ICAN Audit & Assurance 2023
Past Questions

13+ verified 2023 ICAN Audit & Assurance practice questions with Worked answers.

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2023 ICAN Audit & Assurance questions

Q1Nature and Objectives of Assurance

The objective of an audit of financial statements is to enable the auditor to express an opinion on whether the financial statements are:

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Q2Nature and Objectives of Assurance

Reasonable assurance is best described as:

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Q3Nature and Objectives of Assurance

Which of the following is NOT an element of an assurance engagement?

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Q4Nature and Objectives of Assurance

The expectation gap in auditing refers to the difference between:

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Q5Regulatory and Ethical Framework

Under CAMA, the auditor of a company is appointed by:

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Q6Audit Planning and Materiality

Performance materiality is set:

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Q7Internal Control and Tests of Controls

Segregation of duties in a purchases system is best illustrated by:

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Q8Audit Evidence and Sampling

The audit assertion most directly tested by circularising trade receivables is:

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Q9Audit Evidence and Sampling

Sampling risk is the risk that:

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Q10Substantive Procedures: Assets and Liabilities

Which procedure best tests the valuation of inventory?

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Q11Audit of Revenue, Purchases and Payroll

The risk of fictitious employees on the payroll is best addressed by:

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Q12Using the Work of Others and Internal Audit

Where the external auditor uses the work of a management's expert, responsibility for the audit opinion:

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Q13Audit Completion, Going Concern and Subsequent Events

Which of the following is an indicator that casts doubt on going concern?

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