During the course of an audit, the auditor attempts to obtain sufficient relevant and reliable evidence to provide the satisfaction that the financial records are completed […]

Mr. Banu Shah provided the following information for the year ended 31 December 2005: o He was employed as a full time director of Letex Limited […]

(a) Now that there is self assessment under the Income Tax Act, does the Commissioner of Income Tax have to issue any assessment? Explain. ( 5 […]

An electric utility company has found that the weekly number of occurrences of lightning striking the transformers is a poisson distribution with mean 0.4. Required: (i) […]

i. Define the term audit programme. (2 marks) ii. Write in point form an audit programme to cover salary and wages of a small size firm. […]

A businessman is contemplating investing in a business worth Sh.5,000,000 but has not made up his mind on which form of ownership he will assume. The […]

Distinguish between sole proprietorship and limited liability forms of business in relation to: Income Tax PAYE for the owners of business Service charge for the owners […]

Write brief notes on the following auditing techniques: i. Inspection; (4 marks) ii. Observation; (3 marks) iii. Enquiry. (3 marks)

(a) State clearly what is meant by two events being statistically independent. (2 marks) (b) In a certain factory which employs 500 men, 2% of all […]