistical sampling? What are the advantages
of statistical sampling [12 Marks]
QUESTION TWO
a) Identify and discus any four functions of a budget as perceived in internal auditing?
[12 Marks]
b) List and briefly explain the general procedures for verification of assets
[8 Marks]
QUESTION THREE
Identify and discus any four financial statement assertions that an internal auditor would assume in the
course of his or her work [20 Marks]
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